Home sales impacted will grow, post lokdown realtors are confident. They say in lockdown people have realised worth of a good home
By Varun Singh
To know the truth how home sales will behave post the lockdown era, there can be no better source than realtors.
There are speculations that sale of homes may reduce, but realtors who are alway on field and in touch with both builders and home buyers claim sales will grow.
Realtors are the actual field warriors of real estate industry, they are the one who drive the actual sale in most of the cases.
Builders call them channel partners, because they are the channel via which, the builder receives his home buyer.
Post the lockdown is lifted, the role of these channel partners will increase, they will be the one on whom the builders will entrust the work to get home buyers.
Realtors believe that the residential market will see a growth, because people have realized the worth of a good home.
Yashika Rohira of Karma Realtors, who deals into properties in western suburbs from Bandra, Andheri and other areas, says, “There’s no doubt that one would see a growth in the forthcoming times for making purchases, however the economical situation and steadiness of income of the people would matter.”
According to her the role of the broker would rather increase in real estate transactions post the lockdown is lifted. “Brochures and websites can render images, but not provide a feel and an unbiased perspective. Real estate is still very personal to the buyers, specially residential,” she said.
The realtors even have an advise for builders, “It appears that this market would see transaction and cash flow, but no price growth, I believe it is a good time for securing cash flow and reducing debt for builders and investors, and not chase notional returns.”
Rajiv N Jain of Ruchika Shelters who deals in properties in South Mumbai says, “The Residential sector should do well now, due to lockdown maximum people have realized the need for a bigger house and upgradation.”
With the pandemic not showing signs to leave any time soon, brokers will also have to change their ways. Digital is the way ahead.
Jain says, “Every realtor needs to reform in a way one operates his business. One needs to go more digital and understand the consumer behavior and psychology post COVID-19. Realtors need to exhibit maximum transparency and share transaction data with his client as part of his effective presentation to give him a maximum worth of his hard earned money.
Rahul Phondge, CBO – Residential Services, ANAROCK Property Consultants, says, “Real estate is fundamentally a people business based on relationship-building – but as the proliferation of social media channels proves, there is more than one way for interactions to take place.”
Phondge adds, “Even as lockdowns are gradually being lifted to aid economic recovery, both property sellers and buyers will remain wary of doing things the old way. Real estate broking firms across the globe now rely heavily on technology to continue doing business to the backdrop of a major pandemic with no clear end in sight.”
Meanwhile, realtors are confident that their importance will grow along with growth in home sales.
Rohira said, “The Industry has trusted brokers since decades as they have always proved their worth every time a challenge has been faced by the industry. I believe a brokers importance would grow in such times. I don’t see anyones brokerage being put to question.”
Safety Measures (source Anarock)
The rulebook of post-coronavirus real estate brokerage is still being written. However, it is certain that concerns about safety will continue even after lockdowns, and site visits can obviously not be dispensed with altogether. Some of the emerging new post-lockdown best practices for mutual safety of buyers and sellers include:
- Site visits must involve adequate social distancing, use of protective gear and a strictly limited number of attendees
- Transportation to and from sites must involve separate vehicles for agents and buyers, with the latter preferably using their own vehicles
- Every aspect of the business not requiring in-person attendance must be digitized
- All brokerage staffers as well as developer’s sales team members to be screened regularly
- All office spaces and vehicles to be sanitized regularly
