The lockdown diaries, day #3: Changing habits

Reduction in agent numbers

Make no mistake, the events we are experiencing right now will put a strain on estate agencies and is likely to reduce agent numbers. In the USA there are over 1 million registered real estate agents but just over 5 million transactions per year with the top 100,000 brokers doing more than half of the transactions. In South Africa there is a higher barrier to entry with about 40,000 estate agents.

Productivity in a virtual world

I’m wondering how agents will use their time for the next 3 weeks in lockdown mode? I haven’t seen any plans put in place by real estate companies, other than offering their agents an opportunity to attend online training courses to sharpen up skills. No one was prepared for this.

Portals under pressure

The lockdown will put immediate pressure on any business that derives its main income from advertising….companies are retracting on advertising to absorb the impact. Think news sites, think property portals.

The real heroes

As a final thought, let’s not forget the real superheroes in this epidemic…

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Adriaan Grové

Adriaan Grové

I’m the CEO of www.entegral.net, I love working with my remote team to solve real estate problems. Questions everything.