Innovations in challenging times

The real estate industry has been changing for decades. It’s more important than ever that we adapt to these changes to the best of our ability.

Fortunately, we have support. Organizations around the country stepped up during the coronavirus crisis to equip REALTORS ® with the tools necessary tools—even if our day-to-day reality looks different than what we’re used to.

Right Tools, Right Now

In 2009, as the country struggled to recover from a devastating economic crash, the National Association of REALTORS ® deployed “Right Tools, Right Now” (RTRN).

“It helped our members better themselves and get their businesses back on track,” says Colleen Doyle, director of strategic initiatives at NAR. “Now more than ever, the idea of RTRN is really the right thing for our members,” says Colleen. “We’re saying, ‘Here’s what we have to offer you during this time. What can build your business?’” Although the resources have changed over time, the RTRN package includes webinars to help manage financ es, education courses to expand skills, timely market reports to inform businesses and clients, digital tools for transactions and marketing, and resources for REALTOR ® associations.

“Every area of the association was asked to think big about how we can help our members,” says Kristin Mau relia, NAR director of strategic alliances. “Everyone is trying to come up with things that are helpful, including for when the market opens back up.” “We’re trying to curate it for what people are using right now,” says Colleen. “Not everything is new, but we’re showing people the tools that they currently have access to and what they can do with those tools.” Colleen notes that the resources are also available in Canada. In 2009, the RTRN initiative lasted for more than a year; Colleen says there’s no set end date for the program this time around. Hundreds of thousands of members have

already taken advantage, she says. “It’s not just about resources for businesses,” Colleen says. “It’s also about keeping members safe.” As part of the RTRN initiative, NAR expanded its telehealth coverage for members who may have trouble accessing in-person medical care. Telemedicine allows people to contact their doctors via computer, tablet or smartphone about non-emergency care, such as pinkeye, allergies, fever or nausea. The service is available 24 hours a day, seven days a week. NAR was able to cover 20,000 members and their fami lies under the initiative within a week and a half of rolling it out. Kristin points out that while telemedicine is certainly helpful when people are supposed to limit their contact with others, it will continue to be useful in the future. After two months of full funding, telemedicine will be available at a significantly reduced rate for members who wish to continue it. “People who don’t want to drag six kids out the door be cause they have a sinus infection can have a consultation in a very quick time period,” she says. “Sometimes tragedy causes a lot of disruption, which makes solutions come about in a really quick way,” Kristin reflects. “This is making things that should have happened a long time ago come to fruition. I’m really pleased to be part of this in a small way.”

The Bright Steps

Meanwhile, Bright MLS provided its own ways to help subscribers as they navigated tricky situa tions presented by the coronavirus.

“Bright has been working daily to offer new tools, re sources and to provide additional technology enhancements to help our subscribers keep the market moving during this time,” says Vernon Jones, Bright regional vice president for the Washington, DC metro area.

Bright launched the Bright Steps campaign, he explains, which includes a number of innovations for REALTORS ® .

“We added a virtual option to Bright Open Houses through a new field called Open House Method,” he ex plains. “The virtual open house information displays on consumer websites, as well as within Bright search and reports. In addition, we worked with one of our partners to offer a Virtual Showing option that buyers’ agents can select when requesting a showing. An option for listing agents is being worked on as well.” The Bright Steps initiative includes regular market updates and a virtual toolkit, “which highlights existing tools that subscribers may have previously overlooked but are useful in enhancing productivity and working with clients virtually,” Vernon says. “Bright took steps to work with vendors to provide discounts on various services, including virtual tours,” he continues.

“Sometimes tragedy causes a lot of disruption, which makes solutions come about in a really quick way.”

The company has relaxed showing requirements for “ac tive” and “active under contract listings” and is permitting public marketing of listings in the “temporarily off market” status. “In order to give agents one less thing to worry about through these challenging times, Bright paused the enforcement of closing/settlement/inspec tion contingency date violations,” says Vernon.

Vernon also urges REALTORS ® to remember: “The real estate industry is still open for business!”

“Clients and consumers need to be more flexible and creative in order to comply with the various jurisdictional ‘stay-at-home’ mandates, but market activity demon strates that there are still consumers who need to sell, and historically low mortgage rates make it a good time to buy,” he says.

In the future, Vernon says, “We believe subscribers will continue to reimagine their business processes to ac commodate more robust virtual options for consumers, as well as remain vigilant in monitoring market condi tions so they can pivot and adjust nimbly to support the evolving marketplace.”