By: Islem Fawzi Gabsi
MGI Real Estate And Property Management
During the global pandemic (Covid-19), real estate and other businesses tended to fall due to economic recession. As we all know there is a huge negative impact to the economy and investing in a real estate business is quite crucial in the midst of this global economic slowdown.
When we talk about “real estate” businesses, there are several functions that go under this umbrella; brokerage, management, property development, sales and marketing and professional services. Regardless, through proper strategies, budgeting and planning, real estate companies still have their strengths, advantages and can still thrive through this pandemic.
1) Determine a budget:
It is helpful to understand first what funds or allocated budget to determine the specific strategies that you can implement to achieve your goal. Through cost performance baseline you can estimate, monitor and control the overall expenditures of your company to avoid financial problems during this global economic slowdowns.
2) Set marketing goals and objectives:
Visualize marketing strategies by creating a useful list of marketing objectives to outline the goal of your company, such as promoting newly and modern designed units, growing your company’s digital presence, target new clients through their wants and needs, retain existing customers and build brand awareness campaigns for clients recognition and to educate your clients about your properties and services.
3) Invest in social media marketing:
As the world struggles with Covid-19, a lockdown and travel restrictions, businesses are going digital. The world is fully embracing the digital marketing realm as never been before. Investing in an online marketing for your products and services will be recognized and easy to contact. Make sure that your company has social media accounts on all the big networks such as; Facebook, Instagram, and even Pinterest, if you snap a lot of property pictures. Connect with users, share your knowledge, and promote your properties.
4) Focus on SWOT analysis:
By assessing your company’s Strengths, Weaknesses, Opportunities and Threats in the current situation, you can decrease the chances of failure by understanding and determining what is lacking in your company. Identifying your company’s weaknesses and threats will also help your company eliminate the hazardous effect of the current situation.
5) Make strategic cost cutting:
As the world’s economy suffers on the back of this global pandemic, many companies have been challenged and shaken down. Creating strategic cuts to your company and through the help of cost-cutting programs will enable your company to thrive. Building strategies on reducing the cost of the real estate day- to-day business operations will help your company in the long run.
6) Practice virtual tour innovations:
In previous practices, real estate companies showcase their properties by means of flipping through books, magazines or even flyers and leaflets. Then came the world of the internet that transformed our world into a digital one, where everything is accessible virtually. Through these practices companies can easily perform without requiring physical contact, huge budgets or a large team. Real estate companies innovate by staging their properties by means of adding home décor to visualize and give clients a better sense of what their furnished home would be like.
This article was published as part of the fifth edition of Property Finder Bahrain’s Trends Report