I have been fielding calls and text messages from agents in need of reassurance that “everything is going to be okay” in the midst of this COVID-19/coronavirus pandemic that is gripping the world right now. The human population does not like uncertainty and this crisis is causing exactly that and it is causing everyone to react to it at different levels of hysteria.
Our brains are wired for “fight or flight,” so when we feel like we are in a dangerous situation, we try to create safety for ourselves and our families. That is why you see people purchasing 3 to 5 times more food and household products than they would ever need in a normal situation. We revert back to our survival instincts that were programmed during other socio-economic, international conflicts and devastating weather events. In my adult life, I’ve experienced the Gulf War of 1991, September 11th, the economic meltdown of 2008-2010 and now the COVID-19 virus pandemic. All of these periods in history were extremely stressful for all of those involved.
These events have impacted me. Yes, and over the last few weeks, I’ve watched way too much news, I’ve hit refresh on my browser consistently, I’ve stocked the house with food, and I’ve washed my hands incessantly. I’m human, right? I want my family, friends, and all of you to be safe. Just within the last few days, I’ve shifted back to a more productive mindset. I’ve come to grips with our new reality and I decided to limit my intake of cable news, Facebook and Twitter and I have identified reliable sources from which to get my news and information. I had to get out of the negative cycle and move back to the productive mindset that I maintained consistently just a few days and weeks ago.
The reality is that we are all going to be okay. This is not a 2008 style financial meltdown that takes years to recover. This feels much more like September 11th. A massive shock to the system and the psyche. Goldman Sachs reported over the weekend that it expects economic activity to recover after April with sharp contraction the remainder of March and April due to consumer spending (the drop in travel, eating out, et cetera). Prepare yourself for major, wild swings in the financial markets.
I am taking a neutral stance right now. I’m avoiding negativity but also realize what we are up against, so you won’t see me overly enthusiastic either. It’s time to problem solve and help others think outside of the box.
I shifted my focus from the "crisis of the moment" to thinking toward the future, to thinking 3 to 6 weeks out. One of my favorite quotes is from Wayne Gretzky: “I skate to where the puck is going to be, not to where it is has been.” That is such solid advice right now.
As it pertains to your clients, your listings and your buyers, you’ll need to make a shift in your thinking and how you operate until this threat subsides:
- I strongly urge that you cancel your open houses. Move them to virtual. In the next day or so, if you haven’t done so already, record a video presentation. This would be similar to when you FaceTime a showing for an out of town buyer. You’ll be glad that you have these videos on file, trust me. Don’t be worried so much about the quality. They don’t have to be perfect, in fact, they will be authentic. For those of you that this makes uncomfortable, this will push you out of your comfort zone. Set up this recording with your sellers just like you would a showing. Let them know that you are still attempting to sell the property, but you want to do it virtually. Post in agent comments that you have a video presentation to pass on to agents with interested buyers.
- Have a frank conversation with your sellers. How comfortable are they having people in their home right now? Most will not want the risk. You have to communicate with them. The next two weeks are critical, so be cautious. Again, I am neutral. I’m done worrying but I am listening to the experts who say stay home as much as possible and limit your risk. Use those videos to sell your properties.
- If you do have to go out for whatever reason, proceed with extreme caution. Leave your buyers at home and do a simple preview (with video) for them like you would if they lived out of state.
- There will be activity. There will be a lot of people with a lot of time on their hands. In crisis like this, it gives people time to think. “Why am I living here?” There will be condo dwellers that will want out of a building with a lot of other people. This happened after September 11th. It will push people to make moves that they might have been putting off. I have talked to brokers in markets that are further ahead of us and deals are still being put together.
- You will see fewer cash buyers. They will not want to liquidate when they can take advantage of historic lows in mortgage rates.
- We will come out of this with fewer real estate brokers in the market. It will thin the herd, so to speak, so there will be more opportunity for full time brokers in the second half of the year.
- You can write offers where the attorney modification period starts once the seller is comfortable giving access for an inspection.
If you execute correctly, your business will come out stronger once this passes. (It will pass!). I’ve been preparing you for years to address challenge and manage through obstacles. Brokers with well-structured businesses will come out stronger on the other side of the chaos.
Again, team, proceed cautiously. This is a big deal, so keep yourself and others safe. I’ll keep saying that…
Now let’s take a look at the structure of your business after COVID-19 subsides. How can you make sure that it will be stronger?
You are going to spend a lot of time at home or in limited, restricted work situations, right? So, the question is how are you going to use this found time?
Are you just going to outlast the forced downtime or are you going to use the time and make it a strategic advantage? Everyone has projects that, if completed, could have a huge impact on how fast you come out of this chapter and how little this crisis will impact your yearly goals. You must stay in your routine. Do not bail on your morning routine, the mindfulness practice and other time management routines you’ve implemented. You do not want to try to jump-start your routines and your business at the same time. When we all get the “green light,” you want to be ready.
Here are some ideas for additional projects that you could start or and/or finish:
- Complete your database. Even if it is just an Excel spreadsheet or a Google Doc, you need to create a system for tracking your clients.
- Check in with your clients. See if they need anything. Let them know you are thinking of them.
- Learn all the new technology that is getting rolled out within Jameson and the SIR brand.
- Commit to finally implementing that meditation practice.
- Create or improve a workout routine that you conduct at home.
- Read a book that you’ve never read before that comes highly recommended. I am dropping a new book recommendation on my social media channels today. Look for that.
- Re-read a book that had a huge impact on you.
- Study the market where you have spring buyers. I mean really study it.
- Communicate with other brokers about opportunities that that might be available.
- Declutter your social media follows. Unfollow negative connections on Instagram and Facebook. Yes, you can unfollow the feed of people on Facebook without “D-friending them”. If they are negative, they are gone off my feed.
- Unsubscribe from email lists.
- Finish decluttering your home and your home office. Come on, just do it. You’ve put it off for too long.
- Again, team, proceed cautiously. This is a big deal so keep yourself and others safe. I’ll keep saying that this is your number one priority.
Follow my content. My job is to lead you through this time of disruption. I’ll be posting on Instagram, my stories, and my Facebook page “From the Desk of Jim Miller.” You can listen to this content again and any of my other MMPTs on iTunes; download the podcasts and explore others to motivate you through this time.
Let’s recap. In your lifetime, you will experience crisis, whether it is personal to you or a global crisis like we are experiencing together now. Look at them as a “re-set” or a “re-balancing of priorities.” Journal how you are feeling and take note of areas where you can improve both professionally and personally. Do your research, listen only to those that are trusted sources, be a trusted source, help calm people’s fears and stay neutral. Stay away from cable news channels. They love crisis because that’s how they drive eyeballs to their advertisers. Don’t be overly optimistic and don’t buy into the widespread negativity. Have your moment of freak out but pivot back to preparation and execution as quickly as you can. We will all be okay. This storm will pass. The question is will you be stronger or weaker when it passes? Stick with me and I’ll show you how to navigate this.
To quote Sun Tzu. “In the midst of chaos, there is also opportunity.”
