New Territory – how to adapt your real estate business during COVID-19

COVID-19 has had a significant impact on the real estate industry with social distancing and mandatory bans on open homes and auctions.  

Riding the roller coaster of economic highs and lows is nothing new for the real estate industry and now is the time to get on board with new strategies, insights and ideas to adapt your real estate business through this challenging phase. 

Appointment only

Open homes may be on hold  but the market is still buzzing with potential buyers looking for their next property. Arranging viewings of your properties via appointment only  provides a safe environment to do business and also a more personal one. 

A positive takeaway is  you weed out house hunters who are just browsing from those who are keen and ready to buy. Having one on one time to build a relationship with buyers gives you a better chance to make the sale. 

Getting your name out there 

Advertising channels like Google and Facebook promote your real estate business in the online marketplace 24/7. If you need to reduce cost, try focusing on getting your brand out there in the social sphere by joining community groups to network and promote.  

Realestate.com suggests letterbox drops of your agency’s details on postcards. Include ways you can assist people looking to buy or sell their homes, like virtual staging guidance, video tours of properties and how they can connect with your business to receive newsletters and updates.  

Virtual realty

An innovative way to get around government restrictions is by harnessing the power of technology. Virtually showing your clients through properties  gives them a feel for the place in the comfort and safety of their own home. 3D cameras and drones help to create professional footage that accurately captures the details and perspective of the property. 

With on-site auctions banned, the opportunity to host online auctions has helped keep up with the demand of the market. While each state has unique regulations for the purchase process, the platform may become a new normal for many buyers. Domain has created a video which shares information about online auctions and virtual inspections. 

Protecting your business

Reviewing your business insurance to confirm it is active, covering your business for its activities and paid up to date is a sound investment when it comes to protecting your real estate business. 

If your Professional Indemnity insurance* policy is current and you are providing professional advice to your clients online, it will continue to cover your professional business activities. Professional Indemnity insurance protects your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.  

Useful links

These are some useful government websites to help assist with different areas of the business. 

• Australian Taxation Office: https://www.ato.gov.au/ 
• COVID-19 updates and support for small businesses: https://business.gov.au/risk-management/emergency-management/coronavirus-information-and-support-for-business 
• Grants and programs: https://www.business.gov.au/Grants-and-Programs 
• My Business Health portal https://www.asbfeo.gov.au/my-business-health/home 

Innovative approaches

Need some inspiration? These are some examples of how the real estate industry is facing these challenging times and how you can adapt your business. 

• Real Estate Sales Online (RESO) has seen an increase in sales through its nationwide online platform. RESO delivers an effortless transaction between agents and buyerswith all the virtual tools and required paperwork in one place.  
• Online real estate sales website Homely has produced a series of video interviews with real estate agents on the COVID-19 crisis featuring best practices and strategies. 
• Urban.com.au stresses the importance of keeping the lines of communication open with your clients. Using regular social media posts and email newsletters to keep your clients up-to-date with information and advice during these challenging times helps build trust in your agency.