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3 Tips to Keep Real Estate Professionals Afloat Throughout the Pandemic

3 Tips to Keep Real Estate Professionals Afloat Throughout the Pandemic

According to the National Association of Realtors (NAR), real estate sales declined by 9.7 percent during the month of May — largely because fewer homes have been listed amid COVID-19. However, housing transactions are expected to increase as the U.S. economy continues to reopen — and there are some things you can do in the meantime to land new clients and keep your real estate business going strong. To learn more about the different things you can do to keep your real estate business afloat during the pandemic, read on!

Update Your Website, Blog, and Social Media Pages

In the age of COVID-19, a strong online marketing campaign will be vital to your success as a real estate professional — especially as most buyers and sellers head online to avoid in-person showings and transactions. As such, your online presence is more important than ever before — and you’ll need an updated website, blog, and Facebook page in order to keep up with the competition and engage with new and existing customers.

 

Here are some tips to assist you in boosting your online presence during the pandemic: 

 

  • Regularly post content to your real estate blog and social media pages. 
  • Respond to all social media comments, questions, and messages in a timely manner. 
  • Make your online real estate listings as thorough as possible. In addition to writing an excellent description of the property and surrounding neighborhood, be sure to include virtual tours, 3D home walkthroughs, and high-quality photos in each real estate listing.  

Sign Up for a Business Referral Program

In addition to keeping your website and social media pages updated throughout the pandemic, a referral exchange program could also be worth considering. With the REALLY exchange program, for instance, you can track referrals, promote your business, boost your presence in the community, generate new leads, and connect with other real estate professionals. Plus, there’s no charge to become a member of REALLY’s Business Referral Community — and all members of the real estate industry are free to join. 

Why wait another minute?

REALLY is a referral processing utility that makes exchanging referrals fast & easy.  Business Professionals who send lots of referrals usually receive lots of referrals.  Use REALLY to make you and your business well known. 

Utilize Freelance Professionals

Unless you have the skills, tools, and time you’ll need to make these changes or upgrades to your real estate business, you may need to hire one or more freelancers to help with things like building a website, writing blog posts, and sharing content to your social media pages. There are many benefits to hiring freelancers to assist you with these types of tasks, especially if you can’t afford to hire full- or- part-time employees during the pandemic.  

 

If you choose to work with a freelancer during the pandemic, you could:

 

  • Hire ROR developer professionals (Ruby on Rails) to quickly create a website for your real estate business. ROR developers can create websites in less time, making this an excellent option for you if you don’t already have a website for your real estate business. 
  • Find a virtual assistant who can create and share content to your social media pages, website, and company blog. Additionally, a virtual assistant could help you to follow up with potential leads, respond to emails, and complete various administrative tasks. 
  • Hire a real estate photographer and/or videographer to assist you in taking high-quality  listing photos and videos for virtual tours and walkthroughs. 

 

While COVID-19 has impacted the housing market in a number of ways, things like boosting your online presence, joining a referral program, and hiring one or more freelancers to assist you in growing your real estate business will help you to stay afloat now and in the future. Even after the pandemic ends, however, a strong online presence will be vital to your success. Therefore, it’s important to create an online marketing campaign that you’ll stick with for the long haul. 

Special thanks to our Co-Author Tina Martin from ideaspired.com.

 

 

Earn 10% of revenue generated from referral partners you invite.

 

Click here for full details on our invite & earn program.

Business Strategies For Covid-19 Challenges

Business Strategies For Covid-19 Challenges

 

There is no doubt that COVID-19 has affected every single system on Earth. Some businesses are booming, some are floundering, and some are finding ways to adapt to the changes. All businesses know and understand that there are always risks and potential risks, but many did not have systems in place to handle this type of worldwide upheaval. Below you can find some understanding of risk and business strategies to address the challenges caused by COVID-19.

Systematic Risk, Systemic Risk, and Systemic Shock

According to Investopedia, “Systematic risk is the overall, day-to-day, ongoing risk that can be caused by a combination of factors including the economy, interest rates, geopolitical issues, corporate health, and other factors.” Systematic risk is something most companies plan for and make regular changes in preparation of possible occurrences that seem forecastable. These types of risks are “inherent to the entire market, attributable to a mix of factors economic, socio-political and market-related.”

Systemic Risk “describes an event that can spark a major collapse in a specific industry or the broader economy.” A perfect example of systemic risk is the 2008 Lehman Brothers collapse. Systemic risk is harder to quantify and harder to predict, whereas a systematic risk is more quantifiable and can be anticipated, in some cases. Systemic risks can lead to systemic changes when a systemic shock happens within a system.

With regard to systemic shocks, COVID-19 is the shock felt around the world. Every single company, every single industry, and every single worker have felt the shocks and aftershocks of this disease. Businesses need to be ready to adapt to these shocks and changes. Given the rapid alteration of everything around them, most businesses have found this to be challenging and, at times, seemingly impossible.

