Uncertain times – We need to think and plan ahead

We are venturing into the unknown like no other time in our living history.

People are scared.

From the little girl in the playground who pushed her little friend away from her because she wanted her more than a metre away so, ‘she didn’t kill her grandparents.’ (Yes this happened today)

To those that are already self-isolating in fear of their lives.

We need to appreciate how those people feel, even if we don’t feel quite as scared.

No one really knows what’s happening and what’s going to happen in the future. We are all winging it right now.

The major benefit we have in Australia is that we are able to see what’s happening overseas – what’s worked for them and also what hasn’t worked.

We need to watch and learn from them – so keep watching.

This isn’t hysteria. This is careful planning – it’s being prepared.

What do people in real estate mode need to know from you now?

They need to know that you understand they are scared. They want reassurance that you are thinking about how they feel.

This includes tenants, landlords, buyers, and sellers.

They all need to know that you are taking Coronavirus seriously AND that you are treating them, where they live and their investment seriously.

As we know, people are still going to have to sell, buy, or rent, so how are you going to help these people, so they feel safe?

You also need to make sure that you, your family and your team are safe.

How are you going to demonstrate that you have procedures in place to protect everyone especially the elderly and the weak.

What can you do?

Apart from the obvious of having hand sanitiser, face masks, not shaking hands and exercising personal space, I have a few suggestions with the following –

Appraisals.

If someone wants to sell, you can offer to meet with them initially via Zoom, Skype or Facetime to alleviate their fears and have them trust you in order to engage you.

You can conduct certain aspects of your listing presentation online.

Let them know that you and your office can work remotely and that no matter what happens, you will be taking calls and you will be answering emails.

Moving Forward

Use this time to use technology to your best advantage. Give yourself, your team, your vendors and your buyers confidence that your office can operate no matter what the circumstances.

You have contingency plans in place for all situations.

Buyers

Make sure that you offer personal virtual tours of the property by Facetime, Zoom or Skype.

Make physical inspections by screened personal inspection. Before taking buyers into a property ask them do they have any signs of a cold etc.. Do they believe they are at risk?

You can wear masks and gloves and give them to those that you come into contact with.

Investors

Investors seem to be particularly panicked right now, especially overseas investors. It seems there are more that want to sell and cash out while the market is good. Pay attention to this.

What will happen with the Chinese market… who knows? Pay attention.

Financial Trouble

Others are going to be affected financially for many reasons.

Make sure you are understanding with people in this position as I believe there will be many that will be forced to sell for financial reasons in the future.

What will this mean?

Supply and demand – Let sellers know that there maybe be a flood of properties on the market in the next few months. The supply is likely to go up substantially and the unknown is the price and the number of buyers that will be looking to buy.

What are your thoughts on Coronavirus and what’s going to happen to the real estate market?