The Effect Of COVID-19 On The Real Estate Industry, And How To Cope
Like many industries and economic sectors, the Real Estate market has taken a hit over the last few months as the Coronavirus pandemic swept through across the world, triggering a series of economic landslides. While the nature of the issues surrounding the world economy are unique, they have nevertheless created an anomaly in the form of a rather unorthodox recession that could last up to 2 years.
With government mandated lockdowns in effect, and social distancing measures put into place, there was really nowhere for the Real Estate market to go. Banks lowered interest rates, which served no true purpose, as nobody was willing to invest during such an economically unstable period. What we were left with was a housing market on hiatus, even though the Canadian government deemed Real Estate agents as an essential service.
One of the major hits against the Real Estate market involved the timing of the COVID-19 pandemic breakout. The spring season was effectively a wash, after estimates had predicted a record-breaking season. In February, housing sales were already higher than normal, signaling an early start to a very profitable season. That all came to a screeching halt when Coronavirus struck, and people were forced to stay indoors while businesses were shuttered (some for good).
To compensate, some Real Estate agents got creative by prioritizing the digital space. Virtual meetings between agents and prospective buyers and sellers became a top priority, much the same as other industries had leveraged the online sphere in an attempt to craft new ways of doing business. Open House demonstrations largely ceased in favor of virtual showings, especially after the Real Estate Council of Ontario and the Toronto Regional Real Estate Board weighed in.
Big cities like Toronto will weather the storm, even through the longer term, however. The mixture of limited inventory and pent-up demand means that the market in Southern Ontario will spring back much quicker than predicted, if the numbers prove to be correct. Other parts of Canada will see fluctuating results, especially when it comes to smaller municipalities largely dependent on small businesses that may, or may not have gone under.
As we climb out of the tail-end of the Coronavirus pandemic and enter the recovery stage, things will largely get back on track as they were before. The fallout will remain for the next 12-24 months, but it’s a great time to leverage digital marketing in preparation for the economic rebound. Real Estate agents should plan ahead when it comes to their digital presence, their websites and advertising mediums, such as social media. Planning an effective digital marketing strategy right now will help boost business when buyers regain a stable financial footing. Many are willing to buy right now, provided the market shows signs of recovery. That means lining all your ducks up in a row to take advantage of the massive consumer demand in places like Southern Ontario.
Having a strong social media presence is again, key to effecting an excellent digital marketing strategy. Real Estate agents work best when they’re down-to-earth, personable and friendly, which means keeping in touch with potential clients on various social media platforms is an absolute must. It’s also a great medium for showing off houses available for purchase.
Similarly, all social media accounts should backtrack to a Real Estate agent’s website, with an easy to access list of available homes for purchase. This is where SEO becomes an important and vital component of the process. Real Estate SEO is particularly competitive, which means getting the right digital marketing team on the job is crucial for standing out from the competition. They know the ins and outs of the SEO sphere, and they’ll work with you to push your name higher in search rankings, while continuously monitoring patterns and trends to maintain your standing. A great digital marketing company will provide tangible, real-world results that you can see via regular reports, to track your progress.
Similarly, Pay-Per-Click marketing can be beneficial for Real Estate agents, especially since rates are still down due to the Coronavirus pandemic. Take advantage right now, to boost your leads! Again, your digital marketing company plays a huge role here. Managing PPC campaigns can be complex and time-consuming, so it’s better to hand it off to those who understand how it fits together with the scale of your overall campaign. By tying everything together into a cohesive platform, Real Estate agents will be ready to get back to work, and put buyers into new homes.
For more information on how the right digital marketing campaign can jump-start your post-Coronavirus Real Estate sales boom, get in touch with us today!