Despite the economic and social disruptions of COVID-19, the housing industry has flourished. But that doesn’t mean real estate professionals haven’t been impacted.
The pandemic has not only exacerbated existing industry shortcomings but also introduced a host of new obstacles for agents.
With the situation still changing, what challenges can agents expect in the days ahead?
1. Lingering Effects of COVID-19
As remote work has become more prevalent, space and location needs have evolved. People are looking for more space and a room to function as a home office. They’re also willing to shop further outside cities to find that space.
2. Heightened Technology Expectations
Pandemic safety protocols have changed the mostly in-person nature of real estate, perhaps forever. Clients have become accustomed to online tours, virtual meetings and electronic transactions. A streamlined, remote-friendly process is now expected.
3. Economic Uncertainty
Certain industries (e.g., construction) face a slow or partial recovery into 2022. Many jobs will be permanently lost. Some consumers may be hesitant to make big-ticket purchases, such as buying a home. Meanwhile, concerns about a potential housing bubble may further dissuade potential buyers.
4. Environmental, Social and Governance (ESG) Shifts
ESG initiatives are growing for a number of reasons, including generational shifts and regulatory requirements. Whatever the catalyst, investors and consumers are becoming more socially conscious.
The environmental impact, values and leadership tactics of a business can have significant financial repercussions.
5. Lack of Diversity and Representation
With recruitment efforts focused on existing real estate networks, representation is lacking, and some people will be hesitant to join a team that lacks diversity. Moving forward, expect to see more recruiting and promotion efforts focused on cultivating an inclusive environment.
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