NAR Guidance for REALTORS and COVID-19 Response Hotline
LOUISIANA REALTORS • March 26, 2020
Information as provided by the National Association of REALTORS
WHAT UNIQUE ISSUES DOES CORONAVIRUS PRESENT TO THE REAL ESTATE INDUSTRY?
When an infectious disease, such as coronavirus, is associated with a specific population or nationality, fear and anxiety may lead to social stigma and potential discrimination. REALTORS® must be mindful of their obligations under the Fair Housing Act, and be sure not to discriminate against any particular segment of the population.
There may be a number of practice issues that come up. NAR has already reported a decrease in home buyer interest due to the coronavirus outbreak.
“The decline in confidence related to the direction of the economy coupled with the unprecedented measures taken to combat the spread of COVID-19, including major social distancing efforts nationwide, are naturally bringing an abundance of caution among buyers and sellers,” said NAR Chief Economist Lawrence Yun. “With fewer listings in what’s already a housing shortage environment, home prices are likely to hold steady. The temporary softening of the real estate market will likely be followed by a strong rebound once the economic ‘quarantine’ is lifted, and it’s critical that supply is sufficient to meet pent-up demand.”
Transaction Guidance
This is general guidance only. Members should consult their brokers, legal counsel, and government-provided public health information. In addition, check with your MLS for any changes to open house and showing fields, or other temporary rules in place due to local conditions.
VIEW FULL TRANSACTION GUIDANCE
In deciding how to address new issues that may come up in your day-to-day business, we urge you to find answers that will ensure first-class services to your clients, while also demonstrating care for the health and well-being of clients, agents, and the greater public welfare in reducing the risk of exposure to and spread of COVID-19.
Open House Guidance
NAR’s goal is to keep members informed about the evolving COVID-19 pandemic, its impact on the real estate industry, and to provide guidance on the many difficult decisions members are tackling on a daily basis. Consider how you may continue providing first-class services to clients, while also exemplifying REALTORS® as community leaders by demonstrating care for the health and well-being of clients, colleagues and the greater public welfare in reducing the risk of exposure to, and spread of, COVID-19.
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- May REALTORS® continue to hold open houses during the COVID-19 pandemic?
- What if my client insists that I continue to hold open houses?
- What precautions should be taken if an open house is held?
NAR'S COVID-19 RESPONSE HOTLINE AVAILABLE FOR REALTORS®
(March 26, 2020) NAR announced a new hotline that members can call if they have questions about the association’s response to the COVID-19 pandemic. The hotline number is 800-874-6500. After calling that number, members will be asked to follow specific prompts before being connected to a Member Support Representative to assist them with their questions or concerns.
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