Archives for May 2020

Digital Marketing In the Time of Coronavirus

May 29, 2020 by CARNM

People might be shutting their doors, but they’re opening their apps.
These are uncertain times, to say the least. Local and federal legislatures are responding daily to the spread of the coronavirus, and we’ve seen companies adjust their activity or close altogether. This is all causing a major shift in the workforce. Most business owners are scrambling for ways to recoup lost opportunities and declining revenue. In volatile economies and financial downturns, many businesses make a fatal mistake by slashing the most critical part of their budget. The old adage says, “When times are good you should advertise, when times are bad you MUST advertise.” Right now is the time to keep your advertising budget healthy, and tailor your strategy to focus on digital media.

Your Shot at Greater Market Share

As some of your competitors cut their ad budgets, less overall spending means a less congested ad space, and this can mean greater brand visibility and ROI for you. Your advertising dollars go further, reaching more eyes for the same or lower price. There has been much research proving that aggressive advertising during a down economy results in increased sales and profits during the economic downturn and afterward. Grab your share of the market.

Extended Reach

On an average weekday, there are about 8 million people working from home. As people practice social distancing to limit the spread of the virus, the percentage of the workforce at home right now is exponentially larger than it was a few months ago. If you’re like us here at Adwerx, conferences and business travel have been canceled, and your work from home policy—that once seemed like a luxury—is now a mandate. So many people are online right now that we’re testing the limits of the internet’s infrastructure—Netflix had to slow down its streaming service delivery in Europe to avoid breaking the internet. Think about how much time is being spent in front of devices checking for updates on news websites, browsing Facebook and Instagram, watching streaming TV, and making online purchases. Reach where your audience is spending their time.

Incentivized Purchasing

The Federal Reserve is reacting to the economic impact of Coronavirus. Interest rates are at historic lows, which means people are incentivized to borrow money, make large purchases, or refinance existing loans. People will be seeking out brands and people they recall and trust. “Honey, who is our mortgage person again?” With digital ads, it’s easy to reposition your messaging to address new concerns, making you stand out as a stable, responsive brand/agent amidst the chaos.

Social Distancing and Your Business: How to Keep Client Connection Strong

It’s important that we stop focusing on what we can’t do and focus on what we can. You may think social distancing is going to prevent you from meeting with buyers and sellers, showing open houses, or maintaining your client relationships, but you can do all of that and even make new connections with these five tips for staying top-of-mind.
1. Check in on your clients using video.
Use Google Hangouts or FaceTime to chat with clients instead of a phone call or canceling a meeting. Getting dressed and ready like you’re meeting a client in person can also help you be more productive throughout the day. You know what they say, “Look good, feel good.” To send a video message anytime, BombBomb is a great resource for delivering that personal touch.
2. Use social media to give a virtual home tour.
If you can’t hold an open house in person, you can still go live with a walk-through and answer questions as they come through your feed. You can even save your video to your Facebook or Instagram story so that potential homebuyers see the home after your live stream is over. Some of the attention you gain from this could even lead to new business!
If you’re questioning whether or not it’s safe to host an open house, check out NAR’s official hub for all things COVID-19
3. Stay in front of your sphere of influence.
It’s always important to nurture your network. In fact, according to the National Association of REALTORS®, 66% of your business comes from people you already know(1). With people staying home, it’s more important than ever to stay in front of your sphere as media consumption rises by up to 60%.
Luckily, there are plenty of ways to stay connected. Consider catching up with a call or text, sending an email, having a virtual coffee together, updating your social channels regularly, or running a custom audience ad campaign.
Bonus! With exclusive offer available through NAR’s REALTOR Benefits® Program, REALTORS® receive 15% bonus impressions (just add your NRDS ID). Learn more by visiting nar.realtor/RealtorBenefits/Adwerx.
4. Help your home services community with local business referrals.
As we’re sitting at home, we’re probably all starting to notice some projects that need to get done. Whether that be the dreaded task of cleaning out the gutters or the precision-required new paint-job, you can provide referrals for other home services in your community and help small businesses that need it the most. And remember – what goes around, comes around.
Social distancing won’t last forever, but it can start to feel that way. Keeping our connections strong is what will keep us motivated until we can resume business as normal.
Source: “Digital Marketing In the Time of Coronavirus“

Zoning in the Age of COVID-19

May 29, 2020 by CARNM

Keeping deals on track during the pandemic requires us to stay abreast of constantly shifting limitations and restrictions on the way we do business. While municipalities are easing restrictions now for the sake of allowing businesses to reopen in some capacity, that doesn’t mean they’ll be doing so permanently.

