In an economic shift, real estate tends to take time to interpret the full effect. However, retail will generally see an immediate impact. OJO Labs’ John Berkowitz and Charles Myslinksy (previously with product management for Walmart and Jet.com), help agents understand how to comprehend the correlation between retail and real estate.
The Hell Zone
The uncomfortable “are you ready to purchase” feeling between buyer and seller is referred to as “The Hell Zone”. In retail, we feel this the second we walk into a store and are asked, “can I help you find something?” Most consumers don’t walk into a store “just looking”, although that is often, the response. There is a consumer transition between looking and being at a point where human engagement is required. Through COVID-19, this transition may take longer than it has in the past. Buyers may research 1-3 months before they feel comfortable making a large purchase, due to lack of consumer confidence. COVID-19 has heightened “the Hell Zone”, buyer patterns and behaviors have changed.
The New Normal
What does “The New Normal” mean? It’s the million dollar question? According to Myslinksy, we should always be changing and adapting to adjust to the new normal. Top industries such as Amazon, Uber, and Tesla are constantly redefining our “normal” as they disrupt industries. As business men and women, we should never be complacent. COVID has catapulted everyone out of complacency. You must redefine your normal.
Write Your Playbook
What is your next move? Have you set yourself up for the winds of change? Even as we adjust to our new normal, we know that eventual change is imminent. Look forward to change while working to build an adaptable business.
To learn more about OJO, visit OJO.com.
