“The Great Resignation” has been haunting headlines for months, inciting concern among employers in all industries. Are people making a mass exodus from their jobs? Yes.
The spike in quit rates has impacted nearly every industry in the United States. As a brokerage owner or real estate team leader, you want to know how you can 1) make sure that your real estate business doesn’t suffer from being understaffed and 2) anticipate the changes in the real estate market driven by this “Great Resignation.”
Current Climate of the Real Estate Industry
The COVID-19 virus impacted every aspect of life across the globe. The biggest concern for most real estate professionals was the impact on their business and earning ability. While many industries suffered, we quickly found that the real estate market held strong. Many consumers upgraded their homes due to work-at-home orders across the country. They favored office space and bigger yards for this new lifestyle.
People across the nation reevaluated their living situations. They opted to move from urban locations to more comfortable homes further outside metropolitan centers. The increase in homeownership interest led to an increase in the buyers’ market throughout 2020. This trend has continued, and according to the National Association of Realtors, the demand in all markets should continue to increase throughout Q4 and beyond.
Qualities of Homes that Attract “Great Resignation” Buyers
The average employee that engaged with “The Great Resignation” reprioritized their lives outside of work over their careers. These employees often cite working conditions and the need for a better work-life balance. Many people find that working from home helps them maintain that balance. Therefore, they want their homes to reflect their lifestyles. For example, homes with these features often resonate with potential buyers from “The Great Resignation.”
- Large yards.
- Open concepts
- Large gathering spaces in the kitchen and den or family rooms.
- Private working spaces, multiple for a family of young professionals.
Rather than invest in the upfront cost for renovations, many people invest in their real estate dreams and purchase new homes. Both blue-collar and white-collar workers want more time with families and loved ones, and a bigger, more comfortable house can make those desires a reality.
How to Take Advantage of “The Great Resignation” and Win More Listings
Suppose you know that you’re in an area ripe with young professionals (Austin, Denver, Portland, etc.) when you come across homes with the qualities mentioned above. In that case, you can use The Great Resignation as part of your listing presentation and marketing strategy for the listing. For example, if you want to win a listing for a home with multiple rooms and a large yard, you can highlight the opportunity for home offices and a space to relax and unwind after a full day of working at home.
How to Keep Your Employees Happy
While many real estate agents work for themselves, if you have employees, you may worry about keeping them happy and keep them from resigning. The best practices for employers to keep employees satisfied and excited about your business’s future outlook are active listening and keeping an open mind towards employees’ needs. The choice of collaboration between management and other employees improves communication. As we’ve all learned, the past year and a half have proven that the ability to adapt to new environments brings both personal and professional success.
As an employer, practice regularly having conversations with your team to gauge their stress levels and evaluate their needs. Be open to changing workflows to thrive in an ever-changing industry. The real estate industry needs great agents like you to help buyers find their perfect home. Keep your team happy, and everyone can thrive!
