[ecis2016.org] We look at how real estate brokers can save costs, to keep their business profitable, in the aftermath of the COVID-19 pandemic
Money management is one of the most crucial aspects of the real estate brokerage business. A real estate advisor has to judiciously decide how his resources are applied, in the best manner possible, to help him grow his business. At the same time, a realtor also has to save costs, especially in a slow-moving market like this. This makes it important to devise plans that would help you save expenses. Here, we identify some areas, where you could keep a check on your cash flow.
You are reading: Cost savings tips for brokers during the Coronavirus pandemic
How to spend wisely on marketing
Every individual business is different and so are their requirements. Your competitor may be getting more attention in the market, through excessive spending on advertising. You often see his ads in the papers. You are also aware that they send bulk SMS to their clients, in order to improve reach. Aside from the traditional pamphlet and newspaper classifieds, you may also see their ads on online mediums.
Marketing remains an extremely important aspect of your business but simply copying your competitors’ strategy may not work for you, considering your current monetary footing. Stick with digital marketing campaigns that allow you to reach a large number of clients, without having to burn a hole in your pocket.
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Also, word-of-mouth publicity never goes out of fashion. Rather than spending all of your money on the marketing part, invest it wisely in improving your services. Happy customers would market you like no other branding medium.
How to market new product launches
With the changing environment, real estate brokers have been forced to devise new strategies to enable buyers, sellers, landlords and tenants, to find what they are seeking. Since face-to-face meetings and physical inspections or site visits are being avoided, because of the Coronavirus pandemic, everyone is gathering online to conduct business. Online platforms have actually helped all stakeholders to achieve their individual goals, in an extremely challenging market.
Nevertheless, bombarding your clients with new product launches – these obviously require a lot of hard work and money – so that you could remain in the same league as your competition is not a risk worth taking. Instead, pick you products wisely, be selective about your services and be the best at what you offer.
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How brokers can alter their business strategy during COVID-19
There is a lot of nervousness in the market, owing to the beating that the real estate market has taken, as a result of the COVID-19 pandemic, the biggest health emergency we have seen in our times. This often leads to brokers making knee-jerk reactions, venturing into uncharted territories.
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For example, some brokers may think that as real estate buying may not be lucrative anymore, they may plan to switch to the renting business. Doing so, would require you to commit money in a venture that may or may not turn fruitful and you would not want to take a risk like that in an uncertain atmosphere. However, that should not stop you from broadening your horizons. A better way to do it, would be to tie up with like-minded businesses in that area. This could unlock the path for mutual growth for both the businesses.
How can real estate brokers market their business without spending too much?
Real estate brokers should choose digital marketing campaigns as these are relatively less expensive. They can also rely on referrals, to increase their business.
How can real estate agents conduct business during the Coronavirus pandemic?
Property agents can utilise online tools to conduct meetings and to communicate with their prospective clients during the COVID-19 pandemic, to ensure that their business remains unaffected.
Should a real estate broker shift from property sale to rental during COVID-19?
Instead of shifting one’s business completely, property brokers can consider alliances with other businesses in the area, to expand their offerings.
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