Problems Real Estate Companies Are Facing During Coronavirus
The effects of the Coronavirus has influenced all of the businesses and trades. There are a lot of problems that the companies are facing and the real estate is no exception. As the Coronavirus spread all around the world; the WHO has declared it a pandemic. So businesses have to cope with this situation.
What problems real estate companies are facing?
Like all other business the real estate is also facing problems because of the rapid spread of the virus. These problems include the health issues that are related to it but also a loss to the finances is another pressing matter. The available options of houses whether they are rent to own properties or others are associated with it.
Caring for the Employees
Many countries were not prepared ad didn’t think that the COVID-19 would have so much impact on them. The businesses were also unaware of the effects so they had no safety for the employees. The real estate business demands that the staff and especially the agent go out in the field.
Clients are not Selling or buying houses
As many cities around Australia are experiencing either partial or total lockdown; the selling and purchasing of houses are limited to minimum or none. The implementation of social distancing has made it impossible for the buyers and sellers to make deals; making financial difficulties for the real estate agencies.
Less availability of COVID-19 test
The people who are working outside in the open are more prone to having any kind of illness and today COVID-19 is the most threatening of all. To make sure that the agents and other staff members are safe; tests must be conducted. But there is a shortage of testing kits which makes hard to test everyone for the virus.
Not able to complete tasks
As the lockdown continues in many parts of the country; the employees can’t go outside for work. This creates difficulty in completing the tasks that are assigned to them. This is very bad because of the more pending tasks; there will be an increase in management and financial problems.
Few staff members allowed
As the government has advised various businesses that are open; to have the minimum number of staff in the office. Also if there are additional braches then close all and open just 2 or 3. But this can cause a big issue for a few staff members.
Risk of spreading the Coronavirus
A major issue with the Coronavirus is that the symptoms in many cases are never visible; so a person will not know whether he/ she has the virus or not. The only way is to get tested but in the meanwhile the staff member would have infected many. There are many companies including Stop Renting Perth who are taking measures to decrease the spread.
Not having rent to own properties
Another big problem faced by real estate companies is that they don’t have diversified options for house buying schemes. One of which is that a house is taken up for rent and the rent is paid as instalments. At the end of the renting period the clients can pay closing cost and own the house.
Not all companies have gone digital
There are select companies that are still using the analogue system of operations. They have not yet embraced the digital world; which creates difficulty because people are at home and want to do everything online. So the clients search and work with real estate agencies that have adopted the digital world.
One mode of Payment
Handling cash is the most difficult mode of payment these days. But several of the businesses are still dealing with cash only. The problem with cash is that it takes longer to count all the money and second the Coronavirus spread very quickly.
No interaction with the buyers or sellers
As there is a complete lockdown in several parts of the country; it is making it really hard for the buyers and sellers to interact with one another. Although they can use various video calling apps; but the face to face meeting is also very vital for building trust.
Having no planning of the future
As the businesses are shutting down or are cutting their working hours; in the coming days more problems will be created. In the coming days only those businesses will succeed that have started planning from today.
An incentive to the staff and employees
If the employees, staff and real estate agents are not given incentives; then they will not be able to work to their fullest capacity. These incentives can be in the shape of paying full salaries, bonuses or even various other relief packages.
Not giving employees hand sanitizers
No matter what kind of houses the employees are dealing in like rent to own properties or normal ones; supplying the staff with protection is important. But as people are buying these things in abundance; there is a wide chance that the real estate companies don’t give them to their employees for the protection from Coronavirus.