Value Building for Professionals

Written by Posted On Tuesday, 11 August 2020 05:00

Real estate professionals are well aware that home is where it’s happening during the pandemic. But are they—are you—sure what is going at home for target buyers and sellers?

Pre-pandemic lives revolved around the ever-stimulating, continually-changing world created by the internet, social media, the cloud, and smartphones. Then Covid-19 appeared.

Now, digital tools, online spaces, and social media platforms are where we go to make home fully functional in every way—as office, school, restaurant, gym, bakery, entertainment center….

You are learning how your world has changed and is changing. Are you as sure you understand how your pre-pandemic target market has seen their “on pause” world change and their priorities shift?

• Does their future look the same to them as it did in the first two months of 2020 or the last time you spoke to them?
• Do buyers still have the same “must have” list and location in mind for their dream home?
• Will the target individuals and families you identified as the best fit for your practice still represent the best market for you to target to create a lucrative client base?
• Does your pre-pandemic selling area represent the best area or areas to build your post-pause business?
• How will you redefine your marketing approach and presentations?

Think. Ask a lot of questions.

Keep thinking before you jump in with a rebound strategy based on what you did pre-pandemic. The world has changed and is changing:

How must you adapt and embrace this change?

For instance, the world is stressed out about how to physically get children back in classrooms where they can learn in a pandemic world they don’t understand.

• Will your targets be more concerned about their children than their real estate?
• Will their preoccupation give you time to learn more about how their lives are changing?
• Are you wondering how your target market is viewing their future and the futures of family members?

Will the buy-sell cycle at the heart of your practice continue unchanged?

• Will price-change patterns make buying-up easier or more difficult for your prospective clients?
• Will the buyer group, perhaps first-time purchasers, who purchased your clients’ listings to start the cycle still be there in significant numbers and with solid employment to facilitate deal-making financing?
• Or, will this buyer group suffer Covid-driven job loss or wage reduction and stall this buying cycle for your target market?

Who will the weak link in this fall’s real estate market be?

• Based on employment patterns and corporate bankruptcies in your area, which group or groups will be hardest hit financially? Will they have trouble achieving their original 2020 real estate goals as the local real estate market changes?
• Are these compromised groups part of your pre-pandemic target market? This may mean a redefinition of who you target, therefore, where you advertise, which social media you use, and which properties you aim to concentrate on.

Who will drive the fall local real estate market?

• Who will drive real estate transactions this year? Will these purchasers and sellers include some or all of your target market?
• If your target market is forced out of the real estate market by Covid-19's impact on their livelihood, who will you target, short-term or long-term?

Value Building for Real Estate Professionals

How will you demonstrate your value to buyers, sellers, and investors in your target market or in the new market you’d like to serve?

1. Who’s who?

Build or rebuild a resource network which revolves around your selected target market. Identify key influencers within your selected market, including professionals, like lenders, contractors, designers, and marketers, who may participate in or expedite transactions.

2. Meaningful communication must be relevant and memorable

Research what the target market wants, needs, and fears as the “pause” lifts—sometimes successfully, sometimes not. Communicate your solutions and knowledge regarding this problem solving using media and platforms favored by the chosen target market.

3. Clarify the local economic, income, and real estate shifts in play

Explain to prospects what has changed from their perspective. How will the evolving economy increase or decrease choices for target buyers and sellers? They are trying to make sense of changes that have upended their lives. If you clarify their options and challenges with regard to their home, recreational property, and other real estate investments, they will listen. To prove your value, make your answers to their questions relevant and memorable.

4. Filter fraud and falsehoods for clients

Provide reputable websites, publications, and relevant content to help clients understand the impact of changes in the economy and every other relevant aspect of real estate. Ensure prospects and clients get the facts by proving to them they’ll benefit if they contact you when they want to know what is really going on. Examine your beliefs and biases to make sure you don’t mislead clients and prospects. Who are your ultra-reliable information sources?

Consider every aspect of your practice or brokerage for ways to improve returns for target clients and for you. As you reevaluate everything from advertising and social media to pandemic-driven demographic patterns and economic shifts, clarify what you must change and improve on. How can you strengthen your practice and build or rebuild your client base?

How do you believe targets will find professionals valuable in these uncertain times?

Onward & Upward are the directions that really matter!

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PJ Wade —       Decisions & Communities

Futurist and Achievement Strategist PJ WADE is “The Catalyst”—intent on Challenging The Best to Become Even Better. A dynamic problem solver and author of 8 books and more than 2200 published articles, PJ concentrates on the knowledge, insight, communication prowess, and special decision-making skills essential for professionals and their clients who are determined to thrive in the 21st-Century vortex of change.

PJ Wade's latest business book, What's Your Point? Cut The Crap, Hit The Mark & Stick! further proves PJ's forward-thinking expertise and her on-point ability to explain technical, even non-verbal, communication details in practical, actionable terms. Print publication: Fall 2021.

PJ: “What's Your Point?the pivotal 21st-Century business question—must be answered before you open your mouth, hit a key, tap anything or swipe. Too often 'Your Point' is not clear to you and communication remains an expensive illusion.”

As The Catalyst, PJ concentrates on enhancing communication ROI for experienced advisors, executives, entrepreneurs, business owners, and other savvy professionals, who may not have received as much formal training in communication as they have in their own field.

PJ’s on-point professional development programs and featured presentations kickstart innovation and catalyze action. What's Your Point? programs, presentations, and content present the rich combination of practical suggestions, game-changing concepts, and on-point perspectives essential to those rising to the challenge as effective business communicators—online & off.

Onward & Upward—The directions that really matter! Reach PJ at pjwade@TheCatalyst.com and visit her What's Your Point? Blog. Keep up-to-date with PJ's popular column  Decisions & Communities

https://www.thecatalyst.com

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