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The Coronavirus pandemic has made a property seller’s/broker’s job even more difficult. Buyers today are not only spoilt for choice if they were to invest in property, they also enjoy a variety of monetary benefits. Data available with PropTiger.com show that India’s nine prime residential markets have a collective unsold stock of nearly 7.50 lakh units. Interest rate on housing loans is at a record low. Public lender SBI, for instance, is providing housing loans at 7.90% currently. Buyers can save up to Rs 4.50 lakh in taxes on exemptions offered towards home loan principal and interest payment in a year. Some states like Maharashtra have also reduced stamp duty on property purchases in key markets, to make properties more affordable.
However, sellers/brokers should not be discouraged, because of the prevailing conditions. They only have to make certain tweaks and alterations in their pitching strategy, to continue generating leads for their properties in the times of the Coronavirus.
Use technology to generate leads
At a time when many activities have become impossible, because of the lockdown, site visits are unlikely to happen. Prospective property buyers may utilise this time, when they have no choice but to stay indoors, to make a more informed decision using online tools. Online tools could influence property-buying decisions more than ever, now. In case you have been depending largely on face-to-face-meetings, to carry out your business, this is a good time to test other methods, as the very survival of your business may depend on it. You can use the virus-induced lockdown time, to create leads that are more likely to transform into purchases, once normalcy returns.
Connect with clients through video conferencing
Most businesses are able to operate, because of the presence of video conferencing tools such as Zoom and Google Hangouts. These methods are equally important for sellers and brokers, to stay connected with their clients. Not only would you be able to showcase your property in a better manner here, but also be able answer any queries that the buyer may have. Even after the Coronavirus pandemic is over, buyers may continue to use such methods, to shortlist properties. Leaning about these tools and using these to your advantage is not optional any more.
Quick tip: This saves sellers and brokers a lot of time, as one can converse with a client on the go.
Create property videos with your phone’s camera
You can use simple video creation and editing tools on your phone, to create videos of the property and attach it along with the online listing. Do not be bothered about any imperfections while editing. A buyer is more likely to trust such videos, than those which make a property look unbelievably grand.
Quick tip: Seek your children’s help in making the video.
Social media is currently helping businesses to market their products. Use your official Facebook account, to engage in relevant conversations to promote your business. Instagram also provides you with the perfect platform to showcase your property through pictures and short videos.
Quick tip: Do not use your professional account for personal updates.
Learn to write well-worded e-mailers
Keep sending the e-mailers to your client base from time to time, communicating with them about your new plans and strategies.
Quick tip: Depending on your client base, mailers in your local language are more likely to impress your targeted audience. The mailer must be error-free and precise, delivering the right message.
Connect with clients over a phone call
Cold calling never gets old. Your clients are more likely to connect with you through calls now. Be polite, patient and to the point, to make the call effective.
Quick tip: Keep the call short and do not impose any ideas on the client.
What can property sellers expect during COVID-19?
This may not be a time when many people would look to invest in real estate. They would, however, be using the lockdown period to make an informed decision. A realtor/seller should use this period for foundation works. Hard work done during the pandemic, would yield positive results in future.
Will property prices crash due to COVID-19?
According to experts, it is a highly unlikely scenario.
What is the best way to generate leads during COVID-19?
Since buyers are more likely to use this time to look for a property online, sellers should embrace every aspect of technology, to make the process easy for buyers.