Covid-19 pandemic has posed a threat to human nature and their economic activities. Its consequences have been felt across the globe in all sectors. Some sectors have been affected severely while others have sprout and taken major spot.
The virus has change how we used to interact and live in our society. We no longer have to visit highly populated places and run parties as before. Public health protocols like social distance were issued by World Health Organization with the intention of curbing the deadly virus from further spread.
Even though scientists have developed covid-19 vaccines that are being administered. The Virus has changed from its original variant and many life-threatening variants like India Variants and South Africa Variants demand further research on the vaccines so that they can be more effective.
One industry in which the corona virus has impacted and caused a revolutionary style of doing business is commercial Real estate. Real estate business has for a very long term believe in the traditional way of doing business. Even the giant’s real estate companies have been reluctant on adapting advance digital marketing techniques that have been brought about by technological advancements.
Real estate business has many participants, ranging from employee, suppliers, customers among others. Corona Virus has affected the whole value chain in real estate and each participant have been struggling to survive the adverse effect on their capital and their market share.
There are some three key areas that have changed in real estate and it seems it will be the new style of doing business going forward.
1. Virtual Marketing
As the human movement has been reduced in an effort to curb Covid-19 spread. Real estate companies had no choice but to adapt to the new normal in order to continue doing the business and preserve their capital.
The companies have appreciated the fact that clients tend to follow certain customer journey which involves both digital and physical touch points.
Since the customers first touch point of interaction is online. The real estate companies have utilized the online platforms to give as much information to the clients as possible. They have introduced video tours of the properties, HD images, pre-recorded and live streamed videos and augmented reality on some house properties.
The level of information provided to the clients is as detailed as possible. This helps customers get exactly picture of the property before engaging with company for possible deal closure.
This style of delivering information to clients is expected to continue in the industry.
2. Safety Amenities around the properties
Following the Health protocol guidelines, clients are more concerned with properties that have safety amenities.
As the new virus strains develop, it makes it hard to fully eliminate the virus at once and it will be here with us for long. Real estate clients are now putting that into consideration when they are looking for new properties to acquire.
Property developers are now effecting health guidelines when developing properties for selling. They are implementing touchless technologies on properties, high –air infiltration technology on the properties among others
In addition, each Real estate company who often have site visits for their clients is required to follow strict health protocols set by their governments.
3. A complete change of in-person Tours
Changes of Human interaction have necessitated companies to adjust to the new ways that will help to protect its customers as well as continue with the business.
Since the outbreak of the virus, companies have been trying to keep up with the challenge of ensuring health protocols are observed by their customers when having site visit.
Health guideline like social distance, constantly washing hands or sanitizing and masking up are some of the communication that companies do with their customers before site visit.
Also, the numbers of customers to visiting the site are limited.
Adapting to the New Normal
Real estate companies have no choice but to adapt to the consequences of the pandemic. For business continuity and healthy ecosystem in the real estate industry, each company should adjust to accommodate the above changes.