COVID-19 Adversely Affecting Real Estate Market
(20-30 minute read) Created April 21, 2020 – Podcast Transcript – This was transcribed from our April 21, 2020 Sales Meeting. Please excuse any brevity. If you would like to watch the actual meeting on YouTube, please CLICK HERE.
Hey guys, Todd Sachs of Sachs Realty. And in this next video, you’re about to learn what’s going on as a result of COVID-19 in nine of our Maryland markets in the real estate industry. You’re also going to hear what my predictions are moving forward and ways that Sachs Realty is preparing for the new norm. And also things that you can do regardless of whether you’re a realtor or not, maybe you’re a small business owner, we’re going to share some great ideas that’s going to give you some great takeaways to come out of this thing running full speed.
Good morning guys, hope everybody is well and surviving the craziness that’s going on, the COVID-19. Hopefully we are going to be getting back to normalcy or at least a new normal here shortly in the next couple of weeks. I know I have been watching a lot of the governors, some of them are opening. Texas, they had a soft opening yesterday. I think Georgia is doing some opening in the next week. And I think hopefully within the next two to three weeks, we’re going to see the same thing. So, guys if you’re just logging on, welcome to our open sales meeting, Todd Sachs of Sachs Realty. I’m the broker and the founder here at Sachs Realty, I’m a real estate broker in Maryland, so if you’re joining us outside of Maryland welcome, we usually have our sales meetings twice monthly, the first and third Tuesday of every month. We have them in person and now we are doing them via Zoom because everybody is working from home. And I think this will be one thing that will stick.
Moving forward, I think we’ll go ahead and broadcast our meetings live. We’ve been doing open sales meetings for over a year now and we have a lot of other industry people and just business people in general come to our sales meetings just really take advantage of some of the research that we do and the ideas that we provide. So this morning, we’re going to dive into some market updates. So if you’re an analytical type of person, I think you’re going to find this especially if you’re affected in the Maryland area and curious about what the real estate market is doing, we’re going to cover nine markets this morning. A lot of the data I have now is obviously very fluid. I’ve had to mine that data and it’s been very laborious to mine that data because the MLS doesn’t really give us data at a push of a button the way that we necessarily need sometime.
So we’re going to dive into current market updates as midnight, this morning. So that’s really we’re going to focus on what has happened April 1st through now, the 21st. And again, these are numbers that change rapidly because agents are… It’s generated by realtors going in and making changes. But they’re really accurate changes. We’re going to talk updates, we’re going to talk about my predictions. I’m not an economist but we’re going to go over where I think we’re going with this market and we’re also going to talk about what we are doing, Sachs Realty on a macro and micro level. So I’m going to give you some insights and some real in depth information on what we’re working on because we’re very transparent, we have no problem in sharing the data and things that we’re working on. And we’re utilizing it right now in training our agents and also we’re going to cover what you should be doing.
So if you’re a realtor in this market, this may benefit you. Certainly we’re addressing it with our realtors on this meeting call. And if you’re a small business person I think that you’ll pick up some good takeaways, some things that you may realize that you should be doing. And then after we cover that, we’re going to go offline to cover some housekeeping items that really only apply to us. So let’s go ahead and dive right in. Now, stay with me here because this may be not as insightful for the next couple of minutes if you’re really trying to find out what we’re doing or what you should be doing and not really interested in the Maryland data. But this is really Q1, first quarter in nine markets we’re going to cover.
So here we have for the next couple of slides, there are two markets on each slide and I tried to pair the markets up accordingly that they’re really side by side in nature. So we’re going to address Anne Arundel County and Prince George’s County very quickly, I’m not going to go over every line item but you can look. We’re covering median sales price, average sales price, the percentage of original price received and then that’s the asking price. What the original asking price was? How close they got to that number? And then homes for sale, which are actives? And then how many closed sales? And then how many months supply and the average marketing period for the property?
