Realogy Expansion Brands, a division of Realogy Franchise Group focused on driving growth for its brand portfolio comprised of Better Homes and Gardens® Real Estate and ERA® Real Estate, has released a new industry report.
“Real Estate in the Time of COVID,” an oral history of the pandemic’s impact on the industry, examines the initial reaction, the measured response and the resulting reset that is occurring as the industry continues to navigate the evolving real estate landscape. Better Homes and Gardens Real Estate and ERA Real Estate brokerage leaders across the country contributed to the report, providing an “on the ground” account of how the real estate industry is responding to the pandemic.
According to the affiliated brokers interviewed for the report, key observations included:
– Despite a two-month “pause” related to the national shelter in place, initial fears of a real estate downturn went unfounded as many affiliated companies have seen notable year-over-year gains.
– With record low inventory levels creating intense competition for listings, there was a noted increase in brokerages providing their affiliated agents with timely market statistics that allowed agents to win listings with data-driven communications.
– The flight from major cities was real, and many made moves. However, many families with children stayed on the sidelines in 2020, which may result in increased activity in this segment in the spring of 2021.
– The pandemic accelerated the adoption of existing technology, such as video meetings, live video home tours, Facebook® live events and digital signatures, among both agents and consumers.
– The pandemic has showcased the inherent value of the brokerage and full-service support, the importance of understanding marketing conditions and the benefit of having diverse lines of business.
– The COVID crisis pushed many leaders out of their comfort zones. As they took the opportunity to challenge existing norms and evaluate new approaches for the future, many created new business models and best practices that will continue for years based on learnings.
“2020 was a year we will always remember. It was critical for us to take a step back and truly understand how the pandemic impacted our industry from the early days through today and into the future,” said Sherry Chris, president and CEO of Realogy Expansion Brands. “Our ‘Real Estate in the Time of COVID’ report features a cross-section of influencers within Realogy Expansion Brands. It provides a touchstone for today’s real estate leaders by identifying trends and capturing insights that will resonate within the industry for years to come. Resiliency, resourcefulness and readiness to lead were all on display as the real estate industry demonstrated its enduring ability to adapt and thrive in the face of adversity. This oral history will serve as an essential resource for future leaders to draw upon these experiences as they contend with the emerging issues of their time.”
For more information, please visit www.realogy.com.