The Coronavirus forced many of us to work from home, leveraging technology to do our jobs remotely. Not only has this made us more comfortable with digital tools, it has us rethinking the need to commute to our offices on a daily basis. So, what do these changes mean for the real estate industry?
On this episode, Errol Samuelson, Chief Industry Development Officer at Zillow, joins Rob and Greg to share his top predictions around the post-pandemic future of real estate. He explores how commercial real estate is likely to change in light of COVID-19 and speaks to the potential to make transactions 100% digital moving forward.
Errol weighs in on how different geographies experienced the pandemic in different ways and how he thinks about the crisis’ potential long-term psychological impact. Listen in as Errol shares Zillow’s most recent stats on the changing consumer preferences for homes and learn how our growing comfort with virtualization will impact the way brokers and agents do business in the future.
Errol’s top predictions re: the post-pandemic future of real estate
How commercial real estate will change in light of COVID-19
The potential to make real estate transactions 100% digital
The accelerated consumer use of digital tools in the home search process
How Errol thinks about the possibility of virtual appraisals
How virtualization is likely to impact brokers and agents
Zillow’s stats on how working from home is shifting consumer preferences
How cities may look different in a post-pandemic world
The possibility for COVID-19 to have a long-term psychological impact
How different geographies experienced this pandemic in different ways
What sci-fi technology is likely to change real estate in the near future
How Zoom is driving changes in the way we communicate
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Last week, Rob & Greg imagined what the future of real estate might look like in the aftermath of the pandemic, pending a best-case scenario. Today, they get real about what’s ahead for the industry given the reality of our current circumstances. And they’re bringing on a number of industry stakeholders to offer their outlook as well.
On this episode of Industry Relations, Rob and Greg are leading a group chat around what’s next for real estate as the Coronavirus pandemic plays out. The group offers predictions on how the MLS landscape may change, debating whether it’s the number of MLSs or the number of MLS databases that really matters and offering examples of hybrid solutions that may serve as a model for the future.
Greg and Rob go on to solicit the group’s thoughts on the potential shape of the recovery curve and the possibility of a shift to a buyer’s market in 2021. Finally, they explain why an increase in property taxes is likely in the aftermath of the COVID-19 bailout and how that might impact buyer demand in the real estate market. Listen in for insight on Open House numbers in states where stay-at-home orders have been lifted and learn how those stats might be a good sign for other industries.
A review of what Rob & Greg covered in their best-case discussion
Greg, Clint Skutchan, & John’s predictions re: the number of MLSs by 2023
Why the consolidation of data is more important than the total number of MLSs
Tim Dain’s vision of a future with ten or fewer MLS databases that talk to each other
How the pandemic demonstrates the industry’s underutilization of telecommunication
Why Georgia is watching the commercial market for clues re: the future of residential
Georgia’s concept of a J-shaped recovery
Why Joshua Lopour is predicting a buyer’s market in 2021
Why Greg expects a best-case scenario uptick in buyer demand
Why property taxes are likely to increase and how that might impact buyer demand
The significant uptick in Open Houses scheduled in states where stay-at-home orders have been lifted
How Open House numbers may be a good sign for other industries
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