Key Highlights
- National Association of REALTORS® (NAR) nation-wide May Survey Results on what buyers and sellers want/need during and post pandemic
- Back to “normal” barometers, COVID heavy metros, how agents enhance virtual buy/sell transactions, etc.
The National Association of REALTORS® (NAR) just released its May 2020 survey results of what buyers and sellers expect, need and want during and post-pandemic times.
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Let’s begin by stating the obvious…54% of buyers and 62% of sellers strongly agree that real estate agents are particularly valued during these pandemic times. On top of agents mattering more than ever, 59% of buyers and 58% of sellers believe that the services real estate agents/brokers provide are essential services.
Since buyers and sellers of all ages, genders and regions in the country are now comfortable with technology, 2 out of 5 buyers would buy a home without ever seeing it “in person.” Therefore, it is essential that you as a real estate professional are completely fluent in all aspects of the virtual experiences related to buying and selling houses. Included in those virtual aspects of real estate transactions are:
- Knowing how to close electronically
- Knowing how to glean more information from website listings than buyers could uncover on their own
- Knowing how to work with sellers to enhance their listings with professional photos and videography in order to engage buyers in their online searches
- Knowing how to communicate professionally
- With the phone
- With Facebook, Zoom, Skype, etc.
- With email and with texting
- With instructional podcasts and virtual touring
Especially Hard Hit COVID Metros include
- Allentown-Bethlehem-Easton PA
- Atlanta-Sandy Springs-Marietta GA
- Baltimore-Towson MD
- Baton Rouge LA
- Boston-Cambridge-Quincy MA-NH
- Bridgeport-Stamford-Norwalk CT
- Buffalo-Niagara Falls NY
- Chicago-Naperville-Jolliet IL
- Dallas-Fort Worth-Arlington TX
- Denver Aurora-Bromfield CO
- Detroit-Warren-Livonia MI
- Hartford CT
- Indianapolis-Carmel IN
- Las Vegas-Paradise NV
- Los Angeles-Long Beach-Santa Ana CA
- Miami-Fort Lauderdale-pompano Beach FL
- Milwaukee-Waukesha-West Allis WI
- Minneapolis-St. Paul-Bloomington MN
- New Haven-Milford CT
- New Orleans-Metairie-Kenner LA
- NYC-Northern N3-Long Island NY-NJ
- Philadelphia-Camden-Wilmington PA-NJ-DE
- Providence-New Bedford-Fall River RI-MA
- Riverside-San Bernardino-Ontario CA
- Seattle-Tacoma-Bellevue WA
- Springfield MA
- Louis MO
- Trenton-Ewing NJ
- Washington-Arlington-Alexandria DC-VA
- Worcester MA
NAR’s Recommended Action Items
- Proactively help buyers and sellers get the most out of their online investigations
- Pair virtual tours with written content about everything including home improvements already made
- Pair virtual tours with neighborhood touring and information
– Be aware of and prepared for issues that may trigger litigation-prone statements and actions from buyers and/or sellers
– Know COVID protocols and be comfortable with enforcing those protocols
- Limit number of visitors in house at one time
- Keep house, doorknobs, counter-tops, etc. clean and sanitized and have multiple bottles of hand sanitizers throughout the house
- Talk to your clients regularly – don’t just text and email them
Thanks to the National Association of REALTORS®.
Also read: “This Is NOT the Great Depression.”, Podcast: Everything About Everything Is Changing Now (are You?) | Tim and Julie Harris, Smaller Landlords & Affordable Housing in Trouble
