How Is Covid-19 Affecting Realtors?

To ease some of the uncertainty created by COVID-19 in the market right now REW and RealtyNinja teamed up to conduct a survey. Out of the 639 people they surveyed 93% of them were real estate agents and roughly 347 of them claimed to have 10 plus years of experience in the industry. 

The survey was divided up into three main sections. The first one containing stats to the overall impact the crisis is having on their business. With an expected recovery time of between 6-18 months, 97% observed a negative impact on their business. A staggering 44% responded that their business may fail in the short term and 83% said they are expecting to underachieve their sales targets for this year.

The second section focused on the impact on metrics including; listings, leads, and sales. With an average of 40% of sellers choosing to remove their listing from the market, 92% of respondents are currently reporting negative impacts on new listings. The number of ‘Hot Leads’ decreased by 71% and 89% said they are seeing a negative impact on number of leads coming in, with 43% experiencing very negative influence. On a somewhat positive note, 61% concluded that they had not yet lost a sale as a direct result of COVID-19 complications.

To help others going through this strange time, the third sections is focused on strategies being used to respond to these challenges. With new listings and conducting viewings receiving highest percentages for the biggest challenge within the next three months, virtual tour and video content was listed as the most valuable strategy to surviving the crisis. The REW noted a 51% increase in virtual tours compared to last week. Social media activity took second place at 56%. Customer relationships was ranked as the most important factor for success in a recovering market.