- Know AND accept that disruption is inevitable
- Suggestions for minimizing disruption and squeezing results from scarcities
Philip Faranda, the broker/owner of J. Philip Real Estate in Westchester County NY has survived market disruptions and downturns over his years as a real estate professional. Despite the fact that this coronavirus reality is unprecedented, Faranda offers up some common sense best practices for all real estate professionals in hopes of helping all real estate professionals weather this time.
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- If real-time home showings and touring are still happening in your market area, advise your clients to leave home their children and older/elderly parents during these showings and tourings. Health authorities know that older/elderly people, particularly those with underlying conditions, such as cardiovascular issues and diabetes, are at the highest risk of COVID-19. Health authorities still do not know, however, the extent of risk the coronavirus exposes to children nor the risk of children being carriers. Best to leave everyone at home.
- Faranda pleads with real estate associations and organizations to stop calling in-person meetings and conferences. If any meetings/conference are called, make them virtual.
- Faranda encourages real estate professionals to support their local businesses by buying gift cards from them for yourselves and your clients. Even if your local businesses are temporarily closed or operating at reduced schedules with reduced services, your local businesses will appreciate your being a stand-up supporter of them…and those business owners will remember you for it. Amazon may well be the most convenient for you BUT Amazon does NOT make referrals.
- Invest in 3D imaging and virtual reality equipment AND invest in your own training to best utilize these tools. Virtual home touring is the new normal as are virtual meetings and chats.
- Use Zoom, GoogleThoughts, GoToMeeting, etc.
- Keep your own personal space yours.
- Stop driving clients around in your car.
- If clients want to see properties in real time, request that they meet you there in their own cars.
- Whatever changes/adaptations you make during this difficult time, be consistent and make those changes for everyone. You do not want to tangle with clients or the fair housing guidelines about “special” treatment.
Thanks to J. Philip Faranda writing for Inman.
Also read: Real Estate Stocks Slammed by Coronavirus Stock Market Fears, Podcast: 14 Rules For Financial Peace | How To Build Real Wealth, Now. (Part 3), IMPORTANT UPDATE from NYSAR Regarding Real Estate Activities Allowed and Not Allowed in COVIC-19 Emergency