Hi everyone! We hope that all of you are coping well staying home! We're past the halfway mark of #CB, and most of us are counting down towards the end, and can't wait to resume business as usual. However, are we being too optimistic to assume that everything can soon return back to normal?
What Does Research Says About Habit Creation?
According to a research (Lally et al., 2009) published in the European Journal of Social Psychology, it takes at least two months (or about 66 days, on average), to successfully build a new habit. Circuit breaker started on 7th April 2020, and the extension will end on 1st June 2020(sic.. hopefully), a count of 56 days to be exact. During this extended period, are new habits and norms being formed?
How Singapore Agents Are Coping During Circuit Breaker?
For the property sector, Property viewings during this circuit breaker have been reduced to virtual, online viewings and presentations, as realtors are unable to meet buyers and sellers physically due to safe distancing measures. In any stressful situation, it is human instinct to either fight or flight! Proactive agents have adopted Business Continuity Plans (BCP) that include Virtual Tours, Videos, Live Videos, Video Calls to carry on their work on a limited basis, or focused on creating new content to reach new clients. Others are just crossing their fingers and wishing that this Covid-19 virus can go away soon and work can resume as usual.
Are New Norms Foming With Traditional Viewings Disrupted? Two Different Kinds Of BCPs
As mentioned earlier, it takes 66 days for habits to take root. Will BCPs created during the 59-day circuit breaker become the new norms? A good guess is highly likely. As long as there is no vaccine, and the virus continues to play a hide and seek game by disappearing and re-emerging, home sellers may be reluctant to have large groups of strangers frequently coming to their houses for viewings or open houses. Buyers may get used to buying a house based on a virtual, video home tour or presentation off the plan instead of live viewings. If you don't have a Business Continuity Plan in place right now, be prepared to be slammed by an unwelcomed BCP, Business CESSATION plan that is!
Consumers, including home sellers and buyers, are becoming used to doing online research before buying any product and service, having been confined at home during the entire circuit breaker. Compared to proactive real estate agents who are building up a huge library of value-added video content, who would customers engage if you don't have original brand-building content or can't even be easily found online?
Costs Of Doing Videos Are Going Down
DIY video using your existing equipment such as your mobile phone can be done for close to nothing (if you are starting out and count your own time as having no other opportunity cost). For busy people, the cost of doing professional videos have also been going down. When it can easily cost thousands of dollars in the past, it now costs only a couple of hundreds to a thousand for a professional video to be created for you!
Stay Safe Stay Cautiously Optimistic!
While it is always good to have a positive mindset, and hope that things can resume normally after circuit breaker, it is much wiser to be more cautiously optimistic about it. New norms are being formed in the time or coronavirus, future proof your business right now by activating video as your long-term Business Continuity Plan! In the meantime, do continue to stay safe, stay healthy!
Other posts you may be interested in:
Get in touch with us at AffinityMotions if you need some help getting started on videos!