#Covid_ImpactRE Plunging pending sales reveals oversupply of agents & vulnerability of existing brokerage model
#Covid_ImpactRE: Two different headlines:
1st headine: Pending sales across Mass are off by 51% based on the MLS snapshot from 3/26 - 4/7/20.
2nd headline: Redfin is furloughing 41% of their agents who may get more on unemployment insurance than otherwise.
Contrast that to the current pace of homes going UAG -- just 801 in the past 12 days. At best, that's one UAG for every 100 real estate licensees in the state, none of whom are eligible for unemployment insurance. Does that mean that 99% of the 85,000 real estate licensees will be empty-handed in May?
#RE2020: What are the implications for the future of real estate? Does the current broker / agent model leave hardworking independent contractors too vulnerable? If so, how do we transition to a fee-for-service or salaried future?
https://bit.ly/PendingSales_Down51Pct
Bill Wendel · Wed 8 Apr 2020 4:41PM
UPDATE: NAR's town hall starts at 1pm EST, MAR tomorrow
Facebook Live with NAR, Wednesday, April 8 at 1pm
NAR leaders will break down the CARES Act and stimulus package to help independent contractors and small business owners leverage benefits and resources that you may be entitled to. Real estate industry and advocacy experts will work to address your questions and concerns during this interactive session.
To join go to facebook.com/nardotrealtor or let NAR know you are attending by clicking here.
Weekly Virtual Town Hall Meeting with MAR, Thursday, April 9th at 2pm
Join MAR President, Kurt Thompson, and MAR CEO, Theresa Hatton, in our first weekly live Town Hall Meeting at 2pm. They will answer your most pressing questions related to the COVID-19 pandemic and related MA real estate issues.
This Town Hall meeting is limited to 500 attendees so register in advance to secure your spot.
https://www.marcovid19.com/post/facebook-live-with-nar-weekly-mar-town-hall