Real Estate Practitioners Cite Coronavirus Concerns

October 7, 2020

More than a third of industry employees say they have compromised their personal safety to work during the pandemic, according to a new survey of 256 real estate professionals, lenders, and title agents conducted in mid-August by States Title.

Real estate professionals said that “safety concerns due to in-person contact during the homebuying process” was the top concern of buyers and sellers—28% and 33%, respectively—at this time.

Thirty-nine percent of the 256 respondents said someone in their company has tested positive for COVID-19. Twenty-two percent have been exposed to someone who has COVID-19, and 9% say they have tested positive for COVID-19 themselves.

Seventy-nine percent of real estate professionals said that “wearing a mask is a necessity” and they won’t do in-person business without one. However, 19% said that wearing a mask depends on the business situation, and only 2% said they never wear a mask while conducting business.

Forty-three percent of respondents said the pandemic has “somewhat” or “significantly” increased their stress levels. Thirty-three percent said that loneliness due to lack of interaction with co-workers has impacted their productivity and business success during the coronavirus outbreak. On the other hand, 32% of respondents said their work relationships have actually improved during this time because of a “we are all in the same boat” mindset. 

The majority of real estate professionals say the increasing use of digital systems is critical for real estate in the future. “We are witnessing an unprecedented overnight shift in the structural foundation of the real estate market,” says Max Simkoff, CEO of States Title. “The real estate industry has gotten a long overdue wake-up call and has been forced to push the fast-forward button on innovation. Ready or not, the time has come to adopt and embrace technological change. It’s the ultimate stress test for the entire industry.”

Forty-nine percent of respondents said their companies are working on new digital services, and 46% are working on more contactless customer interactions.

Source: 
States Title