We wanted to talk to you about what’s going on. There’s been a lot of changes in our industry and in our world in the last even couple of days, a couple of weeks, last couple of months.
We’ve gotten a lot of inquiries, questions, concerns, all of that and we wanted to have an opportunity to bring a platform together to really share with you everything that we’re seeing out there. Hopefully this answers a lot of questions that you have and puts it all out there of what we’re seeing, so you can kind of see it through our eyes.
We look at the market on a daily basis. The market, like I shared with you guys last week, the numbers don’t lie. They tell a true story.
For those of you that don’t know, we are a part of two multiple listing service boards. Based on just the Kansas City Heartland Multiple Listing Services, because that’s the main one that we use for the Kansas City Metro area. It represents the greater Metro Area.
Right now we have been deemed an essential service and I do agree with that. We need to be deemed an essential service. We currently have under contract over 6,000 homes that are waiting to close. Had we been deemed not an essential service where our industry would shut down, we would have stopped not only these 6,000 people from being able to make a move, but just think of the domino effect of that. If you’re selling a home and you currently occupy it, you need somewhere else to buy. Well, what if that home isn’t under contract yet? It could have potentially, just like this coronavirus, it could have just doubled overnight. It was necessary, and I do agree with it.
However, we are attempting to practice this social distancing. We are using precautionary… We want to take this very serious. We want to be respectful to that. Though it is necessary to continue and be an essential service, so to speak, we do need to practice it responsibly and that’s what we intend to do. Going back to our numbers, over 6,000 families currently under contract in our Heartland Multiple Listing Services. Business is still going. I wouldn’t say it’s as usual. In fact, we’ve been calling it business as unusual. But since Friday alone, we’ve had 388 homes hit the market. This is new inventory, resale inventory. 388 homes hit the market just since Friday and 355 are entered right now as incoming properties. These are just the ones that we know about and there’s a variety of listings that we don’t see that hit the market right away, as well as other ones that are listing right now. As we’re talking, these numbers are getting better and better.
We want to make sure that you guys are aware, we need that new inventory. It’s imperative that we continue to list and to show and to sell homes. We’re going to be doing it in a little bit different fashion. In fact, we had a meeting this morning, which was an excellent meeting. You hire us for a job and for services and this is our time to really shine and show you so much value because we have been masterminding with different agents around the country. Hey, what are you experiencing? We’ve had other cities on lockdown far before Kansas City was and we’ve learned how they’re getting around this. We have gotten a lot of really good information to be able to show and to protect our clients at the same time.
The only thing that’s really been stopped for our industry, it’s been advised to completely halt, is open houses. We are not doing a traditional open house. We are doing some things a little bit differently that we’ve been getting some great ideas. I’m really excited to see how it goes. Honestly it might be something that we turn into a full-time thing. More details on that to follow.
I really think that it forces us a little bit to break out into this tech world that we so embrace. There’s so many aspects of our life that are online and that we do so much with technology. This is just another aspect. It’s a little bit harder for me. For clients that know me, I love to handshake and I’m a hugger and I hug everyone. I know this is super easy for you. These are the things you live for. But I mean, I’m not that personality. I am an embracer, and so I’m having trouble doing that because I want to be in your face and talk to you in person. We have to conduct this business. We have to do this for the greater good of everyone else.
I know MLS is reporting over 6,000 that are currently under contract. What about the people that are moving from apartments into those homes? We don’t know what those are. What about those homes that are moving from those current homes that they have under contract to somewhere else out of state? This number easily can be 12,000, if not more, that are affected by this. We just wanted to show that the market is still moving. The real estate market is still going forward. That isn’t changing. The way that we do real estate is changing a little bit.
We have been in communication with all of our trusted service providers. You have inspectors, appraisers, lenders. There’s a slew of title companies, a slew of people that are going to be conducting business. Title companies, for one example, because that’s kind of the last point of contact. Normally, traditionally, somebody would come into the home for the walk through, we’d shake hands, we’d give you a drink, you’d go on to your closing, everything’s hunky dory. Well, right now we’re offering a lot more e-options to close should you want to close remotely. If you don’t want to close remotely, if you want to sit down with that closer, that’s completely reasonable, but only closing scheduled are going to be allowed in. Once a pen is used for a closing, the pen is discarded. There’s a lot of different ways that we are conducting business that we normally wouldn’t. But the point is, is business is still being conducted as unusual is kind of what we’re coining.
Well, and then to our own team aspects. A little over eight years ago, we started moving towards the direction of being able to work 100% remotely. The drive behind that is we’re all over the city all the time and we wanted the ability to make calls, write contracts, negotiate offers, receive paperwork remotely, wherever we were. We designed the systems around that and we designed our business around that. Kedish Realty Group, we’ve been doing this remotely for better part of eight years, and this isn’t new to us.
We are set up, our phone system is set up, our back office systems are set up, everything is designed to allow our agents to work remotely, to practice that social distancing that’s highly recommended, but still being able to service our clients at the highest level possible. That doesn’t change.
A lot of our clients kind of know already that we do this. We’ll call them at eight o’clock at night talking about something and they’re like, “Gosh, you’re still at the office,” because it’s the office line calling in. I tell them, “No. Gosh, I have a whole separate office at my house in the basement.” It is something that’s important to us. Like you said, this is not something we’re trying to figure out how to work remotely.
We’ve had the ability to do so, more so just the open houses and me trying to stop hugging and shaking hands. Other than that, we are able to conduct business the same way that we’ve been doing business for years. We’re excited to actually be able to. When we’re told to go in this to do business remotely, it wasn’t something that was hard for us to just do. We had something that we’ve already been adjusted to. We’re prepared for it.
Our service providers, we’re also very picky about who we work with. The reason we do that is because, one, we want them to align with our values, and two, understand where we’re going as a team. I think our service providers that we work with today get that. For example, our title company, they can receive earnest deposits electronically. We can do the remote closings. Those are services that have actually been around for a while. This isn’t new to them, but people just weren’t taking advantage of them.
Now that is such a huge piece of this. I think we’re going to see how real estate changes in the way that we do real estate a little bit. But at the end of the day, you have to be safe in your home. You have to have a home. You need to be able to close on your home.
We want to have our clients staying put as much as possible so we can get through this and get through it quickly. Call us. Let us let you know some virtual ideas that we’re implementing and have implemented to really provide to you the top-notch service that you’re expecting and you deserve all while keeping you and everyone else around you as safe as possible.
If you guys would like to learn how this affects your own personal situation because everyone’s situation is different, please reach out to us. Send us a message. Send us a text message. Give us a call. We would love an opportunity to talk to you individually on how this affects your family. We can do that via Skype. We can do that over the phone. We don’t have to meet in person to do that.
We’ve done FaceTime showings for a long time. Our number one priority, just like if you’ve been through an inspection with us, you know that our number one priority is safety. Safety items. This is no different than that. We want to be able to provide you the utmost value all while keeping you safe, and we’re going to make sure that we do that.
We’re in this together, guys. Call us with any questions.