In the real estate world, brokers represent a crucial link of communication between developers and consumers. At one point, the agent’s role as an objective mediator and consultant for both parties spring up, thereby constituting a vital part of closing property deals.
However, the rapidly evolving threat around the COVID-19 pandemic is impacting the business and investor community across the world, not to mention the go-between part of the realty sector. That is why traditional resilience planning was enough to stand against the health crisis.
As a matter of fact, the brokerage segment relied heavily on technological tools and digital solutions to reactivate the property market and strengthen the weakening purchasing power, as more customers try to tide over layoffs and pay cuts amidst the outbreak.
Better yet, new digital marketing plans were put in place to cater to the new normal of social distancing.
Looking at the demand side, Invest-Gate’s latest report, called “Exploring the Brokerage Market Amidst Pandemic,” found that this specific chunk of the real estate industry was significantly affected by the germ episode.
According to 70% of the surveyed brokerage companies, demand for residential units shrank in the aftermath of Coronavirus. Moreover, 76% of respondents note a dramatic decline in non-residential units’ demand.
On the other end of the spectrum, it was quite noticeable that the great portion of consumers who had the ability to purchase residential units amid the Coronavirus calamity preferred to become owners. Yet, the surveyed realtors assume most consumers fathom non-residential rentals, as highlighted in Invest-Gate’s recent research.
Findings show that many brokerage firms are updating their marketing and operational planning strategies to reinforce digital transformation across Egypt’s real estate scene.
Consequently, many brokers are jumping on the bandwagon of embracing digital marketing, social networking, and other cutting-edge techniques to tap into the target clientele amid the face-mask era. Thus, they managed to sell properties via live streaming open houses, 3D virtual walkarounds, among other high-tech methods.
Recently, Invest-Gate’s R&A team has conducted in-depth research on the post-COVID-19 brokerage market conditions, thereby surveying about 26 Egypt-based brokerage companies to put together a summarized wrap up on the impact of the pandemic, and how they cope with today’s new norms. For the full analysis, click here.