How are real estate professionals faring these days? Homes.com recently surveyed the industry to find out how the markets are doing, what the future holds and what the focus is on right now. Of those surveyed, 75 percent are agents, 19 percent are brokers and 6 percent categorized themselves as “Other.”
In terms of the shift in business from last month, respondents said the markets are much stronger (3.18 percent), somewhat stronger (6.98 percent), about the same (21.2 percent) and somewhat weaker (29.6 percent). Listings have been affected, with 42 percent of respondents saying they’ve experienced cancellations.
What’s in store in the short-term? Seventy-one percent of respondents said they anticipate closing transactions in the next 30-60 days, while 29 percent do not believe they will have any closings in that time.
During this market downturn, practitioners have focused on branding (28.8 percent), improving their social media presence (56 percent), getting acquainted with systems like their CRM and email campaigns (49.45 percent), training (51 percent) and virtual tour programs (37.75 percent).
For some practitioners (35.67 percent) low mortgage interest rates have sustained their business. To stay in touch with clients, industry members are leaning on texts (68 percent), emails (77 percent), social media (56 percent), phone calls (70 percent) and direct mail (25 percent).
Overwhelmingly, respondents (63 percent) believe that in a post-pandemic real estate world, the digital focus on transactions will remain.
“State shutdowns forced many real estate agents to shift their business operations and marketing strategies practically overnight,” says Patty McNease, VP of brand marketing for Homes.com. “No surprise, agents rose to the challenge by shifting to virtual showings, maintaining contact with their clients, and taking advantage of open schedules to revamp their online presence. Our survey showed that, even if pandemic restrictions continue affecting the industry, agents are resilient and prepared to weather whatever storms come their way.”
As the coronavirus and its impact on the industry unfold, RISMedia is providing resources and updates. Get the latest.
For more information, please visit www.homes.com.