In a normal year, Grant Johnson, a real estate agent at RE/MAX Results in Minneapolis–St. Paul, Minn., divides his time equally between selling existing homes and developing land for new- home construction. But the pandemic has flipped Johnson’s business on its head.
“Listings have been very difficult to come by,” says Johnson. As a result, he decided to scale up his land development work. “Typically, the builder that I work with and I put together 20 to 30 lots a year,” he says. “This year we’re going to be developing 70 lots.” In addition to procuring the land, Johnson will represent the builder as a listing agent. “Creating our own inventory has helped us survive the pandemic,” he says.
Diversifying business streams amid a period of record-low inventory has been a productive move for Johnson and many real estate agents and brokers this year. National Association of REALTORS® Chief Economist Lawrence Yun says, “2021 is likely to have the most acute shortage of homes for sale in history.”
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