Keeping deals on track during the pandemic requires us to stay abreast of constantly shifting limitations and restrictions on the way we do business. While municipalities are easing restrictions now for the sake of allowing businesses to reopen in some capacity, that doesn’t mean they’ll be doing so permanently. These fluctuations, along with the rocky, post-pandemic economic outlook, mean that quality due diligence is more important than ever. A Zoning Compliance Report can give you a clear picture of the compliance status of your properties and help you understand potential complications down the road. However, like everything else in the age of COVID-19, zoning compliance today requires a few extraordinary considerations:
1) Insist on a Zoning Compliance Report – While most local government offices have closed their doors, many employees are working remotely, and are still able to access their municipality’s records. The pandemic may make it tougher to access zoning compliance information, but it’s vital to identify the conditions for potential risk of loss or future enforcement action. Even if your transaction has been on hold, a zoning compliance report will identify any open code violations or other matters that may need to be addressed by property management once your transaction resumes.
2) Don’t Skip the Survey – While some onsite property assessments may be limited by access restrictions, ALTA Surveys are typically unaffected. A current ALTA Survey will support a more accurate, thorough zoning compliance report.
3) Plan for the Next Phase – As the country reopens, local municipalities will be looking at ways to minimize risk of exposure for their constituents. During this time, zoning laws may be waived in order to allow for outdoor dining and other activities. This does not, however, mean that zoning laws will be eliminated permanently. It will be important, once normal operations have resumed, to have assistance determining what additional permits or entitlements may be needed to continue the operation of these accessory uses.
4) Safeguard Your Property’s Future – A Zoning Compliance Report will help you to establish a base line to determine if the current conditions on your properties are meeting applicable code requirements. If it is not, the report will help determine whether the deficiencies or deviations from these specified development or use standards will need to be addressed immediately or if they’re a grandfathered situation. In the event they are grandfathered in, they would not need to be addressed except in the case of a catastrophic loss of property.
Many aspects of commercial real estate investment and operations have become more complicated in the midst of the pandemic, and zoning compliance is no exception. However, a qualified zoning consultant can help you navigate this changing landscape—to keep your transactions in motion and your properties compliant.
Source: “Zoning in the Age of COVID-19”

Your Office Has Reopened. Are You Liable if Someone Catches COVID-19?

May 28, 2020 by CARNM

These potential risks may not be covered by current property insurance, says Saul Ewing Arnstein & Lehr’s Louis P. Archambault

Depending on where they are located, offices are slowly and cautiously welcoming back employees after the shutdown. Likewise for retail stores and restaurants.
In the vast majority of cases these openings have been accompanied by stringent measures to protect the health and safety of workers and visitors. But is that enough to protect a company from liability if someone catches COVID-19 within their premise?
In fact, it is only half of the battle, Saul Ewing Arnstein & Lehr attorney Louis P. Archambault tells GlobeSt.com. Companies not only have to follow the necessary guidelines to safeguard their buildings from COVID-19, but they also have to ensure compliance with those measures, he says.
At the same time, visitors to these establishments—shoppers in a grocery-store for example—must do their part to act responsibly, Archambault continues. That means wearing masks, practicing social distances and adhering to local guidelines as well. “As human beings we have a responsibility to each other,” he says. For the less altruistically inclined, he warns that individuals not taking these steps could lose out on potential claims should they do get sick.
It has been argued that in a lawsuit it would have to be proven that a person caught COVID-19 in a particular building, on a particular day etc. Archambault argues this is an easier case to make than many might expect. Between our mobile devices, private security cameras and other tracking and tracing methods, there are enough records available to determine who was within six feet of an infected person, he says.
“Businesses absolutely need to take this seriously. But let’s say that despite their best efforts, someone catches COVID-19 at their building. If they have been following the guidelines and are actively enforcing them, they can show they have minimized the risk and potential exposure to people. Then it becomes much harder to prove that a duty was breached.”

Which Guidelines?

In a way, Archambault says, much of this is basically premises liability 101, only now companies have new guidelines to follow. It is important to follow the right ones, though, starting with those that have been issued by the CDC. There are also county-specific guidelines for location and business type that must be followed as well. In addition, OSHA has released guidelines for workers that must be adhered to. Finally, there have been a slew of guidelines released by industry associations, brokers and leading companies. The latter don’t necessarily have to be followed but it would be good to be aware of them and comply when possible, Archambault says.
“I would recommend checking with trade organizations. They are working to take all of those general guidelines and convey them to members and that can make it easier from an enforcement perspective.”
Also, he adds, it can help a business not feel so alone if trade association is helping.

Enforcing the Guidelines

In many retail establishments, the sensitive task of asking a customer to wear a mask has been left to poorly-trained retail clerks. Another related development: while airlines have made it a requirement to wear a mask on a flight, they have reportedly told flight attendants they don’t have to enforce that rule.
These situations open a company to liability, because they are not properly enforcing the safety measures they have put in place, Archambault says. “If a lawsuit comes, the first question will be, did you have guidelines? The second will be, did you enforce them?” he says.

Congress Talks About COVID-19 Liability

Congress has been debating whether to provide liability for businesses against COVID-19 claims. Essentially, it is something Republicans are pushing for, while most Democrats maintain it is not necessary and that such protections could lead businesses to take shortcuts with safety.
However this shakes out, Archambault suggests not assuming such a measure will pass. Counting on it is premature before the specifics are unveiled, he says.
Also, as the country begins to reopen, the opportunity for infection grows.
If that doesn’t convince you, Archambault has one final argument: “these potential risks may not be covered by current property insurance.”
Source: “Your Office Has Reopened. Are You Liable if Someone Catches COVID-19?”

Reopening the COVID-19 Workplace with Cushman & Wakefield’s Despina Katsikakis

May 28, 2020 by CARNM

In the latest Commercial Investment Real Estate podcast episode, Despina Katsikakis, head of occupier business performance at Cushman & Wakefield, details best practices on reopening workplaces. Discussion includes adapting offices to comply with social distancing guidelines, improving air quality, and optimizing workspaces. In addition, she shares how commercial real estate professionals can be proactive in their preparations for a changed office sector post-COVID. Listen to the episode.
Listen to podcast.
Source: “Reopening the COVID-19 Workplace with Cushman & Wakefield’s Despina Katsikakis“