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Real estate is one of the few industries that can still do business despite the government announcing stage 2 restrictions which include closing open house inspections, argue two industry experts.
During a Facebook video, real estate coach and trainer Tom Panos and McGrath founder John McGrath explained that real estate agents will continue to sell properties so long as they have a viable plan.
Mr Panos highlighted the importance of selling off-market, with agents leveraging relationships between sellers and buyers to get the best possible prices for their clients.
“It’s a good off-market market. It’s the sort of marketplace if you know you have a seller and they contact you, they have a big fear factor so they want to sell, so you can do deals with those people,” Mr Panos said.
Mr McGrath explained that any real estate agent that comes to a potential client with a plan is likely to win in a panic situation.
“If you bring calm, confidence, enthusiasm and a plan to the listing table, you will get most of the listings.”
Both CEOs also noted that it is important to understand the human cost of COVID-19, with good real estate agents doing the right thing by people first.
“You have to zero in on the buyers that want to transact. There will be some that won’t as some have lost their job, at fear of losing their job or their business is under threat. We have no right to push them towards a transaction,” Mr McGrath said.
Mr McGrath believes real estate agents that have an open and frank conversation with buyers can potentially help them get a good deal, if they are willing to buy today instead of after the pandemic.
“My view is you talk to them, you let them know your views about the market as buying is a long-term view. So, if you picked the house you love, why not secure it today when there is less competition to a month ago. But at some point, someone will be uncomfortable, in which case you stay in contact until they are confident to jump in,” Mr McGrath said.
Finally, Mr Panos said real estate agents should be proactive spending time on the phone to ensure interested parties do not miss out.
“One of the most important things you can do is starting from scratch, ringing all your buyers up and finding who is still looking to buy under the current circumstances.”
Mr Panos noted that by leaving all other unqualified, opportunistic buyers and focusing on the ones that buy now, agents are likely to see three in 10 buyers still looking to transact today.
“There is a group of buyers thinking this is a good time to buy, there is less competition and if my job is safe, why wouldn’t I buy now when I am buying something for 10 years, not three to four months,” Mr Panos concluded.
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