Pennsylvania Only State to Shut Down Real Estate Activities During Pandemic

Pennsylvania Association of Realtors | May 11, 2020

  • Every other state in the country has recognized that real estate professionals provide a life-sustaining service and that housing is a vital part of people's lives as well as the economy.

  • The state has given multiple inconsistent guidelines for the real estate industry that offer conflicting mandates, while other industries like construction.

  • The state is requiring personal protective equipment for real estate business that exceeds what other industries are required to do.


Pennsylvania is the only state in the country that continues to shut down most in-person real estate activities for the vast majority of Pennsylvanians during the pandemic. Every other state in the country has recognized that real estate professionals provide a life-sustaining service and that housing is a vital part of people's lives as well as the economy.

 

The governor's unreasonable restrictions have created a harmful situation for real estate professionals and consumers. The shutdown restrictions have created a marketplace of chaos for consumers and Realtors®. Consumers are reaching out to our members and the association, asking for advice on how they can buy, sell or rent a home during the state's incredibly restrictive shutdown. They're experiencing financial hardships and are essentially in limbo, because important in-person services are prohibited for most real estate transactions,

PAR President Bill Festa.



PAR encourages the state's General Assembly to pass House Bill 2412 (Polinchock) or Senate Bill 1135 (Boscola), both of which recognize real estate as a life-sustaining business and would allow real estate transactions to occur in every county of the commonwealth.

Read More: 5 Tips to Grow Your Real Estate Business Faster

Festa noted that the state has issued inconsistent and arbitrary guidance with stricter requirements for buyers, sellers and real estate professionals. The state has given multiple inconsistent guidelines for the real estate industry that offer conflicting mandates, while other industries like construction and automobile sales, have been given detailed and coherent rules that are able to be followed.

"The numerous discrepancies in these state-issued guidelines have placed an onerous burden on consumers and the real estate professionals who work with them," Festa said. "It's ridiculous that in areas that have started to reopen, the state is requiring personal protective equipment for real estate business that exceeds what other industries are required to do and what is recommended by the CDC and World Health Organization."

The state has also limited real estate activities to only two people at a time in a property, while allowing contractors performing repairs or renovations in an occupied home can have four workers at the property, plus the residents.

"Guidelines for in-person real estate should be consistent with other professions and allow at least four people in a property, while practicing social distancing," Festa said. "The governor's office refuses to discuss how finding shelter is life-sustaining to consumers."

PAR also said the state has failed to recognize a large sector of the real estate industry, ignoring the commercial and property management portions when issuing its guidance.

"The association believes that where in-person real estate activities are allowed, all residential, commercial and rental transactions should be permitted and regulated in a similar manner," he added. "The Department of State has consistently issued guidance that completely ignores a sizable segment of the industry."

"Our members and the association hear heart-breaking stories from consumers because of their housing uncertainty and financial hardships," Festa added. "It's outrageous that a majority of Pennsylvanians continue to be restricted from purchasing a home where they want to live."

Read More: The Ultimate Guide to Real Estate Lead Generation

About Pennsylvania Association of Realtors

The Pennsylvania Association of Realtors® is a trade/professional association that serves more than 35,000 members in the commonwealth of Pennsylvania. A member organization of the National Association of Realtors®, PAR is comprised of residential and commercial Realtors® who subscribe to a strict Code of Ethics and Standards of Practice. www.parealtor.org

Spotlight

An alternative to property portals such as Zillow, Zoopla, realestate.com.au and realtor.com, this white paper outlines Propify’s real estate Blockchain marketing solution, providing a continual and immutable public ledger of property updates made available via a social media user interface.

Spotlight

An alternative to property portals such as Zillow, Zoopla, realestate.com.au and realtor.com, this white paper outlines Propify’s real estate Blockchain marketing solution, providing a continual and immutable public ledger of property updates made available via a social media user interface.

