The Role of Service Digitalisation in Realty Business during Pandemic from the Perspective of Real Estate Agency in Klang Valley, Malaysia

Abstract

COVID-19 has caused unprecedented disruption over the last few months, hitting the world with a vengeance in the middle of March. As COVID-19's effects are felt worldwide, the real estate industry is also affected by the rapid spread of coronavirus affecting global real estate investment as travel, face-to-face meetings and property viewing are restricted. Hence, this caused significant disruption in the business transaction of real estate agencies, including in Malaysia. Therefore, this paper aims to understand how Service Digitalisation solution able to sustain the real estate agency business during this pandemic. This study adopted a Business Model Innovation Model as the foundation. This study selected a case study of real estate agency in Klang Valley, Malaysia and a series of interview sessions were conducted with the principle and the agents. The data were then analysed based on a thematics analysis method. Finding reveals that there are five quick actions taken by this agency in digitalising their real estate services and management process in sustaining their business. These include the in-house development of real estate agency management system and websites, the utilisation of various social media application as a marketing platform, the development of own video content which is localised to Malaysian market segment, the usage of Search Engine Optimisation (SEO) and finally the series of digital competency and capability training given to their registered real estate agent in coping the business disruption, especially during MCO period. Significantly, COVID-19 has expedited this digitalisation process, and it is proven that only the quick adapter in this real estate business will be able to survive in this new norm. Therefore we strongly urged the realty business to quickly embrace the service digitalisation to the whole business operation to remain relevant and sustainable.