So again, this is kind of skewed in one aspect because in January, February, we still had very strong home sales, but we really didn’t get into COVID-19 until about the first week in March and then it really escalated from there. But what I really want you to focus and concentrate on and some of the commonality that you’re going to see in the next slides and this slide, is that we were really up, kind of like at the top of the market in median sales price and average sales price. And really we were down with inventory. Now, we were down what you’re seeing here on homes for sale, because as soon as we started getting into that market, to where COVID-19 was really taking a grasp on the situation in the economy at large, we really started seeing people back off on having their houses available for sale. People are working from home, their kids are home from schools, so they don’t want people necessarily coming through if they really don’t need to sell.
They’ve been saying, “Let’s temporarily take our house off the market.” Or, “Let’s withdraw it all together.” Or cancel it. And then there’s always a fair amount of homes when you’re looking at data that will expire for many reasons, maybe the agent doesn’t have a new listing agreement or they’re working on one and it’s going to be instantly relisted. Or maybe they’re going to switch brokerages and there’s a period of time where they’ll withdraw it and go back on the market. So the data is only going to be so pinpoint accurate. However, from a macro standpoint, you’re going to really get a good idea of just the impact that we’re experiencing in the housing market. The news tells us the impact that we’re having in a small business market and in unemployment market.
So let’s just look at a couple different things here. I want you to focus on the median sales price, which is the first line, the average sales price and then really the amount of homes for sale. Because as you can see, first quarter of 19 and first quarter 20, we are really down in inventory. So now we’re going to compare Baltimore City to Baltimore County. Again, Baltimore City we really aren’t seeing that big of an average sales price, but the median sales price has gone up 6%. Again, homes for sale minus 42 and a half percent. And Baltimore County again in the high 40%. Carroll County, same thing. You’re looking at homes for sale minus 37.5%, first quarter of 19 to 20. Frederick, minus 49.2. Montgomery county, again, big median sales price gains, same way with Howard County, almost unheard of price gains.
Year over year for Q1, homes for sale again very, very low inventory, which we knew the pressure was significantly high for buyers, we had to get very creative, that has also caused a whole lot of concern, where we might think that people were paying at the highest market like they were doing back in really 05 and 06, 07 before we started to see a major on just down turn to the housing industry back in 08. But anyway, so again looking at these quarter and stats and then Harford County. So nine Maryland markets we’re covering. So if you’re in the Baltimore City, Baltimore County, Harford County, Howard County, Anne Arundel County, PG County, Montgomery County, Frederick County and Carroll County markets, this is data that you really want to look at.
So to summarize all the nine markets together, we realize the median home price increase of almost 7% from 19 to 20. The average sales price was up almost 6%, they were almost getting their asking price, homes for sale now have declined, the market has tightened just as of March 31st, we’re down almost 47% available homes. Closed sales, they we’re up 12%, a lot of that had to do… And you’re going to see when we get into April. A lot of that had to do with things that were already under contract as we were coming into the COVID-19 crisis. And then month supply, as you can see is drastically decreased in percentage by 50% and the marketing period has also declined in that period. So now, we really want to get into some of the data. Now I want to make sure that as you’re watching and comparing, that you fully understand that we’re comparing an entire month of April in 2019 to only 21 days of April in 2020.
Now, with that being said, I think that you’re intelligent enough to look at this data and realize just how down we are in the market. So, a lot of agents we’re being very hopeful and we are going to talk about like I said, some predictions where I think we’re going, but I also want you to realize that in order for us to succeed and survive and advice and walk through the current situation that we’re in, we really need to know what the data is. If you go to a doctor and you’re looking and you just don’t feel well and you’re looking for that doctor to try and give you advice, he needs to know what’s going on. And basically, that’s what we’re doing here. We’re showing you real data from Bright MLS and again, only up to the 21st of this month which is as of midnight, this morning. And this change’s very fluid because as agents are updating it, so if you’re an agent and you’re going on and you see that coming soon is now 100, understand that this is as of midnight.
So what we’re going to be looking at here is this form is actually printed from the MLS, they do not offer the same form as April up to date. And the only thing we can print off from the MLS in these types of forms is old data and that’s as of March 31st. So, that wouldn’t help us, so I had to go and mine this information myself. So April 2019 is the form that you’re looking at, the red are the updates up until midnight as of 4/21/20. So the new listings that were coming on the market in April of 2019, or that came on the market in April of 2019 in Anne Arundel County, there were 1433 new listings. As of midnight, there were 341 new listings in the first 21 days. Now, in a coming soon which is not accounted for in the graph that you’re seeing, there are 95 in the pipeline to be turned on conceivably speaking within the next 21 days, unless it’s a new construction and then they have up to two years to turn those coming soon on.
