A lot of industries, including the real estate industry, suffered a big blow at the arrival of COVID-19 in 2020.
For example, quite a number of people who were recently interviewed regretted taking out a mortgage when they purchased a house in March 2020. Realtors didn’t sell their properties due to the fear of strangers with unknown COVID-19 status interacting with them, hence heightening their insecurity, leading to low sales.
The similarity of the COVID-19 pandemic and the 2007-2009 housing crisis is uncanny especially from the monetary view as homeowners are finding it difficult to pay off their mortgage due to the high unemployment status caused by the pandemic.
Realtors were not spared, for instance, those in the British Colombia were asked to stop working due to the spike in COVID-19 cases hinting a possible second lockdown.
So what does the future hold for property market and is it reasonable to continue being a realtor despite the present uncertainties?
Openigloo’s CEO Allia Mohamed was asked about the entirety of the pandemic and she gave her genuine take on COVID and its impact on housing.
What were the highs and the lows of the housing world during COVID?
Sales agents were preoccupied as numerous individuals hoped to purchase homes on the suburbia and leave urban areas. For example, the prices of houses increased while lease courses decreased in cities like New York and San Francisco.
Was there any preparation before it became an issue stateside?
Nobody was prepared or might had foreseen the effect COVID on the housing market. Nevertheless, the reactions to COVID differed as realtors and property managers crafted their creativity to attract customers by offering rent concessions and even gifting Pelotons in return for 2-year leases. New York has become a leaseholders’ market due to vacancies.
What do you find has been the greatest stressor realtors have been managing?
It currently depends where and what sort of realtor you are. For example, if you are a sales provider in Long Island, you are occupied, a rental specialist in NYC, your business is lagging. Maybe you’re a commercial socialist at this point you’re at a halt. Consequently, the major stressor is the vulnerability, which affects the clients too.
Do you predict the positive incredible change for term this forthcoming year?
I’m assured of the upcoming “normalcy” of the real estate market, but the purchasing and leasing power will change. An increase in request of buildings credibility from COVID by tenants and the offering of discounts if conveniences were breached will arise. Realtors should discover ways to assure their clients, and that’s when they can use Openigloo as a medium.
A lot of people are considering a career change due to COVID. Do you think it’s safe to be a realtor now?
Realtors accomplish the extraordinary feat by assisting customers in exploring, purchasing, selling, or leasing of houses. Moreover, technology eases these tasks, and may soon takeover real realtors as time goes.