Tectonic Shift in Realty Business Operations
The COVID-19 pandemic has triggered the biggest ever crisis for the real estate sector. This has dealt a crippling blow to real estate marketing which will in turn change the dynamics of brokerage business in the days to come. Reports Vinod Behl.
The real estate sector has seen major regulatory disruptions over the last few years by way of demonetization, RERA and GST. The sector had hardly emerged from these shocks that it has been rudely shaken by the massive disruption caused by the COVID-19 induced long lockdown.
The real estate marketing and brokerage business has not seen such a massive hit before. While it is too early to gauge the extent of impact on realty transactions, a study by Magicbricks.com predicts 30-40% fall in transactions for this year. With realty sales coming to a naught due to Covid onslaught and with uncertainty prevailing over how long the pandemic will last, the real estate brokerage industry will be headed for consolidation.
Going forward, the real estate marketing/brokerage business will see tectonic shift in business operations, throwing up massive challenges but also opening up newer opportunities and making operations more efficient and transparent.
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