Many REALTORS® Say They’re Prepared for Second Wave
July 9, 2020
Real estate, like many other industries, was forced to adjust to the COVID-19 pandemic, from changing home tour procedures to embracing virtual or socially distant closings. Now some cities and states are reversing their reopening plans as coronavirus cases surge—but many real estate professionals say they’re better prepared for the impact on their business.
Nineteen percent of REALTORS® say they’re “very prepared” for a second wave of COVID-19 cases, and 39% say they’re “somewhat prepared,” according to the National Association of REALTORS®’ Market Recovery Survey, which is based on responses from about 2,300 members. Of those who believe there might be a second wave, 30% say they feel more prepared because they have a better idea of what to expect. Twenty-seven percent of REALTORS® say they’re concerned enough about the ongoing threat of the coronavirus that they have shifted their business practices to better prepare.
Working With Clients During a Pandemic
The survey finds that real estate pros are increasingly turning to technology to help them better serve customers, most notably these tools:
- Zoom or other video technology to communicate with clients: 67%
- Virtual tours: 66%
- Live virtual tours (conducted by agent using video): 63%
- Virtual open houses: 60%
The biggest way real estate pros have adapted their businesses centers on showing properties virtually. Online home tours have influenced more buyers to submit offers on homes they’ve never physically visited, with 26% of respondents saying their buyers who put contracts in this week took such a course of action.
Real estate pros are finding they need to be responsive to buyers’ and sellers’ evolving needs, too. Some home shoppers, for example, have shifted their housing preferences since the pandemic. The most common home features buyers recently requested are home offices, space to accommodate a family member new to their household (like an older adult, newborn baby, or a pet), a larger house with more personal space, and a yard for growing vegetables. Also, as remote working grows, 22% of REALTORS® report that their buyers are becoming less concerned with commute time when shopping for a home.
Updated: November 25, 2020