Are houses still selling or should I hold off on advertising?

Question

I was going to start advertising my drone business to real estate agent this week. However, due to covid 19 and the country going into a recession, I was wondering if I should hold off until this all passes. Are agents even selling houses at the moment or is the real estate market in a stalemate till this is over?

David Nacco · Answer

Do NOT stop advertising. Build relationships and connections with agents now. Agents are spending a LOT of time at home bored trying to find ways to keep the ball rolling and/or refining systems. This is a perfect time to reach out, get on Zoom calls, show them what you can offer, go out and take sample drone footage to send to agents. A lot of agents have more free time right now and this is the perfect chance for you to get in touch with them and start building a relationship.

Cameron Tope · Answer

In Harris County, real estate agents are considered essential personnel. https://www.houstonchronicle.com/hdn/hrlm/p/callback.htmlCole,

I wouldn't stop marketing. It's going to take you a few months to get some solid clients anyways. Why not start now so when things turn around you'll be top of mind?

Cole Black · Answer

@Jonathan Greene I have tried to get into the interior stuff. It’s a bit to big of an investment right now but will be something I get into later. Where I’m from drone rules are quite stiff and your average photographer cannot get a license. Therefore I do find I get quite a few clients just doing exterior.

Justin Pierce · Answer

It depends on your area.  NAR just did a spot survey looks like about 20% of realtors are reporting a drop in activity.

https://www.nar.realtor/sites/default/files/documents/2020-nar-flash-survey-economic-pulse-coronavirus-residential-03-12-2020.pdf

There was an open house in my neighborhood last weekend and the cars were lined up on the curb.  They had great activity.  I then went and visited a couple vacant homes and the listing agents all said that showings were strong.

But, I also just tried to raise a million dollars in equity for a condo conversion.  Normally it's an easy lift with this type of deal in this location.  No body was opening their wallet. No body.  We started offering 30-40% 6 month note... no one even nibbled.  If that much liquidity is leaving the market then it's going to have an impact.

If you do list, be aggressive and get it done.  If America is back to work by mid April then this is probably not a huge deal.  If not then we might be in for a really rough year.

Jonathan Greene · Answer

In many areas here, RE agents are not considered essential business personnel and can not do showings or do any in-person activities. That could play in your favor, but only if you do more than just aerial photography and/or video. Where I am, my RE photographers have drones so there would be no benefit to a one-off drone company in most markets in my opinion. If you do interior, it could be a good time to be doing inside and outside virtual tours for listings that no one can see as long as you are allowed to.

Are houses still selling or should I hold off on advertising?

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