Related News

REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Thompson Thrift to Develop Luxury Multifamily Community Outside Colorado Springs

Thompson Thrift | November 29, 2022

Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced today the development of Alta25, a 264-unit Class A multifamily community in the Colorado Springs suburb of Monument. Thompson Thrift plans to welcome new residents starting in 2025. "There is strong demand for luxury multifamily communities in this area, We expect that Alta25 will provide an appealing rental option for residents desiring the style, luxury and convenience that Thompson Thrift communities feature." -Josh Purvis, managing partner for Thompson Thrift Residential Located at 16218 Jackson Creek Pkwy, Alta25 will offer eight, three-story garden style buildings and 96 detached garages. The one-, two- and three-bedroom apartment homes will average 987 square feet with luxury finishes including gourmet bar-kitchens with elegant quartz countertops, timeless tile backsplash, stainless steel appliances, designer fixtures and finishes, Alexa-compatible smart hub to integrate all smart devices, smart thermostat and smart door locks, walk-in closets, full-size washers and dryers, as well as patio, balcony, and private yard options. Luxury living will continue throughout the community with amenities such as a professionally decorated clubhouse, resort-style swimming pool, 24-hour fitness center, Amazon Package Hub, bike storage and workshop, thoughtfully designed courtyards, grilling stations, outdoor game area, an electronic firepit with seating area, a dog park, pet spa with grooming station, and more. The site is adjacent to Monument Marketplace, which is home to over 658,000 square feet of retail and restaurants, and sits within The Village at Jackson Creek, a mixed-use project currently in development. Historic downtown Monument, less than three miles north, offers small-town charm filled with unique and locally owned boutiques, restaurants, galleries and spas. Nearby Interstate 25 is currently being widened to six lanes, which will improve traffic flow from Colorado Springs to Denver, and further improve access to several major employers including Fort Carson, UCHealth Memorial Hospital North and Schriever Space Force Base. Monument offers the ideal Colorado setting with views of Pikes Peak to the southwest, the Rocky Mountains to the west. Additionally, residents will enjoy an abundance of outdoor recreation, and highly rated public schools, both of which contributed to Monument being ranked as one of the best places to raise a family in Colorado. During the past 30 years Thompson Thrift has developed more than $4 billion of ground-up development projects across the Midwest, Southeast and Southwest. The company made a name for itself by being one of the few developers to build high-quality, attractive Class A residential communities with a variety of conventional, luxury leased villa and townhome-style communities. About Thompson Thrift Real Estate Company Thompson Thrift is an integrated full-service real estate company with offices in Indianapolis and Terre Haute, Indiana; Denver, Houston and Phoenix. Three business units drive Thompson Thrift's success—Thompson Thrift Residential which is focused on upscale Class A multifamily communities and luxury leased homes, Thompson Thrift Commercial which is focused on ground-up commercial development, and Thompson Thrift Construction, a full-service construction company. Through these business units, Thompson Thrift is engaged in all aspects of acquisition, development, construction, leasing, and management of quality multifamily, mixed-use, retail, industrial and commercial projects across the country. We are passionate about our customer's success and strive to ensure our projects not only meet the needs of our customers but also the communities we serve.

