“Come hell or high water” there will be a 2020 fall selling season, and once again, real estate professionals will wear many hats as negotiators, marketers, sales experts, counselors, mentors and community leaders. Thank goodness, however, they will not have to “hang their hats” as interpreters for news media, doctors, scientists, law enforcement officials, lawmakers or politicians.
As the saying goes, “We are all in the same storm. But we are not all in the same boat.”
Rest assured, we cannot control the path of this once-in-a-lifetime worldwide pandemic, but this fall, it is critical for real estate professionals to lead their customers through the “infodemic” fog that prevails 24/7 in everyone’s life.
Now is the time to intensify the focus on your craft, to educate yourself, to network and to communicate with your customers about what is taking shape in the real estate space both locally and nationally in these unprecedented times.
The playing field is becoming clearer for the fall. Between demographics and interest rates the housing market is not only showing signs of stability and strength this fall, it has the potential to boom in 2021.
Home at the Center: Homes have evolved into the epicenter of our daily workplaces, classrooms and safe havens.
Housing Industry Standing Strong: Despite tight inventory, the massive $33 trillion-plus real estate industry once again stands as one of the strongest pillars of the U.S. economy.
Interest Rates Making History: Mortgage interest rates have entered unimaginable territory—the cheapest on record.
Moving is Top of Mind: Movement is afoot as Americans are rethinking where they will plant their future roots.
Keep Millennials in the Cross Hairs: The millennial market will still be a force.
The bottom line is that U.S. real estate has held up relatively well despite a worldwide health threat and relentless economic roller coaster ride. The real estate and settlement services industry is weathering the storm. Look for technological adoption, automation and strategic alliances to transition from “fast track” to “hyper-speed” in the fourth quarter and into 2021.
Neither your local community, state or the entire country is out of the woods yet, but just like the spring and summer of 2020, the fall real estate season will surely be one for the history books.
As we enter this new season, let us stay the course and never forget that the most rewarding aspect of being a real estate professional—the fruits of our labor, even this year—will be making nearly 5 million houses a home for families in which to proudly “hang their hats.”
Mike Ryan is a partner with the Rainmakers Group, an advisory firm serving the real estate and settlement service industries with global insight, talent and technology. For more information, please visit rainmakersgroup.com or call 303-570-5140.