The residential real estate sector embraced the internet and mobile technology over two decades ago. Leading national companies, top professionals and local offices began investing in technology and adapting in order to meet the needs of agents as well as customers. Their experience using technology and managing individuals remotely places real estate professionals in a strong position to weather the business disruption caused by the COVID-19 pandemic.
The coronavirus has altered how business is conducted in the real estate sector in both urban and suburban areas of New York. Significant actions are taking place that will permanently transform how we do business, but as of April 2020, transactions are still being done, albeit slower than what we all would like. Agents are permitted, when homeowners allow, to go to properties and show them to interested buyers virtually. Video teleconferencing is being used more, and this has the potential to lead to legally-permitted virtual closings. We are also seeing the greater sharing of digital documents and records; digital notarizations and signature acceptance are moving forward, and even drive-by-home inspections are being accepted. In this crisis, technology is being leveraged, and it is likely to continue to speed up the residential real estate transaction process even after the pandemic ends.
When managing a team remotely, communication is critical. My Co-Broker/Owners Sal Carola and Robert Coppolino and I are focused on providing the guidance, support and leadership our people need to remain positive and focused. We’re committed to helping them get through this crisis and be prepared to soar when restrictions are lifted. We are listening to concerns and constantly taking questions about deals, commissions and government support.
As part of the global Re/Max network, we are also in constant touch with our fellow brokers across the region, the country and Re/Max LLC leadership in Denver. Access to mentors, resources and support has created a stronger sense of stability for brokers and agents alike. We’re following the lead of Re/Max CEO Adam Contos, who joined one of our virtual meetings. Contos and Re/Max Chief Customer Officer Nick Baily are actively engaged with franchise owners and agents. They are sharing up-to-date industry information and business strategies to get through these unprecedented times.
Eric Stein is broker/owner of Re/Max Distinguished Homes and Properties in Westchester County, one of the first COVID-19 hot spots in the nation. He is leading a team of 46 professionals serving many different areas of the county that has close to one million residents. Stein is working with and encouraging his staff to leverage technology and online learning. Agents are accessing Re/Max University, and Stein is creating as well as sharing educational and motivational videos from his home.
“No matter how good your record is or how prepared you are, reality can present you with an event that can shake you to your core,” said Stein. “The difference between true leaders and others is how they approach adversity. Effective leaders examine the situation and look for opportunities and solutions. For my organization, we are taking this time to sharpen our skills, learn new marketing approaches and find ways to adapt.”
This is a time when making connections along with re-connecting with former clients and contacts is critical. Many real estate professionals know the importance of keeping and building relationships, staying in touch with past clients and looking for ways to generate referrals. Stein is working with his agents to enhance their marketing skills and knowledge, develop or improve their marketing systems and refresh bios and online profiles.
“I see my role as being a leader, mentor and educator,” Stein added. “We bring all our people together regularly on video conference meetings and have created social events. Having the opportunity to see people on video is important and we are all learning from each other. This mutual support is making us stronger today, and I am certain the lessons we learn will yield rewards in the future.”
For team strengthening and to keep spirits up, Stein hosted a social hour where his agents talked about what they are doing to make it through this difficult period; for fun, they shared their “quarantini” (quarantine plus martini) drink ideas.
Stein says that he has found that the rapid sharing of information must take place. He follows the four “C”s: communication (frequent), certainty, calmness and confidence. It is important for him and his team to stay up on the current events and what is happening in the industry, especially in New York State, where the rules have changed several times. He recognizes that some news is concerning and scary but knows that it is better to face any particular situation head-on as opposed to not paying attention.
“During this time, I’m thankful my office has invested in technology and has built an organization that both focuses on success as well as personal relationships. At Re/Max Elite, we have always sought to create a sense of family,” said Robert Coppolino, one of my business partners. “We are a big group, and it is at times like these that we pull together. There is no doubt that we will be a tighter organization than ever and we will all look back and remember how we helped each other.”
My other partner at Re/Max Elite, Sal Carola, is a strong believer in the personal touch. Before recent events, several times each day, he would walk around the office and spend a few minutes with each agent. Now he does this by phone and with video calls. Every day, he selects seven to 10 agents and communicates with them with a personal video text message. This private communication is appreciated by agents, and being able to see a familiar face is reassuring.
“This is a stressful time; it is hard for some to self-motivate. It is my job, the job of a strong leader, to speak directly and make it personal and real. To truly support a person, whether it is a seasoned professional or newly minted agent, I offer help on a personal level,” Carola said. “I listen carefully because I want to understand their issues. Many calls right now are not related to business at all; they are personal and human. I take what I hear and use it to convey a positive message in return along with a plan for action.”
Real estate professionals are resilient and determined. We must take this energy and focus it each day on moving forward. Everyone wants to get back to work, and we know people want to buy and sell homes. Whether it is a few weeks, a few months or longer, the real estate market will recover, and we will all be stronger having gone through this experience together.
Joseph Madaio is co-broker/owner Re/Max Elite Brooklyn, Staten Island and Queens, New York. He has been a real estate professional for over 30 years, and he and his office have received multiple sales, growth and leadership awards. He can be reached at: josephmadaio@remax.net.
