Industry Relations Ep. 45: Best-Case Predictions for Real Estate Post-COVID

In normal times, today would have been Uncle Sam’s favorite day of the year: Tax Day. But of course, we’re all on lockdown, including the IRS to some small extent.

So… since y’all are also on lockdown, I thought you might find this latest episode of Industry Relations interesting and entertaining. Greg and I discuss what comes after The Bug, but with a particular stance: a realistic best case scenario.

From the episode description:

Imagine a best-case scenario in which the Coronavirus is under control and the country is up and running by May 1. How have our social norms changed? What do these cultural shifts mean for organized real estate? And how is the industry different in a post-COVID-19 world?

On this episode of Industry Relations, Rob and Greg get relentlessly positive, discussing the post-Coronavirus landscape of the real estate industry should the best happen. They weigh in on the cultural shifts that are likely to occur in the aftermath of COVID-19, predicting which rituals will persist once the current restrictions have been lifted.

Greg and Rob go on to debate what open houses will look like in a post-pandemic world, why showings may (or may not) be restricted to serious buyers, and when we might be back to pre-COVID transaction levels. Listen in for our hosts’ best-case expectations regarding buyer demand as well as NAR membership and brokerage numbers come September—pending a V-shaped recovery.

What’s Discussed:

• Rob & Greg’s parameters for this potential best-case scenario
• Vaccine or cure for virus (no resurgence) All restrictions lifted, back to work on 5/1. How the culture is likely to shift in the aftermath of COVID-19
• What open houses will look like in a post-Coronavirus world
• Why Rob believes showings will be restricted to serious buyers
• When we might be back to pre-pandemic transaction levels
• Why Greg expects a best-case scenario uptick in buyer demand
• Rob’s prediction of a 20% drop in first-time homebuyers
• Why Rob & Greg anticipate a 20% decline in NAR membership
• How Rob & Greg differ around which agents will leave
• The potential for 25% of small brokerages to join a larger team

Find the episode below, as well as on Apple Podcasts:

Also, as you will hear in the episode itself, Greg and I are thinking about recording a special edition of Industry Relations to talk about this “best case scenario” outcome, but with audience members participating. If that sounds interesting to you, please let us know — either comment below, or contact me or Greg, and let us know if you’d participate in something like that.

Thanks!

-rsh