“Real Estate in the Time of COVID,” the definitive 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. 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.”
Sherry Chris, President and CEO, Realogy Expansion Brands
About Better Homes and Gardens Real Estate LLC
Better Homes and Gardens Real Estate LLC is a dynamic real estate brand that offers a full range of services to brokers, sales associates and home buyers and sellers. Using innovative technology, sophisticated business systems and the broad appeal of a lifestyle brand, Better Homes and Gardens Real Estate LLC embodies the future of the real estate industry while remaining grounded in the tradition of home. Better Homes and Gardens Real Estate LLC is a subsidiary of Realogy Holdings Corp., a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.
The growing Better Homes and Gardens® Real Estate network includes nearly 13,000 independent sales associates and more than 370 offices serving home buyers and sellers across the United States, Canada, Jamaica, The Bahamas, Australia and New Zealand.
Better Homes & Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC and used with permission. An Equal Opportunity Company. Equal Housing Opportunity. Each Better Homes and Gardens® Real Estate Franchise is independently owned and operated.
About ERA Real Estate
At ERA Real Estate, we don’t adapt to change, we create it. We believe that our core business values of collaboration, innovation, diversity and growth are needed now more than ever. As a global leader in the residential real estate industry for more than 40 years, the ERA® brand was the first real estate franchise to expand internationally, the first to post listings online, and is the only national company that offers the Sellers Security® Plan program.
The ERA Real Estate network includes more than 35,000 affiliated brokers and independent sales associates and approximately 2,200 offices throughout the United States and 31 other countries and territories. ERA Franchise Systems LLC (www.ERA.com) which operates the ERA Real Estate system, is a subsidiary of Realogy Holdings Corp., a global provider of real estate services. ERA Real Estate information is available at www.ExploreERA.com.