People can search for realty products of Cenhomes online (Photo courtesy of Cenhomes)
Hanoi (VNS/VNA) - Cutting costs andrestructuring products are what many real estate firms are doing to deal withdifficulties caused by COVID-19.
According to the VietnamAssociation of Realtors (VAR), the pandemic has caused many difficultiesfor the property market. Its preliminary statistics show that since thebeginning of 2020, there have been no projects launched and over 50 per cent ofthe 1,000 real estate trading floors nationwide have shut down.
A VAR representative said many realty firms have developed technology to change salesmethods to attract customers during the social distancing period.
Instead of meeting customersdirectly, they have launched sales through online platforms or apps. Forexample, Sunshine Group’s customers can find information on the project, closetransactions, transfer money and participate in a lucky draw via itsSunshineApp, available on both Android and iOS.
“All things customers do at a traditional real estate sale event; theycan do on the app,” a representative of the firm said.
Hai Phat Land also told itssalespeople to stop contacting customers but provide them with onlineconsulting. Dealing with the pandemic, the firm decided to focus on citieswhere real demand for real estate was recorded instead of other localities.
Another realty firm, Dat XanhMien Bac, cut all unnecessary expenses and reduced the number of branches todeal with difficulties.
The firm's general director Vu Cuong Quyet said: “Since the beginning of the year, we have cut 70percent of expenses. For example, we have cut down on marketing and advertisingexpenses. We also stopped running branches in ineffective locations to focus onsome key locations.”
Also changing their businessstrategy to deal with the pandemic, Dai Phuc Land decided to concentrate ongreen real estate projects. According to the firm, customers areincreasingly demanding green spaces which were environmentally-friendly andenergy efficient.
The firm’s representativesaid: “We will focus on building what the customers really want, so when thepandemic is over, they will come to us”./.
