#Covid_ImpactRE Plunging pending sales reveals oversupply of agents & vulnerability of existing brokerage model
#Covid_ImpactRE: Two different headlines:
1st headine: Pending sales across Mass are off by 51% based on the MLS snapshot from 3/26 - 4/7/20.
2nd headline: Redfin is furloughing 41% of their agents who may get more on unemployment insurance than otherwise.
Contrast that to the current pace of homes going UAG -- just 801 in the past 12 days. At best, that's one UAG for every 100 real estate licensees in the state, none of whom are eligible for unemployment insurance. Does that mean that 99% of the 85,000 real estate licensees will be empty-handed in May?
#RE2020: What are the implications for the future of real estate? Does the current broker / agent model leave hardworking independent contractors too vulnerable? If so, how do we transition to a fee-for-service or salaried future?