Is COVID Still Affecting Your Real Estate Business?

Forty-two percent of real estate professionals said that COVID-19 is still impacting their business, more than a year after the virus first caused shutdowns across the U.S.

According to RISMedia’s COVID Delta Variant Survey, open houses are the feature that have been most impacted, according to 28% of respondents. Showings were also disrupted, said 26% and office environment was another for 21%, while 13% said closings. Other aspects real estate professionals reported as impacted included client communications, appraisals, vendor relationships, agent communications, mortgage transactions and mortgage relationships.

However, 30% of agents feel that their real estate business has returned to normal, while 42% said there is an improvement, but they are not completely back to pre-pandemic life. Twenty percent said they are still recovering, while 8% said they are still significantly impacted by COVID-19.

It’s not smooth sailing though. The delta variant is causing waves across the U.S., including in the real estate industry. Sixty-two percent of professionals said they are concerned about how the delta variant will impact future real estate business. More than half (58%) said they believe there will be business shutdowns and restrictions again, while 27% aren’t sure and 15% said things will remain open. However, if shutdowns were to be mandated again, real estate professionals are definitely feeling more prepared, with 55% reporting they are very ready to go virtual again and 39% reporting they are somewhat ready. Only 6% said they are not ready at all for virtual business.