Mike Tyson is famously quoted as saying, "Everyone has a plan until they get punched in the mouth."
When 2020 started, no one predicted that a global pandemic would keep people home and pump the brakes on the world's economy.
The California Shelter in Place Executive Order, which called for all people to stay home in order to protect the health and well-being of all Californians, went into effect on March 19th, 2020.
At the time I had a listing scheduled to close escrow in 2-weeks but the buyer wasn't able to perform so we fell out of escrow and went back to market on March 23rd - right in the middle of the Coronavirus pandemic.
I thought to myself, "How am I going to sell real estate when people are being told not to leave their home? Is it possible?"
I had just been punched in the mouth. My head was spinning as I tried to make sense of the uncertainty.
When some people face uncertainty they get stuck. They tell themselves this is it. That all the bad things that could potentially happen will. I can't sell my home. No one is buying property. The market is going to crumble.
I'm living proof that's not the case. In fact, just a couple weeks after falling out of escrow we were back under contract with an accepted full price offer and successfully closed escrow on April 23, 2020. We chose to keep moving forward...and you can too!
Understanding what the real estate market is doing doesn't have to be confusing or overwhelming. In fact, by paying attention to key trends in the market you'll find the clarity you need to move forward with confidence.
In our new environment, the days of selling real estate by putting up a sign and waiting for the phone to ring are over. The great news is you can still move forward and successfully sell your property if you have the right Marketing Strategy. Here are 3 things we did to sell quickly during the Shelter in Place Order:
To sell during the Shelter in Place order we needed a well thought through marketing strategy. No longer could rely on physical showings to get the property under contract.
We needed to go where the attention was: The mobile device.
We created a Virtual Marketing Strategy built around how people prefer to consume content: Video. We created a video tour that highlighted the property features and allowed buyers to safely view the property from the comfort of their home, office or mobile device.
With our Virtual Marketing Strategy in place, we were teed up for success as we went back to the market.
Next we identified who we wanted to target with our marketing efforts. Sure we listed the property on CRMLS and MetroList but we were just getting started. We Facebook Targeted Ads to reach people over 18 years of age who lived close to Merced and had real estate related interests. Over approximately 1 weeks time this resulted in 15,412 impressions (times on screen), 11,732 reach (unique people), and 3,447 results (video views).
When inquiries and offers came in I prioritized quick responses to insure that we didn't miss out on any potential buyers and moved the deal along as quickly as possible. We had five offers come in and negotiated a full price offer that closed in 17 days. When I spoke to my client on the day escrow closed he admitted there was a time when there was so much uncertainty that he had given up hope. Not on my watch!
"It's how you respond to that adversity that defines you, not the adversity itself," Mike Tyson confirmed when asked about his famous quote. The uncertainty may feel scary but you're not alone. You will get through this!
How are you responding to the Coronavirus pandemic? Are you choosing to be frozen in fear or are you moving forward? You get to decide how you respond.
Stay safe, stay healthy and let me know how I can help.
Be sure to check out these free resources to help you understand what the real estate market is doing, how to respond with a plan of action and move forward with confidence.
Click the link below to grab a copy of my FREE PDF download, 4 Things to Know About This Real Estate Market and How to Respond.
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Dan Del Real is a Real Estate Agent in Merced, California. When he's not serving his clients, he geeks out on creating videos, spending time with his family and inviting friends over for amazing food and UFC fights.