Pendings are things that are queued up to close. In April of 19, Anne Arundel County had a 1157 pending, as of this morning 474. Closed data, 818, closed to the 21st 378, though median price has gone up. Okay? And then our active listings, which is just as of this morning, in Anne Arundel County are 1454 active listings, a year ago in April were 2198. Average days on the market has almost doubled. And here on the right side, these are the stats on what has been taken off the market. So, there were 86 homes that in April, the first 21 days that people have said, “We’re going to temporarily take our home off the market,” 70 withdrawn, 70 expired and 35 canceled, totaling 261 homes in April alone in Anne Arundel County that have been removed. PG County, we’re not going to go into that type of detail, but we can very quickly look as I had described. You can see we are way, way down. 238 taken off the market. Again, our median house sale price has gone up.
New pendings 515 compared to 1361 a year ago. Active listings 1207, 1502 a year ago. Again, average days on the market has jumped up significantly. Baltimore City, a lot different new listings 1553, a year ago up to this morning, 391 new listings, 54 coming soon. And what that means guys, there may be some new listings going on in the next nine days to the end of the month, but really what you have to think about is, “Are we going to be at the number 1553 like we were a year ago?” I don’t see it. Baltimore City taken off the market temporarily off 128 days. 464 have just been taken off all together so far in April. Baltimore County again, big market for us. New listings 304, new listings a year ago 1586. Coming soon queued up so far, we have 86. New pending sales 472. Closed 443. Again, so you’ve got to think about what we’re closing in April, has been queued up a lot of it prior to COVID.
So we’re really going to start seeing these numbers majorly impact closed sales in our bottom line for sellers and buyers and realtors, is really going to be in the next couple months. Because as we know when you buy something, it really is a period of time, a 30 day, 45 days before it actually closes. Days on the market here in Baltimore County have stayed the exact same, active listings way down. Carroll County, you can see 370 new listings a year ago, 75 now, closed about half. We have a huge pendings in Carroll County. And days on the market, kook at that, 116 now compared to a year ago 39 days. We’re seeing a lot less withdrawn. Frederick County. Margo, I know this is something that you’re really concerned about, a lot of your business is generated from Frederick. Closed 185, 334 a year ago. New listings 177, last year was 714. Active listing 691, a year ago 1056. Days on the market has not changed much.
Montgomery County, This is just crazy to me. They are one of the biggest impacted in the first counties to really come out with positive COVID-19 and one of the most affected counties in the State. New listings 401, last year 2025. We do have a lot queued up in the coming soon, but it doesn’t even compare. New pending sales 467, compared to a year ago 1491. Closed about half. And the days on the market have more than doubled. Active listings down significantly. Temporarily off the market 158, total including withdrawal and expired and canceled 354. Howard County, our offices here in Columbia, you can see the pendings are way down, 171 compared to last year 535. Closed is not that far off considering we know we’ve got another week or so to go. And the active listings comparatively speaking is not that significantly different, it’s down but compared to a lot of the other markets. Median sold prices jumped way up, we were 390 a year ago, we’re 465 today.
Harford County, new pendings 197 compared to 461 a year ago. New listings 101 compared to 573 a year ago. Active listings considerably down 469 compared to 725. Days on the market is just going through the roof. Closed transactions not quite half of where we were a year ago. So giving you an overview on… And again, I want you to remember this is only as of April 21st at midnight, this morning. Compared to the whole month of April a year ago, you can see these numbers are really staggering. So new listings April year ago were 10,349 in the nine markets that we just covered. New listings today of first 21 days are 2287. New pending sales a year ago 8220, now 3,093. Closed sales a year ago 5565, closed sales first 21 days 2723. Median sold price 310,000, median sold price now 350,433. Active listings considerably down from a year ago 13,989, we’re now sitting at 9860, with 580 sitting in coming soon. So if you take that coming soon and you add that to it, you can still see we’re significantly down and we were below inventory even a year ago.
