Use this time as a pivot point to invest in yourself and your business. What can you do now to pivot up to the next level?Mike Hambright
How America’s Top Investors Are Shifting Their Real Estate Investing During The COVID-19 Epidemic
The COVID pandemic has taken over life as we know it all in a very short time! But as an investor, you know that the real estate world never sleeps. Investors and agents are adjusting and adapting, finding new and innovative ways to conduct business. Mike Hambright is at the forefront of these shifts, consciously and confidently making changes within his own business.
Since 2008, Mike Hambright has been investing in real estate. But Mike is not just any investor, Mike’s tenacity and dedication helped him close 65 deals in his first year alone! So how does he do it? How does Mike handle adversity, pushback, and changes in the economy? By surrounding himself with some of the top minds in the business.
With his two incredibly informative podcasts, The Investor Fuel Podcast and FlipNerd Mike has been able to bring some of the brightest minds in real estate in to share their views. If you are concerned by the COVID pandemic and what it will mean for your business, we’re offering you the tools to adapt and succeed!
Read the Full Show Notes Below…
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Over the past couple of weeks, both Mike and I have spent a ton of time talking with investors and agents to learn about what they are seeing in their markets and what they are doing to pivot within their businesses.
Surprisingly, I’ve heard of many people who are still crushing it with everything going on. The people who are still closing deals right now are the ones who haven’t given up. They are the ones who are still pushing through because they know on the backend of all this, they will come out stronger.
So what should agents and investors be doing now?
Don’t Pull Back
Some people may be thinking they need to save money by pumping the brakes on marketing. This is one of those cardinal sins that will ultimately hurt your business for months and years to come. When this is over, you will still need a high functioning website that ranks well.
This won’t happen if you aren’t creating content. If you are doing direct mail, so much of it relies on momentum, which will be lost if you decide to stop things now. You may even want to double down on your direct mail marketing, possibly negotiating a lower rate with your mail house that needs the business.
As far as online advertising, Facebook and Google ad costs are way down. Now is the time to jump in and get some of those leads at a lower cost than usual!
Change Your Message
The message you sent out last month, may be different from what you need to say to people today. If you were offering a fast closing, that may not be a highlight you want to focus on now.
People may still want to sell, but they aren’t able to move or they have nowhere to go. This is when you need to work with people, allow them to stay in their homes, and be the solution they need through all of this.
Be A Resource During These Challenging Times
Buyers and sellers have a lot of questions right now. Should they sell? How will it work? How will they stay safe? Many people don’t want people viewing their homes right now, while others aren’t able to view available houses due to lock-down restrictions.
Let people know what solutions you are offering whether it be virtual tours via Zoom or remote closings. Create content to answer the questions people have about buying or selling real estate. Let them know how it works and what to expect.
Calm their fears, take the time to build relationships, and solve the problems your clients have.
Surround Yourself With The Right People (Virtually of Course)
No more than ever it is important to have a network of peers who you can learn from. Find a group or a Mastermind where you feel comfortable and are able to get the answers you are looking for. Sharing what you have learned through all of this can create new relationships that will open even more doors in the future.
For many, the pandemic has served as a wake-up call within their business. From a financial standpoint, it is time to trim the fat and get back to basics. Your marketing is essential and will help to see you through all of this.
While there might be some disruption to the market right now, staying informed, adapting, and working together will help us all to come out of this stronger than before.
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Mentioned in This Episode:
- Our Coronavirus Podcast Series for Investors and Agents
- Our informative blog on how real estate is impacted by COVID-19
- Investor Fuel
- FlipNerd Podcast
- Investor Machine