The dip in the stock market and shifts in consumer behavior may be alarming, but instead of panicking, one marketing expert in the housing industry says to adapt to these short term disturbances caused by COVID-19’s spread. Thais Cuffy says that the volatile market is a reasonable response to the pandemic, and that by watching how consumers want to interact during this stressful time can give clues on best practices, such as offering virtual appointments or upping video content so potential buyers can see homes without stepping foot inside. By keeping an eye on consumers, builders and realtors can better navigate the housing market's changing landscape.
Short-term disruptions in consumer behavior can happen for any number of reasons. As new home marketing and sales professionals, we should always be nimble and swift enough to adapt without fear. The COVID-19 pandemic, while it will certainly bring new and different challenges to home building, should be treated as a temporary disruption to the market.
The U.S. stock market has dipped and the Fed has cut interest rates – these are reasonable and expected responses to this type of event. History also tells us markets are cyclical. Our job in new home sales and marketing is to keep abreast of what’s happening on a local and national level, understand how it may impact our audiences, and adapt to changes in consumer behavior to continue serving their needs and those of our builder.
We should not panic, but we should pay attention.
While you may be feeling the consequences of current events now – a slowing of walk-in traffic or online leads not wanting to make appointments – you can (and should) adapt. Here are some behaviors to expect from online consumers and suggestions on how to address the changes.