Real Estate Agents To Raise Investment In Marketing To Foreign Buyers
To beat income losses caused by the Covid-19 pandemic, real estate agents in Malaysia plan to invest more in marketing to overseas buyers. The Global Coronavirus Agent Survey, which polled over 822 real estate agents across 60 countries, showed that 22% of real estate agents in Malaysia intends to raise their investment in marketing to foreign property buyers.
With this, Juwai IQI expects to see more property developers and real estate agents going online to launch and market development projects as the Covid-19 outbreak has affected markets across the board, reported The Malaysian Reserve citing a Juwai IQI study.
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“We are seeing Chinese cross-border enquiries increasing and agents wanting to put more effort on attracting foreign buyers, which is great,” said Juwai IQI Executive Chairman Georg Chmiel.
“We can see from China that, despite the lockdown for two months, things are getting back to normal. We will soon see a surge of pent-up activity once the market returns to normal.”
Chmiel, however, noted that the outlook varies by market and country.
Based on the study, around 31% agents in Malaysia said foreign buyer activity significantly fell due to Covid-19.
Moreover, 23% recorded a similar drop in local owner-occupier transactions, 27% reported a significant decline in investor buyers, while 18% saw a decline in renters. With this, they are the least pessimistic real estate agents surveyed for this year’s earnings expectations.
Notably, 74% of Malaysian agents expect to earn less this year, with 38% anticipating to earn “significantly less” and 33% expect to earn “a little less”.
Some 53% of local agents feel that Covid-19’s impact will be felt across the market for over three months.
Meanwhile, 35% of agents feel that this is a “very good” or “good” time to sell, while 47% indicated that it is a “very bad” or “bad” time to sell.
However, 82% of Malaysian agents believe it is a “very good” or “good” time to buy property.
The study also showed that 82% of residential real estate agents worldwide said the Covid-19 pandemic has slashed their earnings expectations for this year.
Globally, 29% of real estate agents believe that the virus outbreak caused a “significant drop” in owner-occupier activity within their local market.
About 40% of agents across the world indicated that foreign buyer activity significantly fell and 21% said renter activity substantially declined.
Investors appear to be relatively unaffected, with just 10% of agents worldwide reporting reduced activity from locally-based investor buyers.
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