EXAMINING THE CHALLENGES, CONTEMPORARY METHODS, AND RESILIENCE OF REAL ESTATE PRACTITIONERS AS A BASIS FOR CONTINGENCY PLANNING

Abstract

Real estate services in the United States encompass property management, facilities operations, lease administration, financial reporting, and more. These services are delivered by licensed professionals such as brokers, appraisers, consultants, and property managers, who operate independently or within real estate firms. Their income is typically derived through agreements with private clients, institutional investors, or government entities. Like any profession, real estate practitioners face significant challenges that can disrupt operations, delay revenue generation, and even result in business failure. The degree of resilience displayed by practitioners is often linked to the effectiveness of the contemporary methods they employ. However, not all strategies are universally applicable especially during unprecedented disruptions such as the COVID-19 pandemic, economic downturns, or natural disasters. These realities underscore the urgent need for a comprehensive contingency framework that incorporates an understanding of current market dynamics, preparedness strategies, crisis responsiveness, and post-disruption recovery. An investigation into these challenges, without evaluating adaptive and modern approaches, provides an incomplete analysis. Therefore, examining the interplay of resilience, innovation, and contingency planning is critical to sustaining professional real estate services in times of uncertainty.