The one thing that the coronavirus has taught every business is that a drastic change can happen; and you may never see it coming. The one key response is that you must adapt to survive.
Ways to Diversify Your Customer Base
-1- New Team to Focus on New Customers: put together a new team whose sole purpose is to focus to identify, develop and find new customers for your brokerage.
It might be tempting to task a current sales team with an additional target audience, but this would be a mistake. Existing sales teams already have their hands full, so they can’t be expected to layer in another industry to pursue. You need to create a new sales team that is focused on prospects, so that you will get good results. If your team’s plate is already full, the results will be mediocre at best.
-2- Develop Remote Sales Group: The coronavirus has made more people home bound with everyone having less visitors and doing less outings. So, today, more people are conducting business online and on the phone.
A remote sales group functions like an inside sales group, with the difference being that the remote sales group are doing their job from a remote location; instead of from within the office. A remote sales team can focus exclusively on making calls, getting leads, and nurturing leads for your real estate business; which lets your agents focus on providing excellent client services to close more transactions.
-3- Team-up with Minority Agents on Home Buying Webinars: Reach out to minority real estate agents to offer assistance with helping their buyers and seller to understand the current real estate market; how to get prepared to by their first home; and how to evaluate a house and neighborhoods. You can work out arrangements where you both can get more business and increase your closings.
Ways to Diversify Your Revenue Stream
-1- Multifamily Housing: Landlords may be looking to sell their 4-unit rental property; while others are in the market to buy a 4-unit property.
-2- Homes Zoned for Additions: You may want to check the listings in your MLS for houses that reside in an area already zoned to allow another unit or bedrooms to be added on the lot. You can then have specific marketing targeting people looking for more space; or developers looking to convert a single family house into a multifamily homes.
-3- Crisis Property Management: Landlords are looking for someone to help guide them through managing and maintaining their property during this coronavirus. Where as before they felt comfortable handling things themselves; today they are looking for professionally to help them manage their rental units.