THE GIFT OF THE PANDEMIC

In every crisis, somebody gets rich.

The economic damage resulting from the pandemic-induced lockdown is going to impact the US and the world a lot longer than this year. Experts say it will take three to five years to get back to where we were in the first quarter of 2020.

Restaurants have been the hardest hit, with a combined closure of more than 1,500 locations since the lock down began. Popular brands such as Sweet Tomatoes have permanently closed. Others have filed for bankruptcy, including California Pizza Kitchen, Chuck E Cheese and Brio Italian Grille.1

The local landscape has also taken a tumble. Many long-serving brands, including Dolce Vita, Barry’s Pizza, The Tasting Room, Yia Yia Mary’s and Patrenella’s2 have shut down.

Retailers are also in trouble. Lord and Taylor is gone, while Sur La Table has filed for bankruptcy protection. Hotels are starting to leave the market as well.

Crises of this magnitude have two effects. First, they expose weaknesses and vulnerabilities. Agents who irregularly and inconsistently market and lead generate may find their businesses have evaporated.

Second, they play into strengths and advantages. Businesses with robust marketing programs will scoop up business from faltering competition. In good times and bad, smart operators write the check anyway, because they know everything goes in cycles. These times will pass, until the next recession or crisis.

The pandemic handed you a gift: it is an unprecedented opportunity for growth. In the aftermath of the housing crisis, many individuals bought properties at steep discounts and sold them later for large profits. In the aftermath of Hurricane Harvey, with 500,000 cars lost to the flood, car dealerships sold more cars in a few months than they had all year long.

Agents willing to work overtime, a euphemism for gaining more buyers and sellers, with grow market share. Let me point out that, in my own estimation, the lockdown has wiped out 10 to 20 to 30% of the competition. Agents went into lockdown and have not come back. Have you not heard of brokers who have closed their doors? Have you not heard of agents who’ve decided to retire?

Starting today, here is what you need to do. One, take massive action in lead generation. This means getting back out there. As popular as Zoom is, there is no substitute for meeting with the sellers at the kitchen table. As cool as Skype is, there is no substitute for taking a client to lunch. As convenient as a virtual tour is, people still want to see homes in person. To a buyer, NOTHING compares to seeing a home in person. There is a tangible sense of “home” that can best be discovered in real life experience. Restart your Open House program immediately.

Simultaneously, call through your database, canvassing for buyers and sellers. Getting back out there also means reengaging your office and colleagues. Have you noticed that humans do not do well in isolation?

Two, go to work on your skills. We operate in a realm which demands multiple skills, such as lead generation skills, marketing skills, technological skills, social and relationship skills, negotiation skills and so on. In which area could you improve? Seek out a class or course immediately.

Three, be a total professional. Have you slipped into the casual wear mindset or are you dressed for success? How are your presentation skills? Can you give a cohesive and informative listing presentation? Do you have a clear, specific marketing plan for your listings?

Four, provide superior customer service. Show up on time for appointments. Do what you said you were going to do. Create an exceptional experience for your clients. Be a voice of calm to your community.

And finally, work from a written business plan. It’s likely that 95% of you do not have written goals and plans. To come out ahead this year and the next, invest the time to clarify your goals and build step-by-step plans for achieving them. Then, work from those plans.

In every crisis, there are agents who scoop up market share, who grow and prosper. Unprecedented opportunities like these do not come along very often, and when they pass, it’s too late. So, get out there and take your unfair share!

#onlyatnexusone #motivation #millionairemind #therelentlessagent

Andrew W. Chong is Co-Owner, Broker, and Head Instructor at Nexus One Properties, a residential brokerage located in Katy, Texas. His certifications include Accredited Buyer Representative, Certified International Property Specialist, Accredited Luxury Home Specialist, and Buffini And Company Certified Mentor. He is a TREC certified instructor and creator of the 3-hour CE course, Selling To The Affluent.

1 8 Restaurant Chains Have Filed for Bankruptcy In 2020 In the Wake of The Pandemic. Irene Jiang, Business Insider, 9/14/2020

2 These Houston Restaurants Have Permanently Closed During the Coronavirus Pandemic. Amy McCarthy, EATER HOUSTON, 7/28/2020.

3 Bankruptcy filings are mounting. And that’s just the tip of the iceberg. Matt Egan, CNN Business, 9/11/2020