It was a very high pressure environment for buyers. Average days on the market has just slightly more than doubled. So guys, let’s talk about… So you can see here, I’m not an economist. So what I’m about to say is purely based on my opinion and I could be wrong. And I’m sure everybody has their opinion and I’ve spoken to a lot of brokers in our market and in other markets. I’ve spoken to a lot of loan officers, mortgage brokers, agents, industry, friends that are self-employed from very medium to large sized business, some presidents of companies, CEOs down to one owner operated shops. And I’ve been working 15, 16 hours every single day. In fact, it’s exhausting. But I think it’s important because as a business owner and someone that is very invested in 31 years of self-employment, we’ve got to go to the data, we have to go to history, we have to go to the news even though you don’t want to. Because I understand, history is a very real thing.
So when the majority of Americans are watching the news, whether you believe it or not, it’s what’s we’re talked into a lot of times, we’re talked into recessions, we’re talked out of recessions. “Hey, it’s a recession.” Everybody starts closing up, reducing spending. “Hey, we’re out of a recession.” All of a sudden, people start spending. So a lot of it is in typical recessions or down economies. A lot of it is not just certain factors that we can put our thumb on. A lot of it is just our feel and our confidence and being able to put our pulse on it and our thumb on it. And right now, we’re being told a lot of crazy things that we just don’t know. So when I’m talking about my predictions here, this is just based on my experience and what I’m hearing and what I think of where we’re going with the [inaudible 00:28:00] side of things.
So let’s just go through these points. I think that new listings will gradually start hitting the market. So right now we’re really down. I think we’re going to see over the next couple weeks, we’re going to start to see us as an industry and as a government telling people that we’re going to be introduced to a new norm. That new norm is going to push people, we’re all ready to go. I’ve watched protests, watched one in Ohio over the weekend, I watch them in Annapolis. People are starting to get frustrated. So I think that people are going to be moving on, we’re going to be moving on. In fact, I’m going to be pushing you guys to be moving on getting on with business.
So I think we’re going to see where people are going to start to carry on with their plans, But I also think that over the next eight to nine months, we’re going to see a lot hit the market where people weren’t prepared. They just purchased a home maybe a couple years ago and because of COVID and the financial impact that it’s had on them, they’re going to start putting their houses on the market, because they’re just going to want to get out from underneath of that. Because a lot of people are capped out, they’re stressed out. We’ve been watching people buy houses that they’re getting approved for top of the market and they’re putting very little money down because they don’t have the money and we’re seeing it. We know that a lot of the people buying houses need the sellers to contribute for it to happen.
So I think we are going to start to see a buyers market. And I think it’s going to happen through April of 22. I think that we’re in for the next 18 months, 20 months, 22 months of it turning to a buyers market, we’re already starting to see it, where the sellers are going, “Jeez, I want to get out.” The buyers are gone, “Okay, I had the ability to buy and now more is coming on the market.” Or, “I have a stronger position now because people are holding on to their money and the job loss,” things like that. People aren’t out in the market like they used to be. I think we’re going to see deflation in the median sold price. Though again, I’m not an economist, I think we will experience some inflation over time. I think that we’re going to need to, but I think more importantly, that we will back at selling at the highest market price again.
And I don’t know what those percentages are, whether it’s 1%, whether it’s 2% less than what we were selling. Or whether it’s 15, 20%, I think that is going to be determined in weeks and months to come as to how quick we get antibodies for this virus and what happens, whether it mutates, whether it doesn’t. Whether infection rates rise or when we get back to working again and doing things. I think all those factors are going to determine where that deflation percentage hits based on how many people will need to get out of their houses in the next year. Let’s talk briefly on commercial. I have a lot of experience in commercial real estate, I’m an investor in commercial real estate, not developed I’ve sold in that space for quite some time. I think that our commercial is a very scary space right now. I think that because we are expecting that, a lot of small businesses won’t recover.
