5 CARES Act Takeaways from ‘Good Morning RE/MAX’

RE/MAX Chief Customer Officer Nick Bailey welcomed a pair of industry experts to the Facebook Live debut of his new weekly show.

Reprised from a popular session at this year’s RE/MAX R4 convention, “Good Morning RE/MAX with Nick Bailey” returned on Tuesday via the We Are RE/MAX Facebook page. Bailey and real estate leaders will broadcast every Tuesday at 11 a.m. ET to give valuable perspectives on how to navigate business during these unusual times.

“If we have resources that can help any other agent, even outside our network, let’s share it,” Bailey said. “We’re in this together as an industry. [Real estate] didn’t get us in this, but my guess is real estate is going to be a big component in leading us out of this.”

It’s part of a forward-facing move by RE/MAX, which also introduced a Facebook Live session with CEO Adam Contos on Thursdays. Contos’ session, “Mind, Body and Business,” is broadcast at 10 a.m. ET every Thursday.

Last Tuesday, Bailey was joined by RE/MAX Boone Realty and former National Association of REALTORS President Elizabeth Mendenhall to take a deep look at the recently passed CARES Act.

Mendenhall, who lives in Columbia, Missouri, broke down the CARES Act and what agents and brokers need to know.

Here are five takeaways from her overview. As always, rewatch the interview at any time on the We Are RE/MAX Facebook page.

1.     Use the CARES Act Resources. Agents should familiarize themselves with the CARES Act. They can use the resources provided by NAR and RE/MAX to understand the act and what’s available. 

2.     Mortgage Forbearance. Agents have the opportunity to be a resource about mortgage forbearance, whether it’s from government-backed mortgages or for multifamily properties. They should be sure to touch base with their lenders and encourage their clients to do the same. This won’t happen automatically. “In 2008 with programs, 50% never reached out to lenders,” Mendenhall says. “As a professional, this is something to reach out to your network and talk about.”

3.     Payroll Protection. Anyone with a payroll should look at this. If the employer has 500 or fewer employees, they may be eligible. These loans can be used for payroll — including independent contractors — rent, mortgage or utilities. Mendenhall suggests agents speak with a tax consultant to better understand how this will work, as some of them are forgivable. Businesses have until June 30 to apply.

4.     Unemployment Insurance. This benefit is available for agents, self-employed individuals, independent contractors and other individuals who are unable to work. This is based on weekly compensation and a person’s last tax filing. To find out more, check with the state department of labor for specifics.

5.     Don’t wait. Act. Find the deadlines for when things happen now. Especially in real estate, the full effect of COVID-19 may not be felt until much later in the year. Agents should get ahead of things and make sure they are safe, and that their community and network are shielded as best as possible.