Developers are now better able to deal with unexpected scenarios than they were in the initial wave in 2020, and they've learned to emerge stronger from instances like Covid-19.
In the midst of the second wave of the Covid-19 pandemic, the real estate industry is once again preparing to weather the storm. Developers are now better able to deal with unexpected scenarios than they were in the initial wave in 2020, and they've learned to emerge stronger from instances like Covid-19.
The epidemic expedited the adoption of technology and digitized numerous processes in the sector, making it seamless for everyone. Furthermore, in such volatile times, the realization of having a safe refuge and owning a home sparked a boom in residential unit demand.
Because of the pandemic, many people are becoming more interested in buying a home. This is due to the security it provides. According to a recent study by Anarock, 57 percent of consumers believe real estate is a safer investment than gold or the turbulent stock market. According to the survey, despite the shifting economic scenario brought on by COVID-19, 92 percent of people will keep their reservations. This demonstrates the expanding importance of real estate as an asset class. As well as how homeownership remains a top priority for the majority of individuals.
While the real estate industry continues to adapt and grow, there are a few patterns that are emerging in the new normal:
Changing consumer preferences
Most businesses intend to adopt a permanent or hybrid model of working from home, and schools, too, are offering online classes to students. Many people have grown accustomed to this new way of working in the last year and are looking for homes that can accommodate both offices and children. Along with this, people are looking for larger homes in peripheral or central areas that are both spacious and affordable. Developers are going above and beyond by including multi-use spaces, balconies, and sustainable green features in their homes.
Leveraging location intelligence
The exponential advancement of technology has enabled accurate data analysis and AI-powered insights to augment the role of location intelligence. Such progress can act as a catalyst to accelerate real estate businesses by providing real-time data, better valuations, and predictions through property intelligence. This can assist developers in better navigating market sentiment and ongoing trends in order to improve and design tailored marketing strategies. This will also aid in making better business decisions.
Digitization
Developers have adapted to digital methods to make home-buying simpler and less stressful. With virtual tours, you can see the interiors of apartments and other properties without having to leave your house. Apart from well-known real estate firms, even smaller developers are now offering online assistance to existing and prospective home buyers, which was not the case a year ago.
Agile marketing strategies
To stay relevant in today's world, many developers are implementing agile marketing practices to boost their campaigns, deliver faster services, and improve customer-centricity. The pandemic demonstrated that if companies do not have an agile marketing strategy in place, they will soon face business consequences. Developers are now utilizing omnichannel techniques to be present on all relevant platforms and to have a customized approach for their target audience in a language that they understand.
With the foregoing in mind, we are optimistic that the industry will be able to jump through the current crisis and reimagine new-age competitive tactics that will help accelerate advancement. Even if the second wave brings some downturns, real estate will continue to be one of the most significant sectors in the country for generating growth and development. We are optimistic that the sector will bounce back and have positive growth in the coming months of 2021, based on emerging trends and lessons learned from the previous year.
Source: Financial Express