We don’t know what’s going to happen to the restaurant industry, are they going to have to social distance? What’s going to happen to these unfortunate times that these business owners are faced with right now? Are they going to be able to pay their rents? A lot of the restaurant… Restaurant was the new retail. I was looking at some statistics, I think it was the average spend of a millennial, 74% of millennials spent $78 a week in dining out. That’s a huge number. And the breakdown goes all the way to the baby boomers who right now are the most sacred because of the most negatively affected with the risk of not surviving a COVID infection. So I think… Are they going to be quick to go sit at restaurants again? I don’t know. It’s going to be hard to sit in a restaurant with a mask, but trying to be realistic about it, what’s going to happen to commercial vacancy? I think we will repurpose this space, I think honestly, we’re going to be looking at a lot of businesses that can’t afford to pay the rents that they’ve been paying.
And these things have been selling at such low cap rates and so such a high competitiveness at least in the high demand markets, that is going to be very interesting to see for a lot of business owners that are investing in commercial real estate, they have non-recourse loans. So, they may walk away and the banks or the financial institutions may have to deal with it. And the good thing is, in typically in commercial financing, you’re putting 20, 25 30% down. So hopefully they’re not…. You’re still going to be worth at least what’s owed. So I think the financing institutions will be fine. If we as an industry can quickly repurpose the space, then we as a government can allow for special use exceptions in a lot of the spaces in loosening a lot of the zoning requirements that are in these commercial spaces that are going to need help. A lot more people are working from home. There’s been great data out there that shows that a large percentage of businesses will at least stick to some of their at home practices, at least a couple days a week.
So you have to think about something. Businesses that have been spending billions of dollars in buying computers for their staff and working on remote desktop applications, IT for this to happen, security. A lot of the things and also realizing that a lot of people have been productive through this downturn by working from home and that they can track that and actually track the effectiveness less time standing around water coolers. “Okay, so we’re going outside and taking breaks in our garden.” But we’re not taking an extra half an hour biasing in the conference room before we’re actually getting down to business. We’re turning on the zoom, we’re getting down to business, things are happening.
So I think the office space is in for a just a complete overhaul and I was very bullish on thinking that on the open shared office space is going to be a great place to be, this has changed that because if we can get sick being close to other people, I think that that’s going to quickly shift to renting smaller private offices and not open space. So I think shared co-working space is going to be in for some type of change. So let’s talk about what I think as far as you know. And I’ve been a contractor for 31 years. I think that we’re going to see a huge uptake in remodeling existing homes, I think that people are going to be focusing on that workspace, making it nice, turning their sunrooms into great workspaces and working on the nice patios outside so that they can eat lunch. So I think that we’re going to see a lot of remodeling of existing homes that people aren’t going to be selling. I think we’re going to see huge increase over the next 18 months on three to five star residential rentals.
So for you investors out there, having good rental properties with amenities. Some of these work at home amenities that people will find attractive for people that maybe gave up owning a home or maybe said you know what, “I’m going to save more money and not buy.” Maybe that millennial is going to buy at 35 instead of 30. I think we’re going to see a lot of these improvements, but really trade vocational schools, I think is going to be really poised for attracting students. I think we’re going to see a big need in this country for contractors. I think if you’re a contractor, you have contractor skills, man, this is going to be your golden time. We’ve been busy as contractors, but I think grabbing good talent that’s being repurposed from industries that they couldn’t get good jobs, guys, I can’t tell you. If you’re a carpenter, or you’re a tradesman, you’ll make really decent money.
And when you’re working in corporate America and you’re being furloughed or you’re being brought back at a huge discounted salary, there’s going to be a lot of opportunities for you to fall in love or do work with the stuff that you fell in love with. Those home improvements, it’s going to be a lot of potential for you to go into the trades and become contractors yourself or running contracting companies. So moving right along Maryland… Not Marilyn. Major financial impact to college and universities, I think that we’ve been talking about this for a while, I think that they’ve overpriced themselves. A lot of it based on sports, I think over the next 12 months, we’re going to have a lot of questions as to whether stadiums are going to be filled with people? Colleges, a lot of the big schools, football’s big, what’s going to happen with that? I don’t know.
