Federated Realty Stands by Federal Employees
WASHINGTON, D.C., January 16, 2019 (Newswire.com) - Federal employees facing hardship over the government shutdown are now able to sell their homes without needing to pay the listing brokerage a fee. Federated Realty has agreed to manage the selling of homes owned by Federal employees at no cost. “We had an emergency meeting to discuss the impact this historic shutdown will have on the local real estate market. Since Federated Realty is uniquely positioned by having the capacity and necessary infrastructure to take on the avalanche of listings, we have decided to assist affected employees by not charging a listing fee,” stated COO of Federated Realty, Jake Shvilly.
“We believe us not charging for our services will alleviate the impact experienced in the region. We have seen major shifts in attitude of both buyers and sellers; at the beginning of the shutdown, people did not feel a need to panic, however, at this point, the outlook on this situation has changed considerably. We are organizing daily meetings within the company to adapt to the rapidly changing landscape,” says CEO Artin Afsharjavan. The brokerage that is licensed to operate in Washington DC, Maryland, and Virginia will manage the selling operations. The DC market, which is heavily reliant on the Federal Government, has been impacted by the shutdown more than any other real estate market across the nation. The company believes if the shutdown is to continue much longer, it will trigger an isolated repeat of the 2007 recession in and around Washington DC. There will be a waitlist developed should the demand exceed the company's current capacity, estimated at approximately 500 listings per month.
Source: Federated Realty
Categories: Federal Government