Shift Your Focus in a Shifting Market
Contributing writer: William Lucks
"Now is not the time to fold our tents, but to blow them up bigger."
We are in a very strange place now, but I believe that there are and will be tons of opportunties in the near future. With money as cheap as it can get, and perhaps even more.
Government programs on the horizon, this is not the time to retreat, but to educate ourselves, be aware of the ever changing marketplace and pounce on it. Unfortunately for some, there will be the route of bankruptcy, however, there are opportunties there for us. This is a good time to refresh and enchance your connections such as Linkedin and others, and I would encourage you to pay for the enhanced version to see who is looking at your profile and reach out to them. I have, and it works. Put more information there, add the collective years of experience you have, and your team- work it to your advantage.
For those whose concentration is residential properties, we live in what can be considered considered a safe area, safe from the cities perhaps. With our low Delaware taxes, now is the time to work the communites in New Jersey, Washington, etc, looking for those that have worked towards retiring here. Perhas they weren't previous prepared to make a move, but with this situation they might be willing to make the leap earlier than planned. And don't ignore the millenial market. They will most likely remain in the cities, but now more than ever the need to have a second home to get away will increase, which in reality for some will be their first home. This was a national trend that had already started before the virus.
Many businesses will undoubtedly fail, particularly in the restaurant and bar industry. Initiate the conversation now with those owners to help guide them in the right direction. Use technology to your benefit, take this time to learn your MLS better and what amazing things it can do for you. Learn about Remine Pro, another amazing tool that lets you look at properties with more detail than you ever had before. Many agents don't realize it exists, but you have access to it thru NAR. Use it, both for residential and commercial searches.
Residentally, if a client tells you they own a house in a distant city, you can look at it and determine the value. If it is on the market (this is if it is outside your MLS) the depth of information is incredible. Use the NAR webpage; tons of information you can tailor to inform you of changes in your particular area of expertise. And lastly, this is a good time to check your own website. Make sure every link works, every phone number is correct, your IDX feed is working as expected, etc. Now is not the time to fold our tents, but to blow them up bigger, become the expert, the go-to person in the market. Get your name out there. Position yourself for total success!