August 7, 2020

How to Adapt in a Changing Real Estate Marketplace

Masks…the new norm.

Are they good? Are they bad? Do they even work? 

Few of us know the answer to that question. We rely on medical experts and scientists to tell us how to handle the COVID-19 pandemic. 

What I do know is this: 

Whatever is accepted as the norm by the public, you must adjust your real estate investment business accordingly to keep up with changes in the market. 

Otherwise, you are going to fall behind.

Adapting to the Needs of Sellers in the Marketplace

Since the beginning of the spread of the coronavirus, and the subsequent mandate to wear masks in public, people have responded to the pandemic differently. Some people who are concerned about COVID-19 have purchased masks, gloves, disinfectants, and other supplies. 

Other people have been more skeptical of claims and reports about the severity of the current pandemic. They may choose not to wear masks for different reasons. They may feel that they are invincible or do not have loved ones who are vulnerable to COVID-19. In either case, you need to adjust accordingly to each seller you interact with. 

If you have a motivated seller who is concerned about the coronavirus, then get creative and find new ways to land the deal while being sensitive to their needs. 

  • Offer to take a virtual tour of the house.
  • Mail important documents to their locations.
  • Send emails and make phone calls.
  • Arrange to look at the property in isolation.

If you meet face to face with the seller, then offer masks and gloves while doing a walkthrough of the house or signing documents. This way, you are showing that you are sensitive to the seller’s needs. 

If you are working with a seller that is not concerned about the coronavirus, then work the conversation into your discussion so that you can build a relationship. For instance, let them know that you will be wearing a mask because it is company policy. If you own the company, you make the policy! Following rules and company standards builds trust and gives you credibility. You are more likely to land the deal.

Lack of Flexibility: Why BIG Corporations Fail 

Regardless of what is going on right now in our culture and in the market, you need to always be prepared to be flexible and adjust to the current trends. You have to be willing to adapt to a changing marketplace, or your competitors will outperform you every time. 

If you do not adapt quickly and learn to innovate, your real estate investment company will die. 

Think about the retail marketplace and the competition that has shifted the industry over the last decade. For instance, how many companies fell prey to Amazon because they refused to adapt? The list is long and no longer distinguished:

  • Toys’ R’ Us
  • Kmart
  • JC Penney
  • Sears
  • Borders
  • Sports Authority
  • A&P Supermarket
  • Gymboree
  • American Apparel
  • Blockbuster

Amazon was quicker to adapt and innovate, not only adjusting to the marketplace but changing it forever. Regardless of how you feel about Amazon, you can’t deny they met the changing needs of consumers worldwide. The companies above refused to adapt to the shift in the market. It didn’t matter that they were established corporations that led the industry. Their refusal to adapt is what caused them to close their doors. 

The same thing applies to real estate. Your willingness to adapt to changing trends and shifts in the market is what will keep your real estate investment business alive. 

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