2020 will forever be etched in our memory, not only for the devastating global pandemic but also for the wave of business transformation it induced. The adoption of new business processes and technology was observed globally as part of the resilience demonstrated by businesses to ensure continuity.
We polled real estate Brokers and Office Managers worldwide from 35 countries to better understand the effects of the Coronavirus pandemic on key real estate activities and to identify international and local trends. We questioned respondents about their resolve to invest in technology, the impact on property prices, domestic and international demand, office revenue and expenses, ability to recruit and retain talent and how much longer they think the pandemic will continue impacting business.
Here are some highlights from the survey. While some findings might have been expected, others offered interesting variances and insights –
Technology Investment – 73% of respondents said that they have invested in new technology in order to adapt to the business challenges caused by the pandemic.
Property Prices – 75% of respondents said that the pandemic has either had a decrease affect (40%) or no affect (35%) on property prices in their service area.
Office Expenses – 59% of survey respondents said they expect their office expenses in 2020 to decline compared to last year with majority (54%) expecting a decline of up to 50%
Office Revenue – 65% of respondents said they expect a decrease in office revenue this year compared to last due to the pandemic. Whereas, only 20% expect an increase and 10% did not expect any change.
Domestic Demand – 41% of respondents said the demand from domestic buyers has reduced due to the pandemic, while 29% cited an increase and 22% cited no affect at all.
International Demand – Of those who responded with certainty, 62% said that international buyer demand has decreased (35%) or has remained the same (27%) during the pandemic. Only 6% cited an increase.
Recruiting Agents – 33% of respondents said that the pandemic has had no affect on their ability to recruit agents, while 27% cited a negative affect and 26% cited a positive affect.
Retaining Agents – Over 50% of respondents said that the pandemic has had no affect on their office’s ability to retain agents, while 28% cited a negative affect and only 10% cited a positive affect.
For the complete set of findings and analysis, including a downloadable PDF of the report, please visit The State of Business During the Pandemic: Brokers from 35 Countries Weigh-In
About PropTech Solutions
PropTech Solutions Inc. is the holding company of leading global real estate technology companies, GryphTech Inc. and Phoenix Software Inc. Together, they provide real estate businesses in over 60 countries with innovative tools to accelerate their growth. Founded by real estate visionary and entrepreneur, Carlos Matias, PropTech Solutions is celebrated for its technology’s flexibility, ease of use, and ability to generate new business opportunities. Its lead-to-close solutions are cloud-based, multilingual, multicurrency and mobile-friendly, meeting the needs and earning the trust of the world’s largest real estate brands. Request a demo of The Real Estate Platform.