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