Business Strategies to Change and Adapt

In the matter of just weeks, many industries saw systemic and systematic risk create the perfect storm. Our world felt the systemic shock of COVID-19 and many companies and small businesses struggled as their revenues practically bottomed out. Once booming businesses attempted to mitigate financial destruction with selling off assets, redistributing employees, cutting costs, and “applying for government support.”

For a brief time, it seemed like there were few signs of life with regard to business. Slowly, but surely, a pulse emerged. Many businesses, such as Real Estate, adapted with completely virtual tours. Many professionals started using internet based document signing services such as Docusign. Large and small business began leaning on technology more than ever to stay afloat during this time.

Why wait another minute?

REALLY is a referral processing utility that makes exchanging referrals fast & easy.  Business Professionals who send lots of referrals usually receive lots of referrals.  Use REALLY to make you and your business well known. 

Proactive Business Response Strategies

Now that many companies have felt the initial blows of the systemic shock that is COVID-19, some are having a moment to think about seizing possible opportunity.  According to the MIT Sloan Management Review, there are “three generic response strategies to match organizational infrastructure with emerging market trends. Significant opportunities are available to those organizations agile enough to adjust their infrastructure, their product/service portfolio, or their route to market.”

Those three strategies are as follows

  • Strategy 1: Same Products, Different Channel

    • This strategy is when the business offers “the same (or similar) products and services through an online channel. This may occur through the digitization of physical products or, in the case of services, through a technology-mediated delivery solution.”
    • Examples: Nike and their shift to online at-home workouts, yielding 35% growth in online sales. Education and online classes. Restaurants and at home meal kits.
  • Strategy 2: Same Strategy, Different Products

    • This strategy addresses the different demands that have occurred due to COVID-19. Due to these different demands, there is an under-use of organizational infrastructure. For example, hotels and bars sit empty, factories have slowed their production, etc. Due to these shifts, many companies are taking advantage of their pre-exisiting infrastructure to offer different products or uses.
    • Examples: Many companies started producing hand sanitizer, whereas others like GM, Ford, and Dyson started producing ventilators. Hotel chains have offered rooms to hospital staff and even COVID-19 patients.
  • Strategy 3: Same Products, Different Infrastructure

    • This strategy addresses businesses that are “suddenly struggling to meet the demand for their products and services, some companies need to quickly augment their infrastructure to increase production and/or delivery capacity. Finding new infrastructure is easier said than done and often requires collaboration with external partners, but a number of organizations worldwide are taking inventive steps to bridge such gaps.”
    • Examples: Amazon partnered with Lyft to help augment the hiring an additional 100,000 drivers. “In Sweden, over 1,000 laid-off Scandinavian Airlines workers were offered fast-tracking to help the country’s health care system fight the coronavirus pandemic.”

Business Strategies Flow Chart

Proactive COVID-19 Response StrategiesImage Courtesy of MIT Sloane Management Review

Business Strategies For the Win

Regardless of your business, you have felt the impacts of the systemic shock that is COVID-19. Finding ways to best leverage the infrastructure or product that you already have seem like best bets when it comes to trying to adapt to the systematic and systemic changes.

 

 

 

Earn 10% of revenue generated from referral partners you invite.

 

Click here for full details on our invite & earn program.

June 8, 2020 Product Updates

June 8, 2020 Product Updates

Hello REALLY Members, and welcome to our June 2020 Product Update.  Every few weeks we will be providing you with product updates to the REALLY platform. Posts such as this one will keep you up to speed on all new features and bug fixes that have been completed for REALLY.  This is a great opportunity for our members to learn and take advantage of certain features such as, “ The Invite and Earn Program.” This feature gives you the ability to invite your referral partners that aren’t on REALLY, and in return for inviting them, you will receive 10% in commission of the total amount that they spend with REALLY.

Our Team is constantly working and making improvements to REALLY – The Business Referral Exchange™.  Many businesses have slowed down due to Covid-19, however, during this time we were able to correct issues and create a pipeline of new features. Please check out the release notes below and keep an eye out for the next product update.  Also feel free to contact us because we would love to hear your feedback and suggestions. 

Don’t forget, it does not require a referral credit to send an open referral. Don’t search it, Just send it and let the candidates come to you! Learn more 

 

 

Earn 10% of revenue generated from referral partners you invite.

 

Click here for full details on our invite & earn program.

Bug Fixes

  • New members were not able to see the large “Invite and Earn” card on the home screen. This has been corrected. 
  • The “Get Connected and Members Nearby” cards were disappearing on the home screen for our Members.  This has been corrected.   
  • Deleted users were still showing up when a Member performed a general search.  This has been corrected.  
  • Bugs have been fixed in the new member registration flow. 
  • The search bar was slow when looking up a member. That has been corrected 

 

Cosmetics 

  • Money Icon next to the profile picture has been added to the members home screen. When a member clicks on the “Money Icon” it will bring you to the invite and earn page. 