Read More

REAL ESTATE TECHNOLOGY,REAL ESTATE INVESTMENT

Aurora-backed Grace Hill Acquires Edge2learn and Ellis Management Solutions

Grace Hill and Ellis | January 02, 2023

Grace Hill, a pioneer in talent and customer management solutions for commercial and multi-family real estate, recently announced that it acquired Ellis Partners in Management Solutions (Ellis), a provider of mystery shopping and resident and employee survey solutions, and Edge2Learn, an e-learning company offering training and policy management solutions in the multifamily industry. However, the financial details of the transaction weren't revealed. To aid property owners and operators in retaining top talent and enhancing the financial performance of their properties, Edge2Learn and Ellis offer online training in addition to policy, survey, mystery shopping, and data-driven insights. Over 600 online training courses catering to the needs of multi-family rental communities in the conventional, affordable, student, and senior markets have been developed by the companies. The merged business will offer a cutting-edge employee and property intelligence platform that improves productivity and profitability. Grace Hill stated that both Edge2Learn and Ellis share the company's dedication to creating world-class training, mystery shopping, and management solutions to assist industry-leading real estate operators and owners in maximizing property performance, mitigating operational risk, and cultivating the talents of their workforce. Among real estate training and feedback providers, Grace Hill, Edge2Learn, and Ellis have earned a well-earned reputation as industry leaders. Edge2Learn and Ellis are thrilled to join forces with Grace Hill and Aurora groups to form a truly innovative business that meets their combined clientele's current and future needs. According to Aurora, Grace Hill is a market leader in its own right with enormous expansion potential, and this is the kind of game-changing deal it would like to close early in its hold period. Since forming a strategic partnership with Aurora in May 2021, Grace Hill has added Kendall Pretzer as CEO, Charles Loop as CFO, Todd Harkness as CRO, Rob Beauchamp as CPO, and Traci Johnson as CMO to its executive ranks. Grace Hill was assisted by the law firms of Massumi + Consoli LLP and Gibson Dunn & Crutcher LLP. About Grace Hill Grace Hill offers cutting-edge SaaS technology solutions for the real estate market, intending to improve people's daily lives in their communities. By drawing on its extensive background in the real estate industry and its knowledge that 'people are better together', Grace Hill assists property owners and managers in boosting their properties' profitability, decreasing operational risk, and training future leaders. Grace Hill's talent performance solutions include policy, training, assessment, survey, and data-driven insights, and are relied on by over 500,000 professionals at over 1,700 businesses. About Ellis Ellis, Partners in Management Solutions (EPMS) has helped multi-family housing companies evaluate their sales and marketing effectiveness for over 35 years through its Apartment Mystery Shopping program. Using a multi-step process that captures the customer experience as a whole – from objective technique (shops) to subjective feedback (surveys) to emotional impact (social media) – Ellis offers customers easily attainable solutions that drive customer loyalty, resident retention, and profits.

Read More

REAL ESTATE INVESTMENT, MORTGAGE AND LENDING

Gantry Completes Second-best Year with Enormous Commercial Mortgage Production

Gantry | January 23, 2023

Gantry, the largest independent commercial mortgage banking firm in the United States, recently informed that it produced $4.93 billion in commercial mortgages in 2022. Meanwhile, even in 2021, Gantry had produced about $5.15 billion despite economic instability. It has broken records in the last three decades, completing the second-best production of commercial mortgage banking operations. Jeff Wilcox, Principal of Gantry, said, "Last year was a tale of two halves, where after record setting Q1 and Q2 production totals, the market slowed for price discovery during the second half of the year. Despite the challenges, we have an experienced team that has successfully navigated cycle shifts in the past and operates proactively from that perspective." (Source - Business Wire) With $17.5 billion in national-level business in 2022, Gantry has no failed or missed transactions in asset types. This performance led to active interactions with clients as the originator and service provider, an actual rating at the time of placement, and a consultative role in choosing the best financial plan for the client's unique investment objectives. In addition, it examines every investment keenly for variations in performance, maturities, and tenant rollover at the annual assessments. In 2022, Gantry provided 476 loans, including every type of commercial asset class. Around 85% of Gantry's 2022 production was financed by life insurers, regional banks, and credit unions, with each type of lender performing better for various borrowers. In terms of asset classes, Gantry continues to secure office, retail, and lender-preferred industrial and multifamily loan deals. In addition, Gantry successfully funded specialty assets, such as healthcare and self-storage, through various correspondent or associate lenders. About Gantry Gantry, a San Francisco-based private mortgage bank, has many correspondent lenders that use its production, closing, and servicing services. The company, founded in 1991, has approximately 100 employees in regional offices in the western US and New York and over 45 production teams that generated nearly $5 billion in the past year. The $17.5 billion nationwide servicing platform covers over 2,000 loans in 43 states. It is one of the few non-banking, non-insurance chartered companies with a Primary Servicer rating from Standard & Poor's.

Read More