Adopt to Adapt
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REALTORS® and REALTOR® associations are known for being agile and adapting to changes in market conditions and consumer preferences. However, the COVID-19 pandemic kicked adaptations into overdrive. This report provides insight into changes that were made during the pandemic across the real estate industry that are here to stay. What did we adopt to adapt?
The beginning of the pandemic brought the industry seemingly to a standstill, with social distancing and many other health guidelines. However, with changing consumer home preferences, lower interest rates, and increased savings, homebuying activity hit an all-time high in late 2020 into 2021. To keep up with market activity along with health guidelines, REALTORS® and REALTOR® associations utilized new technology, adjusted their workspaces,
and finetuned their marketing strategies.
Agents & Brokers
- Members identified e-documents as the most impactful tool during the pandemic that they continue to use at 44%.
- 39% of agents and brokers adjusted their marketing strategy during the pandemic, primarily incorporating new tech tools.
- 67% of agents and brokers’ brokerages made adjustments to their office space, primarily adding virtual meeting technology and reducing in-person meetings and trainings.
- 89% of agents and brokers had worked with at least one buyer who had been outbid on a property; the typical outbid buyer had been outbid three times.
Association & MLS Staff
- 54% of association staff say that their association has adopted virtual voting at governance meetings.
- 33% say that the adoption of hybrid meetings has expanded the diversity and involvement of those who attend.
- 72% of association staff made adjustments to their office space, primarily by adding virtual meeting technology.