The real estate industry has been hard hit by the COVID-19 crisis, with demand reportedly falling and landlords facing new regulations.
But just how bad is it?
ActivePipe, a firm that helps real estate clients with marketing in the U.S. and Australia, attempted to find out: It surveyed 560 agents, marketers and principals, with varying numbers responding to each question.
Over half of respondents said they are concerned about the property market, with 21.69% saying they feel it will be negatively affected by the crisis and 33% saying they are uncertain about it. But 45.4% predict it will bounce back.
In addition, 50.95% are looking for new tech solutions to prepare them for the new reality, and 41.67% say they have everything they need. Another 7.37% are looking to cut costs in this area.
On the positive side, 43.87% say, “I’m making my interactions more personalized because I have more time.” And 38.71% report they are using more online channels to interact with people.
However, 17.42% are making less calls and sending fewer emails because “people aren’t interested right now.”
Still, 92.18% are increasing or maintaining their email use during the crisis. The remaining 8% will either reduce email or cancel it.
In contrast, 86.97% will maintain or add to their property websites, and 74.91% will do the same with online advertising.
Also, 65.29 will increase or maintain their seller lead-generation programs and 60..70% their direct mail and flyer use.
When asked whether they think their business will grow during the outbreak, the respondents answered as follows:
50/50. Depends on how it all plays out — 58.15%
Very likely. I’m growing relationships that will turn into business — 26.20%
Unlikely, we’re struggling to stay afloat — 15.65%
"Increased personalization and outreach is paramount right now,” states Mike Feller, CRO of ActivePipe. "We can't just assume we know how to help our customers, We need to ask them what they need.”