There’s no doubt the COVID-19 pandemic has caused trauma to the United States economy. However, out of crisis also comes some opportunity.
Many companies across the country are diversifying their product or service offerings and adapting to the challenges before them. As a real estate broker, you can also adapt your business to find valuable opportunities during these challenging times.
Here are some tips to help you put this into practice . . .
Focus on High-Demand Localities
Despite the pandemic, there are investors, first home buyers, and families still looking for the right property in the right area. This is particularly the case in high-demand areas where housing markets are tight and traditionally difficult to buy into.
The pandemic is also a time of significant change.
- Some Americans need to downgrade their homes and find lower-cost alternatives, due to job losses and financial difficulties.
- Others are now keen to upgrade their homes, to make the most of the current stagnating real estate market (and lower prices) and lower than usual competition among buyers.
Homes with Office Space, Outdoor Space In Demand
Before the pandemic, there was an increasing trend towards ‘tiny living’, with tiny homes, micro-apartments and small residential properties in high demand. But the reality of the recent stay-at-home orders is that many Americans are now rethinking the tiny movement. After being stuck in their homes for long periods in isolation — many with families — buyers may wish to upsize’ their homes.
There are also predictions that the number of people working from home will increase, even after COVID-19 restrictions are lifted. Companies, who previously haven’t been sold on working-from-home arrangements, are beginning to realize and appreciate that it’s a valid way of working. It reduces the number of people in the office, improves social distancing and safety, and reduces company overheads. As a result:
- Demand for homes with office nooks and/or separate study spaces is likely to increase as employees look for flexible spaces to continue to work from home.
Demand for outdoor spaces, such as courtyards, decks, and balconies are also predicted to become important selling points for prospective buyers. After months of isolation, Americans are appreciating the great outdoors now more than ever.
Explore Commercial Real Estate Opportunities
As the small business, retail and hospitality sectors grapple with enormous challenges as a result of the COVID-19 outbreak, some industries are not only weathering the pandemic but thriving in these challenging conditions, including:
- Fast-moving consumer goods (FMCG)
- Online education and training
- Video game development
- Home delivery services
- Pharmaceutical companies
- Online businesses who offer no-contact delivery of goods to homes across America.
Additionally, some traditional cafes and restaurants are now looking to downsize their premises to focus on a purely takeout, minimal human interaction business model. This offers them a chance to keep overhead down, while generating profit at a pace that can sustain their businesses in the long term.
As a real estate broker, you and your team may be able to help clients in these high growth sectors to find suitable spaces for their changing enterprises.
Step Up Staff Trainings
Lockdown offers a great opportunity to absorb as much useful content as you can — for both you and your team of real estate professionals. During the pandemic, numerous education providers are offering free or low-cost webinars, information sessions, and online training options.
Use the time and tools available to upskill your staff in key areas t such as:
- Remote working
- Lead generation
- Keeping motivated
- Digital closings
- Marketing property in a challenging environment
- Creating professional virtual tours
Ensure You Have the Right E&O Coverage Tailored to Your Real Estate Business
It’s important to protect your real estate brokerage against risk and potential lawsuits, especially during challenging times like the COVID-19 pandemic. CRES specializes in tailoring insurance to exactly what your real estate office needs (from real estate E&O to a Business Owner’s Policy, Cybersecurity, Worker’s Comp, and more). We can customize an Errors and Omissions insurance solution specifically for your business:
- You can choose Firm-only coverage (for firms with less than 15 licensees), Firm + licensees coverage, or Excess coverage.
- We also offer real estate E&O for individual licensees.
And with CRES Real Estate E&O + ClaimPrevent®, you’ll have access to pre-claim expert Legal Services 7 days a week.
Contact the team at CRES at 800-880-2747 for a confidential discussion today.