The global outbreak of COVID-19 turned life on its head in what seemed like the blink of an eye. Countless people across the United States and around the world found themselves isolated, out of work, and wracked with stress from the uncertainty. And while things are slowly returning to normal, businesses across almost all industries are struggling with the fact that normal may never be the same.
The real estate business is no different. Realtors were impacted by mandatory shutdowns and social distancing policies in much the same way other businesses were, but going forward, the real estate industry is facing changes set to last into the next year and potentially well beyond. Those changes include slowed residential movement and reductions in commercial demand, and it’s crucial that realtors recognize them to ensure they’re ready to adapt to the “new normal.”
COVID-19 Now: More People Staying Put in Uncertain Times
The most obvious change is that uncertainty makes it harder for people to commit to major, life-changing decisions – including buying and selling homes. With the possibility of additional waves always looming, potential financial damage from the first wave, and a lingering fear of uncertainty, many people that were looking to get into the market prior to the pandemic’s emergence are now either not in a position to or have decided to wait things out until economic and lifestyle conditions stabilize. That means realtors could have a harder time finding qualified leads ready to buy or sell now, and that shallowed pool may last well into the future, making good prospecting practices more important than ever.
COVID-19 Impact: Potential Changes in Commercial Demand
According to McKinsey, long-term changes in the way people do business could potentially create a significant and ongoing impact on certain types of commercial real estate. For instance, the emergence of videoconferencing as an effective and widely adopted way to conduct meetings has decentralized the office and, in many cases, reduced – or even eliminated – the need for commercial office space. Some major tech giants, like Shopify and Twitter, have already announced plans for permanently remote offices and many companies are giving employees the flexibility to continue working from home if they so choose. The impact that could have on commercial real estate leasing could be enormous. It could also significantly disrupt business travel, hurting everything from hotels to short-term rental properties.
An Increased Need for Efficiency in the Sales Process
With the market tightening, realtors need to find ways to work smarter in order to squeeze as many clients as they can out of shrinking prospect pools. That means focusing on efficiency in everything from marketing to lead management, to the sales process, and beyond. Unquestionably one of the best ways realtors can do that is to embrace advanced customer resource management tools. High-end CRM platforms, like CRMDialer, offer realtors everything they need to tighten up operations. From advanced lead, management to keep qualified prospects from slipping through the cracks to a full-featured power dialer to supercharge daily calling, to scheduling, marketing, and communication tools, customer resource management software is designed specifically to enhance the prospecting and sales process while eliminating busy work so realtors can spend more time closing deals and generating revenue.
For more information on how customer resource management technology can help realtors navigate a contracting and turbulent market, check out the full list of features and benefits offered by CRMDialer. Or, if you’re ready to start putting CRM to work at your agency or brokerage, get started with a no-commitment free trial today!