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The impact of COVID-19 on real estate businesses revealed

02 April 2020 Emma Ryan
The impact of COVID-19 on real estate businesses revealed

A new survey has shed light on how real estate businesses are faring in the face of the COVID-19 pandemic.

ActivePipe recently surveyed over 560 real estate professionals — including agents, principals and marketing staff — to find out how the coronavirus was impacting their business.

The results show strong optimism and resilience, with 44 per cent of real estate professionals located in Australia and New Zealand indicating that they believe the market may take a small hit but it will bounce back. Similarly, 45 per cent of real estate professionals in the US said the same.

“Despite the US being reported as two weeks ahead of ANZ regarding the spread of the coronavirus, agents in both regions share an almost identical sentiment towards the state of their respective markets,” the ActivePipe survey noted.

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In a similar vein, 59 per cent of Australian and New Zealand real estate professionals, and 58 per cent of US real estate professionals, said there’s a 50/50 chance they’ll grow their business during their outbreak, “depending on how it all plays out”.

A further 27 per cent of Australian and New Zealand professionals and 26 per cent of US professionals said it’s “very likely” they’ll grow their business during the outbreak.

On the opposite end, 14 per cent of Australian and New Zealand professionals said it’s unlikely they’ll grow as they’re “struggling to stay afloat”, with 16 per cent of US professionals indicating the same likelihood.

“Unsurprisingly, we see that there is significant uncertainty around how businesses will perform throughout the pandemic,” ActivePipe noted.

“Given we are at the beginning of a difficult period that looks like it will extend for several months, it is heartening to see that over 26 per cent of agents from both regions are positive and continuing to grow their business.”

In terms of how COVID-19 has affected their personal outreach, 49 per cent of Aussie and New Zealand real estate professionals said they’re making their interactions more personalised as they have more time to do so.

A further 40 per cent said they’re using more online and virtual channels to interact with people and 20 per cent said they’re making less calls and emails “because people aren’t interested right now”.

The impact of COVID-19 on real estate businesses revealed
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Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of editorial at Momentum Media.

Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.

Email Emma on: [email protected]com.au

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