Low Inventory, Ongoing Pandemic, and iBuyers Among Concerns According to Recent Poll Data
Despite a challenging year in 2020, real estate agents across the US are looking forward to a strong selling season in 2021 according to data released this week in the 2021 State of the Real Estate Agent report by HomeASAP LLC.
For the report, real estate digital marketing company Home ASAP surveyed active US real estate agents from their highly popular Real Estate Agent Directory. The survey found that over 58% of agents described themselves as optimistic about the housing market in 2021 after a surprisingly strong year in 2020. In fact, over 75% of agents surveyed reported their business volume in 2020 as holding steady or growing from previous years.
However, not all agents feel as confident about the future as their peers. “High unemployment has to eventually impact the economy even though the residential market is very hot now,” said one Maryland agent.
Other agents point to low housing inventory as a major cause for concern. “Because of low inventory, house prices are skyrocketing,” said one Idaho agent. “Local buyers are being priced out of the market.”
The impacts of Covid-19 still weigh on the minds of agents from hard-hit areas such as the Northeast according to the report, but agents are finding ways to adapt to social distancing requirements. For instance, almost 30% of agents indicated that they use video walk-throughs.
The report also details several other digital strategies agents are using to reach people in the new normal. This trend was unsurprising due to the tremendous increase in online user activity during the pandemic restrictions. Over 90% of agents indicated they use social media to market themselves. This strategy far exceeded the use of business websites and dwarfed the use of other traditional marketing channels.
As they prepare for the spring selling season, many agents also have an eye on long-developing threats to their business. In recent years, large companies such as Zillow have disrupted the traditional home-selling process by offering homeowners instant offers on their homes. According to the survey, a majority of agents see these “iBuyers” as a cause for concern.
All the same, real estate agents around the country remain largely upbeat about their prospects. Despite the headwinds, agents are finding ways to be successful in the challenging environment. In the words of one New York agent, “Having done this for 36 years, steady work and a servant’s heart for clients is the secret of success.”
To access the 2021 State of the Real Estate Agent Report used in this report, please visit https://about.homeasap.com/state-of-the-real-estate-agent-2021/.
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