A lot of the multifamily developers around these colleges have been building these huge low cap rate structures to house high amenity living for college kids. We might not see this, kids might be going online. Kids may be staying at home or looking for less expensive alternatives to renting those really high-end multifamily complexes. So, again, these are my predictions. I think one of the things as an industry, as agents, as realtors, guys at Sachs Realty and for all my friends out there and people that are in this business that have been complaining about Zillow and realtor.com and all those sites that have been trying to take your job, our job, my job, okay? I caught a lot of flack for doing Zillow leads. Guys, I did Zillow leads because… And I still believe that’s where a lot of leads come from.
Most of America’s home buyers start somewhere on the internet and for those of you that gave me a hard time about Zillow, it actually did pretty well for us. And by having the right attitude with it and I still think that Zillow is going to be a hot thing to be involved with, same with the realtor.com and those platforms, the Zillow Flex and the realtor.com, the Opcity, but think about something for a minute. We just got a major leg up with COVID-19 because people realize more than ever, we are necessary in our industry. As agents, we are important. Let me tell you something, there’s no computer going in somebody’s house right now, doing a virtual tour, there will be no computer that is going to help that buyer that lost their job come out of this with some type of dignity and some type of positivity. Okay? So guys, this is our chance and I think that this is going to stick for us for a long time. It sat back technology, in my opinion for years. As far as they’ve tried to take our jobs, ain’t gonna happen.
So what I think is somebody that had survived the 2008 housing crisis, I think like any downturn in any industry, there’s going to be a consolidation. So I think a lot of agents that we’ve seen that have been in this business that have been struggling anyway, in the hot market, when we’re doing a lot of our, analysis and we’re looking at agents, part time agents, they may decide that they put their license in referral, they may be deciding that they will temporarily shelve it all together, put it in an inactive status, which is something that they can do. So, I think that what is going to happen is if you guys that are full time, that are really actively pursuing your career, it’s going to be a great time for you to capitalize to network with those people to become referring agents for them, understanding who is saying, “You know what, for now I’m going to hang it up, but I need somebody to refer to.” Maybe they’re in your office, maybe they’re not, but I think that we are going to see a consolidation happen in the marketplace.
So now I just want to take a couple minutes after I have a drink. I want to take a couple minutes to share with everybody what I’m doing at Sachs Realty. Keep in mind, I’ve only been a broker for two and a half years, but I’ve been serving in real estate industry in one way or another for 31 years. I started out as a contractor. So I’ve no problem sharing because we’ve been very transparent with everything that we’ve really been doing here at Sachs Realty with our videos and the posts that we make, but let me just tell you guys what we’re doing here is we’re in the market to hire professional realtors who currently are embracing or desiring to learn the digital technologies that we know that we’ve been preaching for two and a half years. So, Zoom is not new to us, it’s [inaudible 00:44:16]. In fact, we had zero downtime or zero learning curve when it came to video, Matterport we’ve been doing for over a year.
We bought the Matterport technologies, 3D tours is something that we knew was coming down the pike, we do it on every single listing at absolutely no cost or agent. Now, we’re seeing that a lot of brokerages are doing that right now because they have to. Podcasting, video technology, zero learning curve, we’ve been doing it well over a year and a half now. So for agents that are out there, they’re struggling with this, we’re looking for the real professionals that need help. And really that’s what we do, is we help our agents to get current with all these technologies. We are now starting… We’ll be implementing a team based model which we haven’t had at Sachs Realty. So for the teams out there, where we have not been able to help, we have office space and we’re planning to be able to help teams migrate to Sachs Realty and embrace the business model that we have with running your own team. Lead Generation, we will be jumping very shortly, very back and very heavy into our Zillow Lead Generation, as well as everything else.
We’ve already been in conversation with Zillow, it worked very well, we paused it at the beginning of the COVID pandemic because we had to. The agents said, “Oh really, do we need to pause it?” But they didn’t understand what was coming, none of us did. Fortunately, we made the right decision to bank that money. We are going back into it again, but I can tell you if you’re watching this, whether you join Sachs Realty or not, I can encourage you enough to look at that model, I can even reach out, I’ll tell you who my rep is. I’ve been very satisfied with our rep and the whole Zillow business model for leads in general. Again, a lot of it is knowing it, a lot of it is not being negative to it and learning how to make it part of your business, not all of your business. So again, pick those pieces up that you’re not getting.
