Real estate agent relief needed because of COVID-19

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The number of confirmed COVID-19 (“Coronavirus”) cases continues to rise rapidly, with social and economic repercussions becoming more evident and more pronounced. Given that economic uncertainty and expected job losses will likely reduce demand for homes and place downward pressure on home prices, the impact on the real estate industry is unknown.

This rapidly changing situation is leaving real agents and brokers with a host of questions and no clear answers on the long-term effect on their livelihood.

According to the National Association of Realtors, there are roughly 2 million real estate agents in America. The gross income of the median agent is roughly $41,800 per year — before taxes, health insurance, and other expenses.

As one of the few professions that truly reflect the diversity of the communities we live in:

  • ⅔ of real estate agents are women, making it one of the largest female-led industries in our country
  • 63% of agents are over 50 years old
  • 70% of real estate agents volunteer in their communities

The need for an Economic Hardship package is immediate and should include the following at the federal and state level:

Emergency Medicaid Health insurance for those who are uninsured

$100 billion in government-backed, low interest loans, to help support the commission income that is disappearing

AND

Equal relief/aid funding of self-employed agents, as we are not covered under the current proposed relief bills being voted on at the Federal level.


In addition, State governments should:

Ensure open access to county recorder and auditors’ offices, so that real estate property records can be accurately maintained and available for all;


Ensure that banking and lending are defined by state law as “essential services” so as to allow for limited work and resources outside of shelter in place orders;
Loosen restrictions on e-closings, if any; and,

Remove any restrictions that may exist related to working from ‘unlicensed’ location

We the undersigned plead with our elected officials to hear our warnings and cries for help as we not only see our own economic plight, but also the sacrifice of our livelihoods as we struggle to keep our communities healthy.

Please sign our petition now.