• “We are a mental health agency and have been unable to conduct our therapeutic day
treatment groups face-to-face. We’re continuing with our outpatient services, but using more
telehealth. However, those visits are much harder to conduct with children for the normal 1
hour of therapy per week.”
• “70% of our revenue comes from in-person fundraising events. We’ve been forced to create
virtual experiences instead. So far, so good.”
• “More 1:1 interaction with our community members.”
• “Closed indefinitely, significant revenue loss, anticipating recovery for 24 months due to social
distancing – social distancing requirements reduce our public capacity to 21%.”
Real Estate
Real estate industry participants reveal interesting insights: 63% of real-estate respondents report
declines in their business, with 25% saying the drop is dramatic. Business hasn’t been affected for 38%,
but none report business growth, either. Only a small percentage report a shift in the way they conduct
business, with the primary change being a shift to digital marketing with a strong social media
component. Properties still have to be managed, roofs still leak, plumbing and HVAC issues still arise,
even with many buildings shuttered or operating at reduced capacity, so operations must continue as
well.
63% of respondents report securing a PPP loan, and repayment is on the minds of many – an average
score of 53 on a scale of 1 to 100. Morale is largely unaffected as well, with 88% reporting no change
and the remaining 12% say they’ve seen a decline.
As in other industries, second-quarter revenue is expected to be down compared to the same period in
2019, with 75% anticipating a decline. The third and fourth quarters have a brighter outlook, with 38%
expecting at least some revenue growth in Q3. Revenue growth expectations in Q4 take a significant
jump, with 50% of respondents expecting some growth and only 13% expecting a decline versus 2019.
The biggest areas of concern reported by respondents are economic recovery time for the real-estate
industry (75%) and the financial stability of customers and vendors (63%). Another 38% are concerned
about employee issues, including employee well-being, health and safety, and the potential for layoffs
and furloughs. 25% are concerned about cash flow, and only 13% are concerned about PPP loan
forgiveness.
Services
68% of service-industry respondents report a business decline in the wake of COVID-19, with 25% saying
the decline has been dramatic. At the opposite end of the spectrum, 15% are reporting business growth
– and for 5%, the increase has been a dramatic one. 38% say they’ve either found a new market need or
changed the way they operate, shifting to virtual consulting, video conferences, and other digital