So we’ll be increasing that and hitting it heavier than ever. We will be doing a lot more business management training here at Sachs Realty for our agents. So we haven’t… We do a lot of business management training, but really helping people to get back to basics and really grow their business with their new outlooks and we feel that there’s going to need to be a lot of transitioning and adopting the new norm. So we’re going to kick that up a notch on digital marketing. We’re going to dive heavier into more digital training. And really, the biggest thing is by the end of third quarter, we’re going to have a social media creator and director to go with our content, director that we have already in place at Sachs Realty. So we’re going to bring that in-house. So if you are working in the digital space and you are a social media creator, reach out to me, submit your resume to me. We are going to start the interview process and bring that in-house to also make that available for our agents.
So right now, our agents have the full video department at zero cost to them, the full marketing department at zero cost them. Agents, you can podcast you know that. Content creation, anything that you want to create, we’re standing behind you 100%. We are now going to be implementing in months to come, we’ll be able to help you with all your social media creation and your postings. So that is a high priority for us at Sachs Realty. We’re going to be enhancing our already existing great marketing experience for our clients and for our agents, we’re doing 3D video. So that’s something and also enhancing our virtual reality marketing capabilities, which we have right now on every single one of our Matterports. The Oculus was actually invented by a guy here in Howard County that sold it to Facebook, but he actually grew up here in Howard County. The Oculus view, goggles that are very popular owned by Facebook. If you have those, you can watch any of our virtual tours by VR right now. We’re stepping that up, you’ll be able to watch our videos and everything in VR.
And also, really exciting, I am starting an audio podcast. I’m thinking that it’s going to be Wednesday evenings at 8:00 PM. Wednesday or Thursday, it will be starting in May of 2020, it’s called a Brokers View. It is going to be a live podcast that we will take co-hosts in this state from around the country, for this show, we will allow callers, agents, lenders, anybody, business owners, buyers, sellers, you name it to call up and ask their questions and get a broker’s view. So I’m really excited about that, that is going to be really broadcasted on every podcast channel that you would listen to. Anything from Stitcher, to Spotify, to Apple Podcasts, Google, you name it. We’re already set up for it.
We’re going to be increasing our direct mail campaigns, that is going to be happening on a mass scale in combination with our social media. And we are going to really be focusing on pillar content that is re-purposed. We just had an example of that, where we’re now transcribing our videos, posting it on blog posts, using that across all the excerpts and full content across all platforms, including Twitter, LinkedIn and again, on our very own blog that we’ve been very bad at doing called The Sachs Report. So you can find that at thesachsreport.com. We’ll be picking that up. One of the strategies that we’ve developed and realized here with the stay at home stuff from COVID. And then really, we’re going to be focusing on our nationwide referral network.
So we’re going to spend a lot of time going over… The effects of talking for an hour. We’re going to be going over really relocation, reaching out to employers, developing our own relocation program for leads for our agents, as well as our own other brokerage referral networks nationwide all to bring these leads, these referral leads to our agents. And we’re going to be doing a really great job at that. And in fact, we’ve already started. So with that being said, I’d like to open it up if the agents have any questions and then we’re going to go into some things that we could be doing or you should be doing for your businesses over the next 10 minutes. So guys, any question so far?
We did have a question from Sandy Joe Reed Burns, “Is the podcast only for brokers?” I know you touched on that, but just to go over that one more time.
Yep. So thank you for that question. It is called a Brokers View and it will be me on this podcast. And no, it won’t just be for brokers, I’ll have many guests, I will have other brokers from around the country that will come in as co-host, but I will also have all kinds of industry guests as well. We will be working on a schedule if you are interested in coming on and being a guest, we can talk about certain topics and open that up to our callers, it is our intention that we will post a podcast calendar so that our audience will be able to decide on which ones they really would like to participate in and that they could really make sure that they’re putting on their calendar. Anybody else? Right, you guys are quiet. All right, so no problem. So let’s go ahead.
