The changes emerging from the corona virus-induced social distancing may be around for a long time giving room for a new normal. The ripple effect of this virus on various parts of the economy has caused so many establishments to cease operations as a result of an impending economic recession welling up.
Focusing on the negative implication of the pandemic would only slow things down. Several other firms are coping or are learning to cope already, exploiting the availability of technology. Supermarkets, schools, churches, companies, to mention a few have found a way around logistics with technology.
The truth is the ability of individual firms to stand tall after this storm depends on how they respond to immediate challenges to the industry. Particularly, the current declines in short-term cash flow and demand for space, as well as the uncertainty surrounding commercial tenants’ ability to pay their bills.
What is the way forward? First, acting quickly and smartly will help determine the fate of players not only in these challenging times but also in the post-pandemic era.
The place of technology:
When we think about technology, we think about phones, computers, automobiles and other gadgets that we use in our everyday life.
The role of technology in the business processes amidst this pandemic cannot be over-emphasized. Technology has extensively redefined the parameters of developing, buying and selling operations in the real estate sector. Players in the industry must usurp its advantage in navigating business. It provides an option for remote working, which is what works today due to the social distancing guidelines. Technology has played a significant role in ensuring that participants in the industry are in contact with one another even while kept at bay. Video conferencing is today, one of the most convincing digital mechanisms adopted by real estate firms. This has enabled them to maintain contact with customers, partners as well as internal team players.
Consumers are forced to shop online because of closed malls, and shopping centres may permanently adjust their buying habits for specific categories toward e-commerce. The shift to e-commerce may also further boost already high demands for industrial space as online retailers must own several large warehouses.
Technology has come to stay, and we must all embrace it and exploit its advantages. Intense online marketing can be carried out by taking advantage of webinar. Potential investors can also be sourced, enlightened through digitization. E-brochures have replaced paper brochures, and most customers prefer to research online and make selections before going out to see the property. From virtual tours to product sensitization, via video conferencing and accessible online payment channels, realtors are making it convenient for buyers and also promoting sales of their products, making it a win-win deal.
In all, technology is making it a lot easier for participants in the real estate sector to close deals amidst the coronavirus and its induced social distancing. Just in case you haven’t tapped into this, there’s a lot more at your fingertips. Play smart, stay relevant.
Taking the digital leap:
Nurture and build a robust online presence on the webspace. COVID-19 would force us always to practice social distancing but not on the webspace. Real estate sector is increasingly adopting digital tools to mitigate the impact of COVID-19. If at this point into the pandemic you have not leveraged on digital, then you are most likely doing it all wrong. Quite a number of people are spending a lot more time on e-commerce and social platforms, more than they have ever done. This can be leveraged to build a sustainable customer base.
To remain relevant, real estate firms are spending a lot on an array of digital marketing solutions and other productive online tools. Email marketing, website ads and a host of other digital marketing channels are adopted. This migration towards digitization will play a significant role in sustaining a relevant customer pool, ensuring a substantial demand for homes in the future.
Furthermore, The real estate sector would like other industries continue to adapt to the ever-changing world. For the real estate industry, the path is apparent as digital technologies and platforms are only going to become more dominant in the days to come.