When the World stopped, it was the same in the real estate industry, it happed, i.e- outbreak of coronavirus is leaving severe negative impacts, it is also bringing about a number of changes. This is because the developers are now trying to adjust to the term called ‘new normal’ by finding new routes to market and sell their properties. Apart from disruptions in construction activities, a major problem that developers started to face was a sudden fall in sales because of lower purchasing power.
This was started by the lockdown which prevented people from moving about freely & made homebuyers reluctant to take the risk to visit project sites. Several market giants have gone digital to provide all details and information on their projects via the internet. New normal have “virtual tours” of the project sites that being arranged via video calls and AI tours of the 3D models. In fact, several builders had already made arrangements for digital platforms to keep pace with changing times even at the beginning of the pandemic. This was a rather easier way to stay in the market with the changing pace of the time.
Digitalisation also benefited the real estate sector in a number of ways. It has already been observed that internet
usage has increased by expediently since the COVID started, especially so many people are working from home.
Thus, reaching online would help the developers gain more exposure.
Digitalization has also brought benefits for advertisement as with people stuck in their homes, the number of potential buyers that hoardings and posters could attract has fallen greatly. Online advertisements and services, on the other hand, are now more attention-grabbing and need of the hour.
In general, as well, the use of social media was rising considerably in recent times. This is one of the reasons why many developers had already gone online.
Other changes in the real estate sector include a rise in demand for homes that offer modern features such as e-zones,
shopping zones, and recreational amenities within the projects. This would allow them to enjoy their necessary amenities without having to travel outside much, and thus stay safe at home or at least close to their Home. At such times, providing high-end digital services would help the buyers understand the forward-thinking and sophisticated mentality of the developers.
This has resulted in a rise in the use of better AI, chatbots, and other digital systems to cater to the buyers’ needs.
It can be concluded that just like hard times always forced progressive innovations to take place, the same is taking place for the real estate sector.