A featured contribution from Leadership Perspectives: a curated forum reserved for leaders nominated by our subscribers and vetted by the Construction Tech Review Advisory Board.
PropTech Solutions
Is now the right time to expand globally?
Volatile. Unstable. Unprecedented. These are just a few words commonly used by economists to describe real estate markets worldwide since the pandemic became global news. For real estate companies who have halted plans to expand into international markets in light of the pandemic, the advice from experts on when to restart their expansion efforts varies widely. There is still a great deal of uncertainty and not all global markets are impacted the same way. However, the one viewpoint that seems unanimous among advisors is that it is not a question of if markets rebound but when.
As a global real estate technology company providing lead-to-close real estate management solutions to companies in over 60 countries and 40 languages, we have a unique view into the impact of the pandemic on residential real estate around the world. Through our own aggregate data, we’ve seen wide variances in how the pandemic has impacted different geographies at different times. Although it may be premature to make predictions on the long-term effects with confidence, our most recent data outside the U.S. and Canada suggest signs of recovery at both ends of the sales cycle: from a buyer’s first search for a property online through to a closed transaction. Here’s a snapshot of the latest trends based on PropTech Solutions’ aggregated data below:
Both visitor and search volume on PropTech Solutions’ real estate websites have been increasing since March 2020, surpassing 2019 volumes in mid-late April as global markets began to rebound.
Total transactions and sold listings on PropTech Solutions’ real estate websites have been increasing since April 2020, as global markets began to rebound.
The industry’s resiliency is made possible by our collective ability to adapt business operations through technologies such as the virtual open house and increased support from governments across the world.
Savvy investors tend to buy when markets are down
It’s been said that you can’t time the market when buying stocks but, in reality, smart investors do it every day. They realize with every market downturn there are opportunities for those with capital to invest. The real estate industry is no different. Difficult times, like we are experiencing today, have the effect of weaning out the weaker companies while creating opportunities for those that have staying power. Larger, more established firms and franchises may want to consider their long game when exploring international expansion and the opportunities that arise in a troubled market.
As Walid Moussa, FIABCI World President 2019-20, shared recently “...what will define the impact that the current situation has in our lives is our capability to adapt quickly and turn crisis into opportunities. In fact, this could well be the best time to invest in real estate: after all - bad times make for good buys.”
When the time is right, we’re here to help!
With over 23 years of experience helping leading real estate companies accelerate their growth internationally, we are well-prepared to support your expansion plans and help you overcome the complex challenges of international real estate.
For those entering the international market for the first time, start with the essentials that contribute directly to your bottom line and support recruitment, i.e. a lead generating website and cooperation-based customer relationship management (CRM) tools that increase listing exposure and maximize lead generation. Download the Tech Checklist for 5 technology essentials to expand and prosper internationally.
Global Broker-Owner & Office Manager Survey
As a Broker-Owner or Office Manager, what has your experience been like since the pandemic? We are conducting a global survey to gain insight on the pandemic’s influence on local real estate businesses worldwide, such as the impact on buyer demand, property prices, agent recruitment and retention, and technology investment. The survey is short and should only take a few minutes to complete. We would be grateful to hear your unique experience. In appreciation, each eligible participant has a chance to win Apple AirPod Wireless Headphones*. Some conditions apply. Please start the survey here.
If you’re looking to expand your business internationally, we can help. Please contact us.
