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Is the COVID-19 outbreak a black swan, or the new normal?

Many consider the coronavirus pandemic a “black swan” event — arriving without notice and unprecedented in its impact. But the challenges it presents also stands to become a kind of new normal. This was recently brought up on a piece written by Sara Brown 6 coronavirus insights from MIT Sloan Management Review.

In her piece, Sara wrote about three possible scenarios that could play out with the COVD-19:

(She)… said companies should prepare for three possible future scenarios. In the worst-case, a COVID-19 vaccine is not available for a long time, requiring prolonged social distancing measures. In the best-case scenario, the pandemic would be significantly reduced through testing and social distancing, and life could return to normal by the end of June.

The most likely case, she said, includes potential second waves of infection and effects continuing into the summer and beyond.

“Don’t be an alarmist, but keep your powder dry.”

A friend gave me this balanced piece of wisdom years ago, and it always stuck with me. For those not familiar with gun powder, before the advent of modern-day cartridges, one had to make sure their gun powder stayed dry, or it might not work when they needed it to. Oliver Cromwell is credited with telling his troops to “put your trust in God, but mind to keep your powder dry.” His message was basically “remain calm and keep cool.” My friend took the liberty of changing that message to something closer to “don’t overreact, but make sure you are prepared for the long haul.” One seldom benefits from going all-in on preparing for the worst. But taking small, reasonable steps almost always pays off in the long run.

So how does this impact the Boston real estate market? First, as a Boston real estate broker we need to keep your clients and potential clients updated. For example, regardless of your political position, there are some governors who are very apt on keeping their constituents up to date with the latest COVID-19 data.  The same should also apply to Boston real estate companies, we can’t just sit back and rest on its laurels – we have to adapt to the changing landscape.

A game-changer for Boston real estate offices

One thing that has taken on more significance since the pandemic is Google Reviews. Reviews are increasingly more important than securing a brick and mortar office on a well-traveled street.

Massachusetts has more than 1,000 real estate brokers, from downtown Boston to the Berkshires. But according to an MIT study consumers are more concerned about online reviews and prices when it comes to selecting a real estate provider than ever before, according to new research from MIT Sloan.

As consumers increasingly go online to hire Boston real estate service providers, the researchers found that when it comes to selecting a Boston real estate broker, well-functioning online measures, like ratings and reviews, could be a more effective form in selecting a real estate agency over big corporate names.

Filed Under: A black swan or the new normal?

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