Realogy Expansion Brands Releases In-Depth Oral History Of COVID-19's Impact On The Real Estate Industry

Rhea-AI Summary

Realogy Expansion Brands released a report titled "Real Estate in the Time of COVID," detailing the pandemic's impact on the industry. It highlights that initial fears of a downturn were unfounded, with many affiliated companies reporting year-over-year gains. The report emphasizes the importance of data-driven communications and the accelerated adoption of technology. Notable trends include increased competition for listings and a shift in family dynamics affecting buyer behavior. The report serves as a resource for industry leaders to understand and adapt to future challenges.

Positive

• Affiliated companies reported notable year-over-year gains despite initial fears of a downturn.
• Increased focus on data-driven communications helped agents win listings.
• The pandemic accelerated technology adoption across the industry.

Negative

• A significant number of families with children stayed on the sidelines in 2020, potentially limiting market growth.

MADISON, N.J., Feb. 3, 2021 /PRNewswire/ -- Realogy Expansion Brands, a division of Realogy Franchise Group focused on driving growth for its brand portfolio comprised of Better Homes and Gardens^® Real Estate and ERA^® Real Estate, has released a new industry report.

"Real Estate in the Time of COVID," the definitive oral history of the pandemic's impact on the industry, examines the initial reaction, the measured response and the resulting reset that is occurring as the industry continues to navigate the evolving real estate landscape. Better Homes and Gardens Real Estate and ERA Real Estate brokerage leaders across the country contributed to the report, providing an "on the ground" account of how the real estate industry is responding to the pandemic.

According to the affiliated brokers interviewed for the report, key observations included:

• Despite a two-month "pause" related to the national shelter in place, initial fears of a real estate downturn went unfounded as many affiliated companies have seen notable year-over-year gains.
• With record low inventory levels creating intense competition for listings, there was a noted increase in brokerages providing their affiliated agents with timely market statistics that allowed agents to win listings with data-driven communications.
• The flight from major cities was real, and many made moves. However, many families with children stayed on the sidelines in 2020, which may result in increased activity in this segment in the spring of 2021.
• The pandemic accelerated the adoption of existing technology, such as video meetings, live video home tours, Facebook® live events and digital signatures, among both agents and consumers.
• The pandemic has showcased the inherent value of the brokerage and full-service support, the importance of understanding marketing conditions and the benefit of having diverse lines of business.
• The COVID crisis pushed many leaders out of their comfort zones. As they took the opportunity to challenge existing norms and evaluate new approaches for the future, many created new business models and best practices that will continue for years based on learnings.

"2020 was a year we will always remember. It was critical for us to take a step back and truly understand how the pandemic impacted our industry from the early days through today and into the future. Our "Real Estate in the Time of COVID" report features a cross-section of influencers within Realogy Expansion Brands. It provides a touchstone for today's real estate leaders by identifying trends and capturing insights that will resonate within the industry for years to come. Resiliency, resourcefulness and readiness to lead were all on display as the real estate industry demonstrated its enduring ability to adapt and thrive in the face of adversity. This oral history will serve as an essential resource for future leaders to draw upon these experiences as they contend with the emerging issues of their time."
Sherry Chris, President and CEO, Realogy Expansion Brands

About Better Homes and Gardens Real Estate LLC
Better Homes and Gardens Real Estate LLC is a dynamic real estate brand that offers a full range of services to brokers, sales associates and home buyers and sellers. Using innovative technology, sophisticated business systems and the broad appeal of a lifestyle brand, Better Homes and Gardens Real Estate LLC embodies the future of the real estate industry while remaining grounded in the tradition of home. Better Homes and Gardens Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.

The growing Better Homes and Gardens® Real Estate network includes nearly 13,000 independent sales associates and more than 370 offices serving home buyers and sellers across the United States, Canada, Jamaica, The Bahamas, Australia and New Zealand.

Better Homes & Gardens® is a registered trademark of Meredith Corporation licensed to Better Homes and Gardens Real Estate LLC and used with permission. An Equal Opportunity Company. Equal Housing Opportunity. Each Better Homes and Gardens® Real Estate Franchise is independently owned and operated.

About ERA Real Estate
At ERA Real Estate, we don't adapt to change, we create it. We believe that our core business values of collaboration, innovation, diversity and growth are needed now more than ever. As a global leader in the residential real estate industry for more than 40 years, the ERA^® brand was the first real estate franchise to expand internationally, the first to post listings online, and is the only national company that offers the Sellers Security^® Plan program. 

The ERA Real Estate network includes more than 35,000 affiliated brokers and independent sales associates and approximately 2,200 offices throughout the United States and 31 other countries and territories. ERA Franchise Systems LLC (www.ERA.com) which operates the ERA Real Estate system, is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global provider of real estate services. ERA Real Estate information is available at www.ExploreERA.com.

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SOURCE Realogy Expansion Brands

FAQ

What is the focus of Realogy Expansion Brands' recent report?

The report focuses on the impact of COVID-19 on the real estate industry, detailing responses and shifts in buyer behavior.

How did the COVID-19 pandemic affect real estate listings according to Realogy's report?

The pandemic created intense competition for listings due to record low inventory levels.

What insights does the report provide for real estate leaders?

It offers insights into trends and best practices that emerged during the pandemic, helping leaders adapt to future challenges.

What key trends were identified in the Realogy Expansion Brands report?

Notable trends include year-over-year gains for some companies, increased data-driven communications, and accelerated technology adoption.

When was the report on COVID-19's impact on real estate released?

The report was released on February 3, 2021.