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Where We Are Now: May 19, 2020

May 19, 2020 | Source: Compass California Real Estate Blog

Work From Home — Day 64

What Has Come, Gone, Still Here & Coming Back

5:20AM PST

Team –

Yesterday evening I went back and read the WFH Day 1 blog post about open houses and international buyers. What a reflection. It made me think about what has come, gone, still here and coming back.

The survey we conducted March 13 – 15, answered by 450 of you [half of what we are getting in participation now], was focused on open houses. What are those? They are gone!

What’s come? Clearly the Coronavirus has rocked every inch of our world. Case and curve details here. You will need to drill into California and a local county for specific results.

What’s gone? Open Houses and Broker’s Tour.

Check out our expectations from the March 13 – 15 survey. What were we thinking?

As of March 16, 2020, 5AM PST:

  • 38 percent of respondents had an open house. 12 percent were cancelled.
  • 81 percent of open houses were priced under $3 million.
  • 64 percent had between 6 and 50 groups through the open house.
  • 50 percent expected more than one offer.
  • Split 50/50 on next week’s open houses by appointment or normal, versus 50 percent cancelled or need to talk with the seller.

Our message to Buyers and Sellers: Shifts Happen. This shift was quick. Open houses are gone!

What is still here? You, us, team & family in a big, ferocious manner. Tenacious as we can be. Meeting clients “where they are now.” Listening first and using facts only when clients are ready to listen. Being compassionate with family and loved ones!

What is coming back? Compass Concierge. Robert indicated yesterday, investments in Compass Concierge will be increased in the next 30 days. To the best of my knowledge, no competitor has a no-fee Concierge product.

Deal flow. June through August 2020 will outperform all expectations.

Perspective in life is important. We are learning together, again.

I never want to go through this again.

But if I do, I want to do it with YOU! The way we have focused, teamed and executed is remarkable.

Together we are extraordinary!

Sign in at 2PM PST for the Path Forward and our year-end outlook.

This is WhereWe Are Now.        

Thanks!

Mark

Mark A McLaughlin

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