Imagine a best-case scenario in which the Coronavirus is under control and the country is up and running by May 1. How have our social norms changed? What do these cultural shifts mean for organized real estate? And how is the industry different in a post-COVID-19 world?
On this episode of Industry Relations, Rob and Greg get relentlessly positive, discussing the post-Coronavirus landscape of the real estate industry should the best happen. They weigh in on the cultural shifts that are likely to occur in the aftermath of COVID-19, predicting which rituals will persist once the current restrictions have been lifted.
Greg and Rob go on to debate what open houses will look like in a post-pandemic world, why showings may (or may not) be restricted to serious buyers, and when we might be back to pre-COVID transaction levels. Listen in for our hosts’ best-case expectations regarding buyer demand as well as NAR membership and brokerage numbers come September—pending a V-shaped recovery.
What’s Discussed:
Rob & Greg’s parameters for this potential best-case scenario
-Vaccine or cure for virus (no resurgence)
-All restrictions lifted, back to work on 5/1
How the culture is likely to shift in the aftermath of COVID-19
What open houses will look like in a post-Coronavirus world
Why Rob believes showings will be restricted to serious buyers
When we might be back to pre-pandemic transaction levels
Why Greg expects a best-case scenario uptick in buyer demand
Rob’s prediction of a 20% drop in first-time homebuyers
Why Rob & Greg anticipate a 20% decline in NAR membership
How Rob & Greg differ around which agents will leave
The potential for 25% of small brokerages to join a larger team
Connect with Rob and Greg:
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Americans are willing to chip in for the cause but not forever. Americans also have short attention spans and memory. Historically, we get back to normal and on to the next new thing. There are lots of predictions fo the “new normal” but I think most of that will fall by the wayside. Not all but most. I predict there will be a reassessment of how we handle the denominator for viral breakouts. Logically there is a strong possibility that the infection rate is much higher than is being reported. One caveat that I hope does not play out is another media-induced panic when flu season hits.