GWS 2020 Preview: The Resilience of Real Estate Through Unprecedented Times

Through an unprecedented year, real estate has adapted and demonstrated its resilience as it continues to move workers across the United States.

This year, as a global pandemic swept through our lives in an unprecedented fashion, much changed from the way we live to the way we work. Yet, real estate has proven its standing power, demonstrating that it was prepared to adapt to an unexpected pandemic. Research has shown that remote work in addition to COVID-19 related concerns has American workers considering relocation. With this in mind, real estate has proven that its up to the challenge.

How Real Estate Has Adapted to Unprecedented Change

Leading up to these uncertain times, the real estate market in the U.S. was strong, as was the economy and job market, supported by historically low interest rates. Yet even when the pandemic hit, real estate was deemed essential by many state governments that allowed business to continue – even if it looked a little different. Digital solutions and leveraging technology allowed real estate to conduct digital closings through such methods as E-closings and E-notarization. Before the pandemic, 49 out of 50 states were already e-recording.

Though methods such as Remote Online Notarization (RON) are not as widely used, other methods such as Remote Ink Notarization, which allows documents to be signed in ink before a video platform, have been used instead. Legislation around these circumstances differ by state, and it’s important to stay updated on executive orders and rules around the operation of real estate state-by-state, especially as each state has different COVID cases. Developments such as the postponement of the Federal Housing and Finance Agency (FHFA)’s adverse market fee on mortgages, are also essential issues to keep track of.

While it’s difficult to say when the pandemic will completely subside, one thing is certain: real estate has proven its resilience through an unprecedented time. By demonstrating its ability to adapt to the pandemic and keep people moving, real estate has shown that even during a difficult year, people still rely on real estate professionals to keep people moving.

Want to Learn More?

This year, Worldwide ERC® is connecting the mobility industry virtually through our first-ever virtual, month-long Global Work Symposium. 2020 has been quite a year, and there’s much to learn about across all sectors of the industry. We’ve built out new content tracks that are directly relevant to all of these sectors, including real estate.

At the Global Workforce Symposium, we’ll discuss pressing national real estate trends and topics, such as how major relocation markets are performing across the nation, inventory supply, consumer confidence, buyer and seller concerns and the rental market. There will be economic updates from the real estate perspective, as well as sessions discussing the online referral fee in the online home search. Agents, brokers, and relocation directors will discuss what today’s buyers and sellers want, and you’ll hear from RMCs, Relocation Directors and Corporate Representatives discuss hot button issues. Plus, learn about the relocation experience from the host of an HGTV show.

By retaining all the key elements of our in-person event, GWS will continue to foster connection and learning across the globe for all sectors of the industry. There’s something for everyone at mobility’s biggest annual gathering, and we encourage you to check out our schedule of events and speakers to get a glimpse of what this year’s GWS has to offer.

So if you haven’t already: register now! It’s not too late to sign up to experience this new format with all the elements you’ve come to expect from the Global Workforce Symposium. Join us at the first-ever virtual, month-long Global Workforce Symposium from 28 October to 20 November 2020.

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