Is it possible to increase sales in a time of crisis? The short answer to that question is yes. However, for this to occur, it is necessary to understand the causes and consequences of the crisis in question.
Right now, we are watching the course of the crisis caused by the Covid-19 pandemic – which affected the economy of all countries. The Central Bank believes that the Gross Domestic Product (GDP) should fall by more than 5% in 2020.
This means that from an economic point of view, the years 2020 and 2021 will require society’s efforts to overcome the lack of capital that will reach many markets.
How does this affect the real estate market, customer loyalty and the work of brokers? Well, thinking about that question, we decided to publish this article. Shall we understand this theme together?
The interest rate remains low
The Selic Rate is around 2% per year. This is the lowest value in history. The measure was taken as a response to the increase in demand for credit. In relation to personal credit alone, it grew 13% between the months of April and May 2020 – the height of the pandemic.
Access to credit directly influences the real estate market, as financing is the most common way that people find to acquire their properties. Therefore, while they are cheaper than they already were, there is a good chance of increasing sales, even in a crisis scenario.
In the day-to-day life of real estate agents, this requires a search for efficiency. The property management should focus on modernizing its processes, always ensuring the best possible results.
The realtor takes on a new role
Real estate professionals must understand that consumer behavior has changed in recent months. There are new social, economic and emotional factors that affect your purchase decision.
First, the broker needs to do his homework and understand the main news about the economy. You can’t be misinformed at this point, because your client is following the news. In addition, the more you understand the market, the easier it will be to offer special conditions to interested parties.
It is very embarrassing when a person corrects the broker about a piece of information about the real estate market. In this case, the customer loses respect for the professional and may withdraw from the sale. It’s time to behave less like a salesman and more like an expert in your field.
There are also new customer needs. The home office is on the rise, as people and companies have understood that working from home is a possibility. Checking how the properties in your catalog can meet the new demands is interesting to reverse the negative of the customer – who may prefer properties on the plant or projected after the pandemic.
Finally, check the used market opportunities. Property is an investment and, in a time of crisis, many people sell this property. It is a chance for the broker to diversify his catalog and increase his influence in a certain region of the city.
Crises always pass
Of course, it is still early to breathe easy, but economic crises are fleeting. About twelve years ago, the world was watching the North American recession, caused by the bubble in the real estate market. What you can’t do is stop preparing for them.
The social distance forced the construction companies to postpone their launches – which motivated the real estate companies to resort to digital sales channels on the internet. Trend that should remain in the post-pandemic.
Now, these events will start to take place in person, which can help real estate professionals increase sales during the current period.