So over the next 10 minutes, we’re going to talk about what you should be doing. And again, guys, as I’ve had many conversations with you guys through the time that you’ve been at Sachs Realty, the only one that can do this is you. I can coach you, I can encourage you, I can be here for you to call me to reach out, but I can’t make you get up every single day and be successful in your space. You have to decide that you want to do that. And I know we have a great group at Sachs Realty and I understand that even myself, there are days that I’m down, there days that I need help, I struggle, I’m not always happy, I am going completely bonkers here with this working from home, my wife is looking at me like, “Do you ever come out of that office?” I feel like I’m in a cage here at my office. But I can tell you that number one, you have to decide that you’re going to win this.
And the other thing is that now’s the opportunity that your competitors. So if you’ve been a top producer in this space, that’s great. You still can’t sit back and wait. If you’ve been fighting to be a top producer in this space, no matter what business you’re in, this is your chance because a lot of your competition is just kicking back. Maybe they’re not just kicking back, maybe they’ve been affected, maybe you’ve been affected, I’m not taking light of that situation. And if you have, I’m terribly sorry that this virus has affected you other than business if it’s been physical. But guys, you have to look at your whole frontline right now, if you’re playing the number one team, most of the people on that number one team are sitting on the bench injured.
So this is your opportunity to work those 15, 16 hour days and grind and come out on top of this thing. But that’s up to you, you have to decide that. Like I had said, we have to rejoice briefly that we have taken the lead over automation, that we now acknowledge that people need us in this industry and in many industries to have that interaction, that connection, that phone call, that FaceTime to be able to help people to make buying decisions. Or you should be establishing a work schedule. A lot of us don’t know what that is anymore. Maybe we’re napping at two or three and waking up at seven. We need to get back to some kind of normalcy in our work schedule.
Spend time analyzing, making sure that you’re focusing on what worked, what didn’t work, where the market’s going, look at the slides that we just went over, try to determine where your space is in the next couple of months to the next two years. Build your goals, maybe you’re realigning your goals right now. I know you’re realigning 2020 goals, I know you’re realigning second quarter goals, but build your goals if you don’t have them. Update your CRM, this is gold. This is content that you own, that no matter what social media platform comes and goes, whether TiK Tok’s the hottest thing and Facebook goes out, your email database, your CRM, your notes, your history with the people that you know, that is gold no matter what platform it is.
So start taking advantage of that CRM that you’ve been neglecting. Establish your SOI. And I know sphere of influence. Yeah, you got them, yeah, I know. But do you really? Who are your ninjas? Who are the ones that are really supporting what you do and you support everything they do? Who are the ones in your referral network? Who are your real sphere of influence? Who were the ones that drop everything, an opportunity to give you as a referral and you do the same? Make sure that you’re reaching out to them. Pick your marketing outlets. What are your marketing outlets? Are they Facebook? Are they LinkedIn? Pick a couple. Know them well, dive into the algorithms, understand them. Create a marketing calendar, time block for your postings.
Call your clients and your prospects. This is important guys, if you haven’t done it in the last month, really accelerate that and spend a lot of time doing that right now. Find out where they are, put them into buckets that you can market to them on a larger scale but on a still a very personalized level. Inventory all your assets here at Sachs Realty. This is from my staff, my agents, utilize all the free marketing that we have available for you. Track your campaign engagement, try and see what you’re doing right, what you’re not, experience with some new strategies, train for success. Pull those old books off the shelf, those old podcast. For me as an investor, I’m revisiting bigger podcast because I’m polishing up on things that I know I should be doing that I’m rusty at. So get back to training for those things that you know are important to your career and lastly guys and more importantly, communicate more with me.
I’m here for you guys, you know that. So, with that being said, I appreciate everybody. I thank you for being involved with Sachs Realty, I thank you for being my audience. If you’re watching, I thank you for subscribing to our YouTube channel, liking us on Facebook. Let me know how I can help you. I’ve said it before I’m very resourceful and I’d love to be a resource to be able to help you to get through this challenging time. Hope you enjoyed this video. Don’t forget, subscribe and leave your comments below. Sachs Realty, Maryland broker number 607720, office number 443-318-4514. Equal Housing opportunity.
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