Posted on Friday, January 8th, 2021

real estate during covidReal estate is a tough business. The current COVID-19 crisis has not made it any easier. For your real estate company to thrive in 2021, it is advisable to establish a plan. A plan is not an inflexible and dogmatic document that can never be changed or adjusted to deal with unfolding realities. It is instead a guide, a set of priorities, a means of leading your company down the path of prosperity.

Your real estate plan should be goal-driven. Here are few tips to get you started:

1. Incorporate the realities of the new normal

The pandemic has devastated the economy of the nation and has turned peoples’ lives upside down. You can no longer take anything for granted in real estate transactions. From the first meetings with potential clients to showing houses to dealing with the financial and legal issues involved with closing, you should anticipate and plan for restrictions, lockdowns, and social distancing rules.

If you require the services of government departments and offices at the state, local, or federal level, you may discover that the people you need are not available or that some functions have been suspended.

In these instances, you may need legal advice. Orlando real estate attorneys can give you the insight and expertise required to resolve any issue that may come up. Orlando real estate lawyers can also help you determine what alternative measures may be available if you cannot get documents signed or notarized in the usual way.

real estate marketing plan2. Review your 2020 plan

You should dig out your 2020 plan and see how you did. You should ask yourself whether you reached your goals. It will be easy to blame COVID-19 for shortcomings. However, you should provide a thorough assessment of your plan before coming to such a conclusion. Did the pandemic really cause you to fail or were your goals unrealistic? These are the crucial questions to answer before developing your plan for the new year.

3. Review your marketing plan

Marketing is one of the most important functions of your business. Before the pandemic, you could hold in-person events to promote your business. This is no longer possible. Your marketing methods need to expand beyond in-person marketing initiatives and re-direct money and energy into alternative marketing methods. This could include direct mail marketing, such as sending postcards to keep in touch with old clients and to reach out to potential new ones, which is safe and effective. Digital marketing is also a good investment. The pandemic has driven more and more people to the virtual sphere, and so you are likely to find a large audience online.

real estate staff4. Hiring staff

If you are a one-person show, you are not alone. Many real estate brokers work successfully alone. However, if you are planning an expansion of your business you may need to hire an assistant or a transaction coordinator to help you manage the load.

In the wake of the pandemic, new laws and regulations have sprung up that may affect the way you conduct business. Real estate lawyers in Orlando FL can answer any questions you may have about such matters. If you have overseas clients, things can get a bit tricky when dealing with embassies and overseas notaries. You may find that the people you need are not available to you or that your client must abruptly pull out of a real estate deal for reasons that are beyond their control. Your real estate attorney Orlando can help you navigate such exigencies so that it does not unduly affect your company.

As many industries are shifting to new ways of doing business, real estate is no exception. No one knows how long the current state of things will last or if we will ever go back to the habits and practices of the pre-pandemic world. Creating a strategy that will allow you to thrive in current conditions is a prudent business decision.

As you start planning for the coming year, you should keep an experienced real estate lawyer Orlando by your side. The real estate attorneys in Orlando FL at Nishad Khan P.L. can help you.