Real Estate Industry Adaptations during COVID-19 Pandemic: What’s Here to Stay

Introduction:
The COVID-19 pandemic has brought changes across various industries, including real estate. Real estate agents, brokers, and associations have had to adapt quickly to new market conditions and health guidelines. This report highlights the changes that were made during the pandemic and are now here to stay.

Agents and Brokers:
To keep up with the changing market conditions and health guidelines, agents and brokers utilized new technology, adjusted their workspaces, and refined their marketing strategies. E-documents emerged as the most impactful tool during the pandemic, with 44% of members indicating that they continue to use it. 39% of agents and brokers made changes to their marketing strategies, incorporating new tech tools. 67% of brokerages made changes to their office spaces, primarily by adding virtual meeting technology and reducing in-person meetings and trainings. With increased competition for properties, 89% of agents and brokers reported working with at least one buyer who had been outbid, with the typical buyer being outbid three times.

Association and MLS Staff:
Associations and MLS staff also made changes to keep up with the pandemic. 54% of association staff reported that virtual voting was adopted at governance meetings. The adoption of hybrid meetings expanded the diversity and involvement of attendees, with 33% of staff reporting this change. 72% of association staff made changes to their office spaces, primarily by adding virtual meeting technology.

Conclusion:
The COVID-19 pandemic has accelerated changes across the real estate industry. With increased homebuying activity, changing consumer preferences, and health guidelines, real estate agents, brokers, and associations had to adapt quickly. E-documents, refined marketing strategies, and virtual meeting technology are some of the changes that were made during the pandemic and are now here to stay.

source: NAR