Real Estate will Expand Footprint in Online Space in the wake of Lockdown

By : 360 Realtors

05 May, 2020

Due to the COVID-19 pandemic, real estate businesses have had to adapt - and quickly. The real task was in front of the sales and leasing teams as they just had a few days, if not hours, to figure out how to translate their face-to-face meetings and adapt to the new digital and virtual ecosystem. Moreover, the daunting part was to get the clients digitally aboard as well.

During a time of mandatory quarantine and self-isolation, virtual relations have  become the name of the game. Although delivering comparable results in today’s scenario is not an easy task, but the progressive realtors who have long embraced the virtues of technology to expand its reach for potential clients are still able to run their businesses efficiently.

From the broker’s perspective, virtual tours are an important tool taking on even greater significance to ensure properties are continuing to get visits by potential buyers via the digital lens. The technological tools are key for enabling the real estate market to weather the current economic hardships better than other industries.

Virtual tours, digital documents, and remote conferencing are the main reasons why the real estate industry has not come to a complete halt and at the time  when every sector of society is in the pinch of the pandemic, the real estate  brokers are still cracking deals for the future.

One of the biggest changes coming to the realtors in the wake of the Pandemic outbreak and the subsequent lockdown was the ever-deepening reliance on technology. But now, with all the sudden changes enforced they have and will keep on finding even more ways to keep in touch with their clients.

In the times to come Real Estate will continue to expand its footprint digitally.

Although the real estate at its core remains all about relationships and no amount of text messages, phone calls or e-meetings can replace the camaraderie or the connection that a realty professional and his clients share. However, for the time being, the real estate community is doing what it can with all the means at its disposal to serve clients- and this is to stay virtually connected with their existing as well as with the potential clients.

Out of Adversity comes Opportunity:

The real estate sector still is one of the most sought after asset classes to invest during the current odds. Considering the conditions of banks, share market crash and capital depreciation, or any other option, Real estate is considered a safer and better bet for the investors.

In the way China has dealt with the virus it has lost its goodwill and trust from investors and the corporate world and after China, India is the next bet for the corporates as it is the second-best country that can handle the magnitude of the global scale, in terms of manpower, resources, transport systems, etc.

India so far has garnered trust in handling corona and has bravely fought pandemics in the past too.  All this will lead to the corporate fundings in India and this will give further impetus to the Indian Real Estate as well. NRI investment in real estate is also bound to improve amidst Rupee's fall, especially in the commercial and retail sectors.

Coming to the crux, despite mounting challenges there are greener pastures visible in the sector. The industry is showing resilience & fighting against the odd of COVID paranoia.  Once the lockdown will be over, the sentiments will further revive & demand will gain momentum.

Amidst such changes, it is also imperative for the industry to adopt newer innovations & technologies. This will simplify the work, bring in greater efficiency, alongside mitigating & absorbing future risks. The time for wider behavioral changes has come to the Indian Real Estate.