Considering all of the uncertainties we have faced in 2020, it is clear the real estate industry is undergoing significant change. We tracked some of the statistical trends taking shape in a recent blog, highlighting the ways in which supply, demand, and market value interrelate in the context of the local marketplace. As we enter the second half of the year with a greater understanding of these conditions, one question remains: Where do we go from here? What has been gained or left on the table?
Many experts suggest that the altered landscape of the present moment has accelerated innovation in the industry by approximately 10 years, reshaping how we interact, manage business, and brand ourselves. With great change comes great opportunity. 2020 has set the stage for us all to rethink the conventions of our working practices.
At Blue Panda, we remain squarely focused on the fulfillment of our agents and the clients they serve. Collectively, we have leaned into a new normal, utilizing digital technologies to support virtual relations while examining how to affect positive social change in an industry that has been silent for too long. What’s in store for the remainder of the year, no one knows. However, by focusing on the possibilities that emerge from intelligent adaptation, we are ready to meet the challenges, both known and unknown, that will undoubtedly shape the future.
Here are some of the lessons we’ve learned thus far.
Authenticity above all else
In times of uncertainty, the importance of authentic communication cannot be understated. Most clients are not interested in filtered versions of the truth carefully crafted to paint a perfect picture of the market. They are looking for real facts delivered by real people. When all is said and done, and the expensive lights and equipment are stripped away, clients want to relate to their agent on a human level. This means stepping outside of industry formalities and embracing your individuality. Today, those who are producing truly authentic digital content have set a new standard in an industry all too often obsessed with the fictions of social media glamour and reality show fame.
Be the change you seek
There was a time when politics was considered to be separate from business and that social commentary may negatively affect a brand’s image. Today, staying silent in the face of injustice is not only ethically wrong, it is bad for business. We recently wrote an article highlighting the importance of speaking up against systemic racism. We’re beginning to use our platform to engage in productive discussion about race relations in the industry by highlighting stories from our friends and colleagues. Transformation begins, first and foremost, with education. And visual performances of solidarity only go so far. As we take this stand, we encourage others in the business of real estate to begin adopting organizational initiatives meant to enact real change.
Research never goes out of style
Amidst widespread social unrest, it seems increasingly difficult to determine what is true and false about the local market and its sensitivity to global adjustment. Today, more than ever, clients deserve access to content rooted in intelligent research. Sound guidance will always stand out in a crowded room of unfounded assumptions. Our talented team of agents know that data-driven research in foundational, and information sharing lies at the heart of our services. We have committed ourselves to meticulously tracking local market conditions, ensuring clients stay ahead of the curve by organizing data, identifying and interpreting trends, marking discrepancies, and highlighting emergent opportunities. Access to intelligent and adaptive research is an essential component of any investment strategy built for the future.
Virtual is here to stay
Our entire organization has been utilizing digital technologies to collaborate in new and exciting ways. Many industry professionals have reported feelings of disconnection and isolation brought on by current physical distancing measures. While we look forward to sharing space with our colleagues and clients once again, our team has cultivated a real sense of connection in this present moment. We can work and meet with a different sense of flexibly, bridging the distances created by conventional office centrality. Thinking beyond COVID-19, virtual relations will undoubtedly continue, acting as a compliment to in-person meetings.
Real estate doesn’t stop
Clients enlisting the help of Blue Panda agents have come to expect the highest level of service with an approach that combines innovative technology, beautiful design, and data-driven research. In the face of adversity, while many competitors have remained stagnant, we have chosen to adapt and innovate. Our agents have taken action that is swift, clear, and impactful. Despite the slight downturn of activity that immediately followed the emergence of the coronavirus crisis, the Ottawa market has persisted steadily. While sales figures have decreased slightly due to a lack of inventory, prices continue to increase and days on market statistics remain consistent. There is business to be had, and the market continues to weather the storm. It is simply a matter of who is willing to meet the moment with care and creativity.