There’s no doubt that coronavirus has changed the business landscape over the last 30 days because most cities are shut down now due to the effects of the virus and there’s no timeline when most cities expect to return to business as usual in the future.
Even though you may be sitting at home waiting for your city to return to normal, this is one of the worst things that you can be doing. During a time when everybody’s at home, you should be focusing on doubling down your efforts to grow your portfolio of investment properties by following these steps.
Tip #1 – Get Back To Cold Calling
Even though most multifamily Real Estate Investors hate cold calling with a passion, the reality is that it’s one of the most effective sales techniques that anyone can use, especially right now, because most owners are going to be home anyway so why shouldn’t you pull out your lead list and start calling them?
If you’re not a fan of cold calling, you may want to consider outsourcing cold calling to another company. Thankfully, there is a wide variety of options to choose from online and it’s possible to hire a company so that you don’t have to make any cold calls to yourself.
Tip #2 – Review All Of Your Lead Generation Strategies
The next thing to do during the time that you’re at home due to the coronavirus outbreak is to review all of your lead generation strategies. This is important to do because you are going to give yourself the time to evaluate what strategies are working, what’s not working, and what’s wasting money.
During the time that you’re evaluating all of your lead generation strategies, you should also consider doubling down on your online advertising efforts. This means increasing your ad spends on websites like Facebook or Google AdWords because, digital ads, if written correctly, can produce big results for multifamily Real Estate Investors.
Tip #3 – Lock-In Financing For Your Next Multifamily Property
Mortgage interest rates are crazy, historically low, right now so another important thing that you should do is to lock in financing for your next multi-family property. When the Coronavirus does pass, you’ll have the money that’s needed to go out and purchase your next investment property while other Multifamily investors are only just starting to figure out their next steps.
Tip #4 – Follow Up With All Of Your Old Leads
It doesn’t matter how long you’ve been a multi-family real estate investor because, the longer that you’re in the game, you’re going to have at least a small handful of leads that you touch base with throughout the year.
If it’s been a while since you’ve last contacted your old leads, you spend a few hours calling and getting in touch with them again because you never know whose circumstances may have changed since the stock market crash and they may be willing to sell their multi-family property to you as soon as possible.
Tip #5 – Hire A Virtual Assistant
As a multifamily real estate investor, and a business owner, you have to realize that you can’t do everything yourself, this is why if you haven’t done it before, you should hire at least one virtual assistant to help you double down on your marketing efforts.
Virtual assistants are very affordable these days and they can easily save you the time, effort, and hassle of doing things like cold calling, emailing or evaluating new lead generation strategies online.
When hiring a virtual assistant, make sure that you hire somebody who has real estate experience, especially in the multifamily industry You want to hire someone familiar with your business instead of having to spend countless hours training them before they can get started assisting you.
Tip #6 – Make Audience Engagement A Priority
It doesn’t matter if you have a large audience online, or small audience, if it’s been a while since you last engaged them by writing a blog post, sending a tweet, or recording a video, you should make audience engagement a priority right now.
Audience engagement is important because you never know if one of your followers online is and owner who was thinking about selling their multi-family property as soon as the coronavirus is over. Once they’re ready to sell, they could think of you first instead of thinking about someone else in your local area because they saw your video, listened to your podcast, or read an email that you sent them recently.
Tip #7 – Be More Consistent
As a multifamily real estate investor, I know that you’re busy because you’re always searching for the next deal while taking the steps to grow your portfolio of investment properties.
Sadly, it’s easy for any multifamily investor to get busy and to become inconsistent with their marketing or follow up efforts. This is why during these times when you’re stuck at home during the coronavirus is to make an effort to establish a pattern of consistency with your marketing and follow up.
How do you do it? The answer is simple, start utilizing tools like Google Calendar, or alerts on your phone. By using calendar notifications or alerts, you can stay more on track when it comes to your marketing efforts and not forget to follow through.
Tip #8 – Think Outside The Box
Last of all, but most important, another important thing that you should do during this time in life when you’re stuck at home with your family during coronavirus is the start thinking outside the box.
What Does this mean? Thinking outside the box means that you’re willing to consider other strategies for lead generation and ways to grow your business that you may never have considered before.
One of the best ways to start thinking outside the box is to devote at least an hour of your day focusing on researching the latest lead generation strategies that you may not have been familiar with before.
We’ve offered you a ton of tips in this article that will help you to use this time in your life productively.
Don’t sit on your hands waiting for the coronavirus to end, make each day a productive day because when the virus has passed, you’ll be able to go back to building your portfolio of multifamily investment properties and you’re going to have the advantage over other investors who have been sitting and waiting during the coronavirus without taking constructive steps to grow their businesses.