No one in the real estate industry planned for a global pandemic to hit in 2020. So, what does a black swan event like the Coronavirus mean for agents, brokerages, associations, MLSs and vendors? How does the potential economic effect of COVID-19 parallel the virus itself?
On this episode of Industry Relations, Rob and Greg are discussing the short- and long-term impact the Coronavirus is likely to have on the real estate industry. They explain how fear and uncertainty might hurt the housing market over the next several months and explore the opportunity the pandemic presents for models like Redfin and Opendoor as well as investors with deep pockets.
Greg and Rob go on to consider how the cancellation of real estate conferences will cause a domino effect through many other industries and which brokerages, agents and vendors won’t be able to survive this kind of pause in business. Listen in for insight on the serious flaws in our economic system exposed by the health crisis and learn how embracing a little of the prepper mentality can help us respond and adjust to a black swan event like the Coronavirus.
The short-term impact Coronavirus might have on the housing market
- Buyers take wait-and-see approach
- Retreat of first-time homebuyers
The potential opportunity for models like Redfin and Opendoor
How investors are likely to take advantage of low-interest rates
The cancellation of real estate events and its domino effect through other industries
How the economic fallout of the Coronavirus parallels the virus itself
The brokerages, agents and vendors who may not survive a pause in business
How the pandemic exposes flaws in our economic and healthcare systems
Rob’s insight around manufacturing necessities here in the US
The pros and cons of having the world’s reserve currency
Embracing the prepper mentality to survive unforeseen circumstances
Connect with Rob and Greg:
Rob’s Post on COVID-19
President Trump’s March 11 Address
Nassim Nicholas Taleb
The Black Swan: The Impact of the Highly Improbable by Nassim Nicholas Taleb
Antifragile: Things That Gain from Disorder by Nassim Nicholas Taleb
The Notorious VIP