 

New Features

  • All Member types are now permitted to create posts in our community feed. 
  • “Invite and Earn Program” members can now invite their referral partners. If any referral partners accept your invite to join, you will earn 10% of all revenue that REALLY generates from your referral partner within 24 months of them joining.
  • Members are able to enter multiple emails into the “Invite and Earn Program” in order to send invites out. 
  • The “Invite and Earn Program” will not allow you to send invites to existing members and you will not be able to invite the same person twice.  
  • Members now have the ability to enter a return character when they are writing a post. 
  • When a member creates a post they will not be overwhelmed with notifications from comments made to their post.
  • When a member accepts your invite through the “Invite and Earn Program” both of you will automatically be connected. 
  • On the profile page, members can now enter a return character when editing their Bio. 

 

iOS specific release notes: 

Bug Fixes

  • Members were being asked twice to verify their phone number. That has been corrected.
  • The author was receiving a notification if he/she commented on their own post. That has been corrected. 

New Features

  • Members can now receive push notifications on Android and iOS

Why wait another minute?

Our Invite & Earn program provides you with everything you need to quickly and easily invite your referral partners to join REALLY.  The problem is that if someone else beats you to it, the opportunity is lost.  Get started NOW!

 

Housing Shift: From Urban to Suburban

Housing Shift: From Urban to Suburban

 

With the onset of COVID-19 leaving much of the world on lockdown, housing shifts from urban to suburban areas are expected to increase.

Losing Its Allure

Large cities for the past few years have been losing their allure to many residents. There has been a noted shift and flight from urban areas. According to William Frey, a Senior Fellow at The Brookings Institution, this slow started before the pandemic. In his findings, he reports that “the nation’s three biggest metropolises—New York, Los Angeles, and Chicago—began the decade with positive growth rates that turned negative over the past several years. In fact, seven of the 11 largest metropolitan areas—including Washington D.C., Miami, Philadelphia, and Boston—registered their highest growth rates of the decade in either 2010 to 2011 or 2011 to 2012. This is the case for 11 other major metropolitan areas.”

Consequently, Frey states that at the same time, the nation’s “nonmetropolitan territory began to show glimmers of growth after losing population for most of the decade”. In recent years, the largest share of movers were young adults. They were more willing and able to locate to smaller areas in all parts of the country and increasingly to suburbs.” Additionally, The New York Times, also citing Frey’s work, stated that before the pandemic, millennials and older members of Generation Z were already increasingly “choosing smaller metro areas like Tucson, Ariz.; Raleigh, N.C.; and Columbus, Ohio, according to Mr. Frey. Also growing were exurbs and newer suburbs outside large cities.”

Will Housing Shifts Continue?

In the midst of pandemic, Frey and other experts wonder if the demographic shift will continue. According to Jonathan Miller, CEO of MillerSamuels, there will be continuous shifts for the next few years as a result of the pandemic. In the past when the Great Recession happened, it sent people back into cities, so many wonder if this recession will do the same. However, the signs of life from those virtually hunting for homes are in favor of an exodus from cities.

Due to the blame on high-density residential living and the stressors of shelter-in-place orders when you don’t have any access to an outdoor space, the migration seems to be underway. According to Jonathan Miller, “the rising number of suburban single-family rental inquiries from the city has provided the initial evidence of a trend. City residents seem to be looking to test drive the suburbs and commute to their city job when ‘shelter in place rules begin to ease.'” A similar shift of those looking to get out of the city also occurred after the 9/11 terrorist attacks. It did, however, reverse just a few years later.

Housing Shift Possibilities

  1. Exurbs and Suburbs. The Exurbs and suburbs will see a jump in incoming residents. With many planned communities and spaces like this surrounding cities, many will seek areas with more space and designated outdoor living areas.
  2. Second-Home Boost. Consumers with the funds may start to seriously consider and commit to that second property in areas that surround cities. According to Jonathan Miller, This potential trend would be contrarian to other significant economic downturns as second-homes are not considered ‘second-priority.'”
  3. Taxes Will Be Even Less Alluring. Many state officials have been briefing their residents about the forecasted budget deficits. Many areas that were not hit as severely with the COVID-19 Crisis or those with lower tax rates can look incredibly alluring to those stuck in high-density, high-tax spaces.

 

Housing Shifts with REALLY

Now is a wonderful time to join REALLY to start networking and growing your Business Referral Community. Should people continue to act on the increased searches and inquiries that real estate agents are receiving, there will be a high need to have a solid network of qualified business professionals all over the United States.  REALLY is a simple tool for business professionals to track and exchange referrals with speed and ease. Regardless of how you choose to use REALLY, the housing shifts that are occurring will surely impact business for many, and REALLY is a tool that you want to have as these changes occur.

 

 

Why wait another minute?

REALLY is a referral processing utility that makes exchanging referrals fast & easy.  Business Professionals who send lots of referrals usually receive lots of referrals.  Use REALLY to make you and your business well known.