Tensions Rising with Unstable Markets: Agents are Beginning to Make Demands

Still in the midst of the Coronavirus pandemic and tensions are rising across all markets. Within the real estate industry, movements are popping up that cover cutting costs for companies and offering services for free or discounted prices to consumers. In the UK, agents are asking for reduced listing fees or cutting those fees entirely to help shorten the gap between how much they make and how much they spend to continue working. 

Specifically, UK agents are asking for not only discounts, but holidays, to make up for their decrease in income. 

British surveyors have asked the government to put in place a stamp duty holiday once the shelter-in-place order ends. The idea is to prepare for the expected housing price plummet within the next 12 months. 

Recently, Knight Frank forecast that transactions are expected to drop over a third, year-over-year, and prices to decrease 3%. 

Across the globe, agents in Malaysia are taking things into their own hands, requesting portals to throw them a bone. 

More than 9,000 people have signed a politely worded petition created by real estate broker, Ranjit Singh, titled 'Property Portals should have Social Responsibility towards their Customers during MCO [Movement Control Order]'.

We would like to urge property portals as iProperty, PropertyGuru, Mudah.my and many other Property Portals out there to do their part as a Social Responsibility towards theirs Customers e.g. Property Agents and Negotiators during this critical times when our Nation is under MCO. As a result of MCO we the Negotiators cannot do any business as viewing of properties with buyers or tenants.

We request all Property Portals to give a levy/discount on the Subscription during this MCO period.

The Government and the Cooperate sector is doing their part in helping out those effected with MCO. Humble request for the Property Portals to do the same.

This petition is just one of the many signs pointing towards agent unrest. COVID-19 not only brings with it the fear of a horrible illness, but the unease of an unstable market, lessened job security and a mad-dash to find any way to alleviate the stress caused by the shelter-in-place orders. Governments not only have their citizens to worry about and care for, but companies who are looking to survive this pandemic in one piece.

There will definitely be more petitions and demands made by workforces and companies, alike before everything returns to the status quo.