Nashville, Tenn. (WKRN)- Nashville has become one the hottest destination cities for relocation and tourism, but with COVID-19 shutting down essentially everything right now, real estate agents, like former Tennessee Titan Marc Mariani, are feeling uneasy.
Mariani retired with the Titans in 2016 and got into the real estate business just a few months after that, eventually opening up ‘Sold by Mariani’ with his wife Carly.
Business has been booming over the last couple years, and the end of March, beginning of April was set to be the business’ best 3-4 weeks on record. But when COVID-19 struck, Mariani said things came to a screeching halt. He lost out on six deals, all of which were industrial deals.
“If you want to get a feel for where we are at right now, obviously investor money as been put on pause. No one wants to come in and put a big down payment on an investment property if they don’t know what the rental market is going to be like,” said Mariani.
Mariani said their business specializes mostly in rental properties and Airbnb places. Right now those properties are sitting still because there is no tourism.
While the industrial side of the business is stalling, the residential side of real estate hasn’t been as affected.
Mariani added, “That doesn’t seem to be slowing down at all and that is a good news. The market is still hot, inventory is still low so there is still a high demand for buyers and sellers out there in the primary space.”