With Covid19 making its way through the world, businesses are faced with a cope or die mentality. As a Real Estate Company, we are constantly making plans for the future and one of those new plans is how do we deal with disruptions such as a Covid Virus, natural catastrophes or other world wide events that effect everyone.
Covid19 is going to force many industries to change, including our own. If there isn't a real estate company out there not thinking about how to become better prepared for the future, they will not be around. One thing that Covid19 has showed me is how irrelevant an office space is becoming to our business today. People are looking for simplicity at a good price, period!
Real Estate Brokers have always believed that office space in the community is essential to their business. What they have failed to realize is that its not the office thats important, but your agents within the community and how they interact with it. Having good Agents working and communicating with local buyers and sellers is the key.
The future won't be Zillow, Franchises, Trulia, Realtor.com, but good local Agents working the for best interest of their clients and community.
As I sit in my home office, i'm still receiving phone calls on my listings and I'm still doing what needs to be done to make a living. Covid19 has shocked the world with its ability to spread undetected and I don't believe even the Governments know if and when this will disappear. One this is for sure, your health and safety is the most important thing in the world.
I will say normal home sales have slowed quite a bit with only 410 closings in April, down almost 20%. The scary part is how far the Pending Sales have dropped, down over 50% since NY enacted shutdowns. It will take many many months to get that number going again and it will only happen when the people feel COMFORTABLE enough to go out in public knowing they or their family won't get sick.
Many people are calling for President Trump or Gov. Cuomo to reopen business and I'm on the fence either way. I'm afraid if we open it back up, we'll spread this lung disease even further and faster. Then again, I'm afraid people will lose everything if they don't have a source of income to buy food and feed their families. I would prefer to see the businesses stay closed and have the States and the Federal Government provide a minimum wage to every household until this is over. Drastic times call for drastic actions right??
The faster we can eradicate this virus from our daily lives the faster things will get back to normal. I'm afraid opening things up will do the exact opposite. Lets hope for the best and be kind to each other in this time of stress. Take care.
NY Lic RE Broker