There’s no denying it: there is an immense drop in the number of buyers and sellers actively involved in the real estate market due to the COVID-19 pandemic. If you are a new agent with only a year-or even months-under your belt, you are probably wondering if now is the time for a new career path.
Before deciding whether or not to throw in the towel, consider the following:
- If you haven’t been in the business very long, then your investment probably isn’t too great yet. Compared to someone who has built a team, invested a lot of dollars into establishing a brand and is emotionally vested, you can more easily make the transition to another career path, with less financial and emotional damage. It will still be tough, but easier for you to cut your losses, if that becomes your solution.
- On the other hand, with other agents in your area already leaving the business, that opens up more opportunity for you as a new agent if you have the financial reserves to stay the course. While it may sound callous, the fact remains that you have nothing to do with the decisions other agents make. But you can use their exit as an opportunity to serve buyers and sellers who are going to need real estate help, now and in the future.
- If it were easy, everyone would do it. That statement was true when you entered the business and it’s true during this downturn. Looked at from another angle, what do you value most in your life-the things that were handed to you or the things you worked hard to achieve? Most people would say they value the things that involved work, money and/or sacrifice on their part. The same rings true for your career in real estate. If you start out when there are challenges, you’ll value that later success all the more-and it will probably make you a better agent.
In the end, you’re going to have to make the decision that is best for you and your financial well-being. If you decide you can weather the storm, there are some steps you can take to keep your business moving forward, even within the constraints brought about by the coronavirus pandemic.
Depending on your area’s specific pandemic orders, here are some ways you can stay off the sidelines:
- Let potential buyers know you are willing to do live video tours in place of in-person showings, with the permission of the homeowner and with proper precautions.
- Check in with homeowners who are under financial distress to ensure they know all of their options, from refinancing to selling. Don’t push the sale, however. The important thing is to show that you are a trusted real estate expert who is available to help.
- Go through your “sphere of influence” and give each a call, text or email, just to ask how they are doing. This will remind your contacts that you are in the real estate business and plan to be there for them in the future, when a real estate need arises.
- Use the time to beef up your content. If you’ve found it difficult in the past to find time to create a community resource guide, now you have the time. Create some future ads, write some blogs and review your website. Use your time to plan out your future marketing.
- Let clients know you are available to meet via Zoom, Skype or other tech. If they don’t want to put their home on the market or buy a home yet, you can still provide advice, discuss steps and answer any questions.
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