Coronavirus driving agents earnings down worldwide; Juwai IQI Market Intelligence 2020 survey
Over 80 per cent of residential real estate agents around the world say the coronavirus pandemic has cut their 2020 earning expectations, according to the first international survey of real estate on the impact of the outbreak.
More than 60 countries took part in the Juwai IQI Market Intelligence 2020 survey, with every country citing a loss of earnings.
Real estate agents in Greece have the worst outlook.
Some 95 per cent of Greek agents expect the coronavirus pandemic to cut their earnings in 2020, with two-thirds of those forecasting they will earn "significantly less."
As well as Greece, more than four out of five agents in a further five countries expect to earn less in 2020 due to the coronavirus pandemic.
In Australia, 84% of agents expect to earn less in 2020, with 58% suggesting the impact on their earnings will be significant and only 27% expect it to be moderate.
In Singapore, 88% of agents expect to make less.
The share of Singapore agents who expect to earn "a little less" is, at 47%, larger than the 41% who believe they will make "significantly less."
Malaysian and Philippine agents are the least pessimistic among those surveyed.
In Malaysia, 74% of agents expect to earn less in 2020, with 38% expecting to earn “significantly less” and 33% expecting to earn “a little less.”
In the Philippines, 68% of agents expect to earn less in 2020 due to the Coronavirus, with 38% expecting to earn “significantly less” and 30% expecting to earn “a little less.”
One of the strategies agents will use to preserve their incomes, according to the report, is to invest more in marketing to foreign buyers. Worldwide, 18% of agents report foreign buyers are one of their strategies.
Perhaps because of the relative significance of foreign buyers to their markets, agents in the Philippines and Portugal are the most likely to report plans to do so. In both the Philippines and Portugal, 26% of agents plan to increase their foreign buyer marketing.
In Malaysia and Thailand, 22% of agents will increase their investment in marketing to foreign buyers. In Greece, 21% of agents will do so. The share is 18% in Singapore, 16% in both Canada and Australia, and 12% in the USA.
