The Real Estate industry has been hit hard in the wake of the COVID-19 pandemic. Even as the economy rebounds, many Real Estate professionals have been left out of a job. Here is a look at what you need to know.
Layoffs
- Many Real Estate agents, brokers, and other staff have been laid off due to the economic downturn.
- Real Estate-related businesses such as property management companies, appraisers, and lending companies have all had to reduce their staff.
- The closure of Real Estate offices and slower sales activity has caused massive layoffs.
Why the Layoffs?
- The slowdown in Real Estate activity created by the pandemic has caused a market contraction – fewer sales, fewer buyers, and fewer jobs in the Real Estate industry.
- The lockdown of real estate offices has resulted in a lack of in-person viewings and transactions.
- Real Estate sales activity has been hampered by the need for buyers to adhere to stringent health and safety measures.
What Can Be Done?
- Companies can provide their staff with alternative job opportunities such as telemarketing, online marketing, or customer support roles.
- Companies can leverage technology to offer virtual services to customers, such as virtual viewings and online document signing.
- Real Estate professionals can pivot their skills to work in related industries such as tech, hospitality, and finance.
The COVID-19 pandemic has had a drastic impact on the Real Estate industry, with many layoffs and job losses. However, with the right approach and the use of new technologies, Real Estate professionals can still find success and make a positive contribution to the sector.