You didnât know it at the time, but before the pandemic brought upheaval to the market, you were already positioning your business to stay afloat. REALTORS®, who have an uncanny ability to stay ahead of new challenges, were embracing virtual technologyânow a lifeline in the age of COVID-19âwell before state shutdowns began, according to NARâs 2020 Member Profile. Jessica Lautz, NARâs vice president of demographics and behavioral insights, reveals highlights in the latest âPivot in Placeâ video.
One insight that likely will perk you up: Membersâ incomes were rising before the pandemicâand income for residential practitioners is expected to remain strong if the economic recovery that started in June continues.
Lautz also discusses NARâs Market Recovery Survey, which shows that many REALTORS® have learned business lessons from the pandemic and are more prepared for twists in the continuing health crisis. âOur members have truly upped their game,â Lautz says. âThey have moved their business practices to be able to even compete with their past selves.â Meanwhile, state and local REALTOR® associations are helping to sustain the industry by supporting licensure extensions, remote online notarization, and other public policies that affect their members. Learn what theyâre doing in NARâs COVID-19 Industry Impact Watch report, and find more state and local pandemic resources at realtorparty.realtor.
Still, while residential real estate saw a sharp recovery in June, the commercial side is struggling under the collapse of many small businesses. Read Shannon McGahnâs op-ed about whatâs needed to stabilize commercial real estate. McGahn is NARâs senior vice president of government affairs.
Keep up on industry news with REALTOR® Magazineâs Daily News and other e-newsletters from NAR. For the latest on how the coronavirus is affecting the real estate industry, bookmark nar.realtor/coronavirus. |
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