Many people thought the danger brought about by the pandemic would only last a few weeks, after which life would resume as usual. Now into the eighth month of the crisis, they are realizing it could be many months before life returns to "normal," if at all. This realization has caused changes in reactions to the housing market from both Realtors and their clients.
At a recent Silicon Valley Association of Realtors meeting, Carol Burnett, vice president and managing broker of Compass Saratoga, and agents Berta Bower, George Tan and Mary Tan agreed the pandemic is not going away soon, but they noted the housing market is functioning well despite it. The Realtor panel shared what agents can do in this Covid housing market and how reactions of buyers and sellers have changed.
George Tan said before COVID-19, buyers could go to open houses on their own and select the home they liked before even contacting an agent. Currently, open houses are banned, but appointments for private showings are allowed, as long as there are just three persons in a home - the agent and two persons from the same household, and they must follow health and safety regulations, such as social distancing, wearing masks, etc.
Tan said since buyers need to contact a Realtor if they want to see a home that is for sale, he is receiving calls from buyers and they are calling multiple times. They want information about the state of the local market as it has changed since the start of the pandemic.
"Buyers have shown they need us and want us, and we are building a stronger relationship with our buyers," remarked Tan.
Buyer preferences have changed in response to the pandemic, added Tan. More buyers are looking for homes with a pool, a home office, and more bedrooms. Tan said asking buyers questions about what they don't like about the house during a showing can lead to opportunities, such as that of opening a discussion on the possibility of remodeling and its true cost.
Mary Tan, who teams up with son George, said when the shelter-in-place order was in effect, sellers were more inclined to wait and see and stay in the sidelines. Since the market has rebounded, the dialogue has shifted. Now sellers want to get their house on the market as soon as possible. Tan keeps close and frequent contact with her clients by phone, text, and email to see how they are managing during the pandemic and many are grateful for the outreach.
Bower shared tips on how agents can improve their skills and succeed in their business. These included: get a broker license; get a coach; take housing influencers and brokers to lunch and get their insights; create multiple streams of income by buying and holding property, including rentals; trust your intuition. Most of all, believe in yourself and enjoy the business, she said.
Burnett said the pandemic has not changed the fact that now is the time Realtors should work on a business plan with a strong strategy and goals for 2021, build tools and increase their data base.
"Your success in 2021 is dependent on what you do today. Focus on your business strategy and goals in 2021," said Burnett.
Along with focusing on the number of transactions, sales volume, sales or income they aim to reach next year, Burnett encouraged Realtors to focus on the assistance - in-kind or financial, that they can give to a cause, because "there are needy people, and the more you do for others, the more comes back to you."
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
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