Abode Real Estate’s Top 5 Lessons From 2020: How We Made the Most of a Challenging Year
At the beginning of the year we at Abode Real Estate were excited about all that was to come. 2019 had been a very good year for us, and we were certain that 2020 was going to continue along the same trajectory because the real estate market was booming. Interest rates were historically low, we had a good pipeline of people wanting to sell and buy, and we had some promising real estate ventures in mind.
We were 100% sure that 2020 was going to be great, perhaps our best year yet.
But then, there was COVID.
Without a doubt, the COVID-19 pandemic has been the defining factor of 2020. Practically every single aspect of our lives has changed in some way, and although we love that we can work in shorts and sweatshirts, and we’re enjoying the hobbies we’ve picked up the last few months, it hasn’t been easy.
This year hasn’t gone exactly as we anticipated, but we have learned so much. So, here are the top 5 lessons we’ve learned this year as real estate agents, Orlando community members, and people.
Lesson 1: When Faced with a Challenge, Don’t Back Down
We came into 2020 at the top of our game, closing sales with great numbers. Then in March, it felt like the rug had been pulled out from under us. Suddenly we had 5 transactions dissolve in less than 2 weeks and we didn’t know if we would find new clients for those properties.
It was a scary time dealing with canceled contracts, lost income, social isolation, and not knowing what to expect from the real estate market.
With all of the challenges we were facing, we realized that it was time to tighten up our belts and adapt to the obstacles COVID had thrown our way. We quickly brainstormed ways to make our business more streamlined and cost-effective so that we could continue to help our clients when they needed us. We reduced expenses by working from home to save on rented office space and turned to digital marketing in order to save on printing.
After some time, homes were selling twice as fast as pre-COVID times and we were ready to meet the changes in the luxury real estate market.
Life didn’t stop happening just because we were facing a challenge. People were still moving, having kids, getting married, and living, and we knew we needed to be there for them.
Lesson 2: We’re All In This Together
2020 has been a lonely year for many. Stay at home orders, social distancing, and quarantine have kept a lot of people from spending real-time with family and friends. Even for us, it was a big adjustment moving to remote work and not being able to see each other in the office every day.
However, ironically, 2020 has also been an amazing year of community building.
One important lesson that we’ve learned is that it’s vital to stay connected with your people and your community. As the pandemic continued to take a strain on our local economy we knew that we wanted to help. We wanted to be able to support the city we call home and give back to the community that had always been so supportive of us. So, we initiated several Second Harvest food drives and with the help of our generous community we raised just shy of $5,500 worth of donations to help those in need.
We know that “your actions speak louder than your words” and we wanted to show people that we cared, so we also started making care calls to people in our sphere and then continued to reach out to our supporters and friends via telephone calls, email, and social media. These calls have helped us become more connected with our clients and supporters in ways that we are incredibly grateful for.
Additionally, this need for community has opened the door for creative innovations that we’ve quite enjoyed. We restructured our Pie Day so that we could still appreciate our clients (and support our community), developed ways to meet with our clients while keeping safety the top priority, and made mask-wearing fun with selfies. Everything may not always go exactly as planned, but creativity and a little humor have gone a long way to helping us make some great memories.
Lesson 3: The Experts Don’t Know Everything & The Market is Always Changing
Now this might sound strange coming from real estate experts, we know, but it’s still worth mentioning that the experts don’t always know everything. That’s why, although we are real estate experts, we always listen carefully to what each buyer and seller wants, and we make sure we understand their goals before we ever put a house on the market or show a buyer a new listing.
We know that buyer wants and needs are always changing, and so it was no surprise that the same happened during this pandemic.
Some people said that 2020 would be the worst year for luxury ever, while others said this would be a great year to invest in luxury because people were leaving the field and you would be able to buy low. We did see the luxury market come to a standstill during the second and third quarters, but at that same time we were also able to sell two luxury properties. Since then, we've more than recovered and luxury home sales are up.
We know that real estate is essential, and our client-centric vision for our business has always helped us see clients as individuals who have goals and hopes in relation to their homes. In part, that’s why we knew that despite the pandemic, the market would adapt and thrive and people would still need us to provide our housing knowledge and expertise.
Lesson 4: The New, Digital World is Full of Possibilities
You know life has changed when Zoom is the new place to be. People have done things on Zoom that we never would have thought of, if not forced to adapt to our new reality. We’ve also jumped onto the digital train and used it to propel our business. As part of becoming more “COVID-friendly,” we had to turn to digital options for many of the things that we used to do in person.
Photo tours - We now do 3D photo tours for all of our luxury listings and have had more luxury sales than ever before
Virtual Walkthroughs - We’ve implemented more virtual staging and it’s been really helpful for showcasing our sellers’ homes
Weekly Emails - Our weekly newsletter has helped us stay in touch with clients and gain more support
Digital Marketing - Investing in online marketing has allowed us to expand our community and serve our clients better, resulting in blogs, Facebook lives, and other value for our online community
Lesson 5: Patience is Key
One new habit we’ve developed this year is patience. The pandemic has forced us all to slow down, and it’s something we’ve learned to be grateful for. It’s not always fun being patient, but it is vital for getting us through all of what is happening. It’s been a long year and it’s not over yet. We’re still dealing with the pandemic, with the fallout from one of the most divisive elections in American history, and with recovering from the toll this year has taken on us all. We’ve got a lot of work to do in 2021, but we have to be patient and hopeful. In looking back on the things that we’ve been grateful for this year, we still have more to look forward to next year.
Surprisingly, 2020 has been one of our best years to date, in terms of sales volume and higher sales. Our success has only been possible because of our great community, our adaptations, and the unpredictability of the real estate market. We’re sure the new year will bring many more adventures but we’re thankful for the time to reflect on the things 2020 has taught us. If you enjoyed hearing about what we’ve learned and you’d like to stay up to date on the things happening at Abode, join our newsletter.
If 2020 has taught us anything, it’s that our work here at Abode is valuable, and although we’ve had to change the way we go about doing certain things we are still committed to listening to our clients with compassion and heart, and focusing on them.
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Steven Ritz, Buyer Specialist - Call 321-277-8271 or email here
Linda Sitek, Listing Specialist - Call 407-963-6544 or email here