Real Estate Sector Tackling COVID 19 with Digital Innovations

While the crisis caused in the real estate industry by the outbreak of coronavirus is leaving severe negative impacts, it is also bringing about a number of progressive changes. This is because the developers are now forced to adjust to the ‘new normal’ by finding new ways to market and sell their properties. Apart from disruptions in construction activities, a major problem that developers started to face was a sudden drop in sales.

This was triggered by the lockdown which prevented people from moving about freely & made homebuyers reluctant to take the risk to visit project sites. Several developers have gone digital to provide all details and information on their projects via the internet. Even virtual tours of the project sites are being arranged via video calls and AR tours of the 3D models. In fact, several builders had already expanded to digital platforms to keep pace with changing times even before the pandemic. These developers would find it particularly easier to adapt to the current situation and survive in the market.

Digitalisation would also benefit the real estate sector in a number of ways. It has already been observed that internet usage has increased by leaps and bounds since the lockdown started, especially as many people are working from home. Thus, going online would help the developers gain more exposure. Digitalisation is also beneficial for advertisement as with people stuck in their homes, the number of potential buyers that hoardings and posters could attract has fallen greatly. Online advertisement and services, on the other hand are now more attention-grabbing. In general as well, the use of social media was rising considerably in the recent years. 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 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.