Uncertainty is one of the certain phenomena that comes like havoc and takes everything with it. It is our approach and preparation which mitigates the risk and the repercussions of uncertainty.
Restaurant, hospitality, travel, real estate, you name it most businesses have been affected by this obscurity created by COVID -19. Particularly, the impact on the real estate industry is unprecedented.
From real estate builders to property managers, real estate agents to investors, everyone from the ecosystem, in some way or another way, has been influenced.
COVID 19 has forced them to align their work according to the current scenario where social distancing, work from home, and lockdown mandates are customary.
The question is how a Real estate is going to adapt to the changes during and after COVID 19? How will the stakeholders in the real estate industry manage their business?
What to Expect from the Real Estate Industry after COVID 19
The real estate industry is going to pass through a noticeable technological change. The way it was run and operated as a matter of the past. It may not be the case today.
COVID 19 has forced the industry to adopt technology seriously. Although physical meetings to sites are not going anywhere. Let’s see what change you might see in the Real estate industry during the pandemic or even after the COVID 19.
Virtual tours will be preferred over physical meetings
As people are sceptical of personal meetings, there will be new practices in the real estate domain that will not only help builders to provide safe visits but also will have an interactive experience. 3D models and AR models of properties will provide an amazing experience to the prospective buyer.
Till now, builders used to create a property model so that a buyer could understand the situation of the flat or an office. But now through technological advancements, builders can create a brochure that can be scanned through the specific AR app.
A potential buyer can view that AR model through their mobile and decide the situation of the property.
There are also some models that let visitors view the whole house through an interactive virtual tour. All he has to do is just tap the area and navigate through rooms and other areas of the house.
Data analysis will play a major role
As customer behavior will have a major role to play in the upcoming years, data analysis will play a vital role. More and more real estate businesses will move their business online and try to collect customer data for making better business decisions.
Mobile applications for tenants, real estate agents, realtors, and customers will accumulate important information about them. Data like demographic, age, profession, email id, behaviour, and more will help real estate companies create relevant services that could provide value to the end-user.
By using real estate predictive data analysis, investors will be able to decide who their tenants will be in future times. They will be able to know the demand for the neighbourhood properties.
They will be able to know what target group should they focus on- singles, young families, college students, etc.? Not only tenant information but through effective data analysis, the companies will be able to know the pricing of the properties, commercial trends, locations and more.
Earning the trust of Communities through technology will be the main priority
In this nerve-wracking time, owners and operators have an obligation to think about their customers and employees. Property managers will have to be extra empathetic towards the tenant’s needs and will have to think from their safety perspective.
Cloud-based management solutions would be a great step for better accessibility and convenience of tenants and property managers. These apps will allow both parties to sign into their respective panels and manage the rent-related matters.
The property manager will be able to know about all the tenants’ latest payments, complaints, payment dues, screening details, and more through cloud-based real estate apps.
Tenants may appreciate your present efforts and considerations. This results in a better tenant- owner relationships; It reinforces trust in them.
The workers at the site are as important as the in house employees of any real estate company. Contactors will have to take extra measures for their on-site workers in these challenging times.
Smart hard hats are the latest addition in real estate technology. As it helps management to monitor all the worker activities, it will guarantee better productivity of workers.
It will also ensure safety for workers as the smart hard hat is featured with all kinds of sensors that monitor workers’ health and other important things. The SOS panic button will instantly notify the supervisor and help them to take the necessary steps.
IoT will play a Major Role
As the home ages, it needs renovations. So, it needs maintenance on a regular basis. There will be an increasing need for smart technologies that could continuously monitor your home properly and gives you insight if there is any.
Predictive maintenance will help you figure out the problem before it happens and you could take better measures. IoT Sensors and real-time energy monitoring will not only enhance energy efficiency but also automate and resolve building maintenance issues.
Beacon technology is yet another groundbreaking technology that is going to disrupt the real estate industry during or even after COVID-19; it can be effectively used in real estate-especially in the property showing.
The building owners could install the beacons in the parts of properties. And when someone passes through that vicinity, a signal generating beacon catches the nearby internet-connected mobile phone and provides a link.
These links could be anything from short video or pricing & size of the property. So, there will be a better property visiting experience.
Beacons like platforms provide prospective clients to view the property before the real estate agent comes.
Conclusion
It is really challenging times for many businesses; particularly, for the real estate industry, People are wary about their choices. For real estate companies, even the whole ecosystem is affected by COVID 19. They will have to pursue a new way and approach in doing their business.
A balance of empathy and adoption of technology will definitely help them to stay competitive in this marketing. Real estate app development is the first choice of real estate biggies. They have turned their eyes towards mobility solutions for their customers. It remains to be seen, to what extent the real estate businesses adopt these technologies.
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