Surviving Covid19: Advice from Industry Leaders

2020 might be a brutal year for new estate agents. If you’re a new or inexperienced agent without a strong network of clients, you might be shaking right now. Viewings have been cancelled and your clients are afraid to come out of their homes for the fear of catching the virus. 

You’re probably wondering how to survive this crisis. We spoke to some leaders in the real estate industry, and here are some of their advice: 

According to Stuart, building a good reputation can help you emerge stronger:

“It is a great time for new agents to comb for market share in fact. 

In the current market, a lot of people have more time and are glued to their screens. So definitely new agents should learn to produce their own content whether via written articles, illustrations if they are gifted at that, or videos to provide answers to commonly asked questions today such as:

• Will property prices correct significantly? 
• Should I buy now or wait? 
• What risks do I face for waiting till COVID is over to buy a property?”

Psst. If you’re interested in creating some video content, we also have a content arm that you can work with. Check out some of their videos here.

Ken believes being smart in our tactics can help win clients:

“In the past, hard selling and pressure tactics might have worked for buyers not as savvy, but for the past few years, the game has changed. There’s such wealth of information out there – nothing can confuse consumers.

The most important thing you should do as an agent should be to provide your clients with opportunity and knowledge that they can’t get from other agents. This requires you to constantly be on the lookout. 

Keep your clients close, and prepare them to make a sale by providing good guidance and advice.”

For Ken, being wise in our spends will go a long way:

“The market is still resilient as sales were only starting to pick up after the enbloc craze of 2018. And if we look at it – given the oversupply of new launches, it’s actually a still buyer’s market at the moment.

Don’t spend time being afraid. Spend time looking out for opportunities for your clients.

There’s a lot of good reasons to buy property now,  so I would not be worried about the volume of transactions. 

However, I would be prudent with my spending. Not because I’m afraid, but because I know that opportunity is coming. Maximum liquidity is needed to invest, whether it’s private property or in stocks, and I want to take advantage of that. 

If you are new in the industry and don’t have a lot of reserves, I suggest cutting your cost per lead to lower quality leads.

This might sound strange, but I believe every person you meet is an opportunity to convert them to a buyer.  Low quality leads might not be as quick to convert as high quality ones, but this is perfect for agents with lots of time instead of money.” 

A valuable tip from Stuart on the key to surviving:

“If [agents] do not have much savings or capital, it is very important not to be choosy in this market.

Work on rentals and HDB sales and not just on private property sales as it requires more turnaround time. 

Tenancy and HDB sales are a lot quicker. 

If you do not have any leads to work on, ask around teammates for permission to market properties for them so that they can generate leads and buyers to serve.

Everyone loves a good bargain.

If newbie agents are able to spend a lot of time sifting through listings and compiling a list of firesale deals out there, they can use it to build a mailing list that will organically grow and provide them good leads to work on without a lot of prospecting costs.”

Kevin’s tip on standing out:

“Financial advisers help their clients make money through policies. As property agents, our job is to help clients build wealth using property. To be an agent today you must be more than just an ‘order-taker.’ You need to be a trusted advisor. 

In a price where new launches are perceived as ‘high’, this is very important. 

You need to let clients know ‘high price’ doesn’t mean there isn’t profit to be made. It just means that the barrier to entry is higher. This can be a challenging task, so you will need to be as knowledgeable as possible to make your case. 

Focus and don’t be distracted. Study the market. Understand the product. Obsess over which new development, which stack, what entry price and the game plan for each one.”

Rex thinks taking risk is the best way to survive:

“In a world that is changing so rapidly, the only strategy that is guaranteed to fail, is not to take any risks. With risks come opportunities, and how we position ourselves to see opportunities in today’s crisis is an important skill set to acquire. 

We need to continue to touch base with our clients, not just on their property needs, but on their well-being. We should be mindful of what we share, and be tactful and empathize with our clients’ situation.

If your clients are looking towards mid- to long-term property investments, this current situation is surprisingly favorable for them.

Singapore’s handling of the evolving Covid-19 pandemic gives investors the confidence to invest in Singapore.

With the turmoil that we see in the financial market, most investors will stay away, and this is something that we cannot control. But the more astute investors will channel their funds into property investments.

Today, China’s housing market rebounds as sales triple on pent-up demand. Likewise, the appreciation potential of property in Singapore far outweighs the downside risks.”

Kelvin believes thinking like a winner makes the world of a difference:

“In tough times like these, the best agents are made. I’ve been in this industry for 18 years and weathered all kinds of storms from SARS to the global financial crisis. Each time people thought the world was going to end, and each time, the market recovered.

Those agents that outlasted the crisis? They emerged wiser, better equipped and with experience.  The life of a real estate agent will always be the survival of the fittest. In 2020, this will be even more true.

What new agents need to do is to remember their training and resources their agencies have provided. PropNex has been holding webinar after webinar after webinar to keep our agents prepared. 

This is actually the best time to connect with people when they’re stuck at home. They are so many tools available – Zoom, Google Hangouts, WhatsApp. What buyers are looking for is assurance on whether they are making the right decision. 

Do your research and help them make good decisions, then reassure them every step of the way. It is understandable why they might be feeling a little jittery at the moment. If any agent thinks they’re in trouble, then that’s already the wrong mindset. “

And there you have it.

Advice from some of the most respected leaders in our industry today. Whether you’re new or seasoned to the market, check out 99.co Agent Resilience Package designed to help our fellow agents during this period.

Want to see what else we’re doing to help our agent friends? Check out our Agent Survival Guide filled with resources we have put together to help Agents tide through this crisis.