The real estate sector being technology averse is moving fast to adapt to a new normal of doing business. Coronavirus induced lockdown has changed the equation and way of way doing real estate business for online sellers, developers, real estate agents. Every stakeholder of this industry is trying hard to survive amidst the COVID-19 pandemic crisis.
Specifically, real estate agents are facing the real challenge of being obsolete post coronavirus crisis. To be relevant in this highly competitive industry, real estate agents need to focus on their reskilling. There is an old proverb “Learn, Unlearn and Relearn”. This proverb accurately fits for Indian real estate agents. Due to the intense bull run market of real estate in the last one and half decades, most of the agents forgot to acquire new skills. The existing skills of Indian real estate agents are not enough to tide over the economic slowdown, coronavirus crisis, and fast-changing demand landscape.
According to multiple reports from the real estate industry body, if Real Estate Agents are in grave danger of being obsolete due to the rise in technology and lack of skills that are required for sustenance. Amidst coronavirus crisis and lockdown real estate agents are doing little business and have plenty of time at hand. Agents need to more focus on reskilling during lockdown so that they can survive and make themselves ready to meet ever-changing demand patterns in the real estate industry.
Certain real estate agents are taking the help of online classes to learn new skills, as they bolster themselves for a dip in sales and spike in legal brawls in the wake of coronavirus crisis. Real estate agents are showing interest to learn about intricacies of social media marketing and various legal provisions such as force majeure that they will have to confront with later.
Learning digital marketing techniques such as:
- Basic SEO techniques such as proper tagging and keyword distribution
- Writing quality content that compels readers to engage
- Social media lead generation methods
Through mastering these skills, a real estate agent might become eligible for a highly competitive dynamic market, improve their Online visibility, and give tough competition to their competitors.
A legal provision such as force majeure is not used in the last one and half decades in real estate, as the government had announced that the coronavirus crisis will be considered as force majeure. The real estate industry will witness sudden spikes in this legal provision, but agents are not aware of its legal intricacies. Force majeure is a provision in contracts that protects both parties from liability or obligation in the event of unexpected circumstances that prevent them from fulfilling their obligations under the contract. Legally it is also known as the “act of god”.
Post lockdown several companies are seeking to declare force majeure since businesses have been stalled due to COVID-19 outbreak. Thorough knowledge of this legal provision can beneficial for people involved in real estate like agents, as they can improve their understandings about tenants’ and buyers’ rights. As several real estate experts expect that spike in litigation in the coming days as projects get delayed due to slow construction pace and thus delivery of the projects.
These reskilling exercises could resurrect the real estate business dynamics of agents in India. Several Real Estate Agents associations are coming forwards to reskilling classes for their members to keep them ahead in the race.