The virus induced lockdown has broken the spine of many industries and businesses. Having to completely stop their operations and being forced to shut down altogether, many industries are facing severe difficulties, and real estate is no different. But enough about problems; let us discuss what the possible strategies can be going forward, and how can real estate sector get back on its feet post lockdown.
Digitization of services
One of the major changes that we'd observe post lockdown in the workings of real estate sector would be that the services will shift to an online format as people would be wary of contracting any infection while doing actual site visits. Even after the lockdown opens, there will remain an emphasis on social distancing for a while and potential buyers would be reluctant to visit the site until they make up their minds. The need of the hour is for the real estate sector to adopt digital technology at lightning speed. It is pretty obvious that technologies like Artificial Intelligence (AI) will be major influencers in the future and those organizations that adopt them earlier will have an edge in the market. From a buyer's perspective, this change may seem a bit strange, but one has to keep in mind that these digital tools are just as authentic and reliable as an actual person.
Earlier, people physically visited the property that they were interested in, but now, in order to conform to social distancing protocols, physical viewing will be replaced by digital viewing and virtual tours. Technologies that have been popular in the western countries for a while now – like drone viewing – will come in very handy in this regard.
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