Virtual Education Expo: What You Need to Know About the CARES Act

Posted on Apr 14 2020 - 2:22pm by Jameson Doris

During these uncertain times, being a trusted advisor to your clients is more important than ever. Coldwell Banker's Virtual Education Expo was created in this spirit and, because all real estate professionals are facing the same challenges now, the company decided to provide the lessons beyond their walls.

The Virtual Education Expo equips agents with the tools, resources and knowledge they need to carry on the mission of aiding buyers and sellers through the real estate process.

During the most recent live event—"CARES: What You Need to Know"—panelists Ryan Gorman, Coldwell Banker president and CEO; Shannon McGahn, the National Association of REALTORS®' (NAR) VP of Government Affairs; and Sarah Young, NAR's director of Real Estate Services and Policy Oversight, discussed the CARES Act, which passed Congress and was signed into law by President Donald Trump last month.

Hosted by Wendy Crane, Coldwell Banker's VP of Learning, the event took a deep dive into how the CARES Act impacts real estate professionals and their clients. From small business administration provisions to unemployment benefits for the self-employed, panelists spoke to the things every agent should know about the CARES Act. Here are the top three things that were discussed:

3. Serve as a Trusted Advisor

The most important thing you can do now, as a real estate agent, is guide your clients through this most critical time. 

"We all need to abide by stay-at-home orders and do our part to help slow the spread, but that doesn't mean you should fight the instinct that so many REALTORS® have of helping the community," said Gorman. 

Although most are used to doing this in-person, in this case, you can be a great fulcrum for information over the phone and online.

"I highly recommend that you download all of NAR's FAQs—the resources that came out of the CARES Act," added Young. "These are really helpful for you to inform clients who might not be aware of these services."

2. What's Next

It's difficult to forecast how the CARES Act may evolve and if there will, in fact, be more economic relief packages on the way in the next couple months. However, Congress is expected back in Washington on April 20 and leadership, along with President Trump, have been actively working on another iteration of the rescue package.

"Regarding the Paycheck Protection Program (which originated from CARES), we're working to ensure that we have a very robust line of funding from that," says McGahn. "NAR is supportive of that additional funding, and the Senate is looking at that—it's $250 billion."

1. Keeping Clients Engaged During the Buying and Selling Process

The top item on the list of things that panelists dove into was structured as "Ryan's Parting Words of Wisdom." Here, Gorman explained how if it made sense to sell a month ago, due to what's happening in your life, then it likely still makes sense to sell today.

"The reason we're such advocates for a robust marketing plan for a home is because you can then get market feedback on what the market is willing to pay for your house," he said. "Don't just project what the market may be."

For the entire list of things every agent should know about the CARES Act, here is a full recording of the live event:


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