Coronavirus: Impact on Real Estate During the Global Pandemic

  • 2 years ago
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Real Estate During the Global Pandemic

With the global spread of Novel Coronavirus, the world has reeled into a lockdown. Many of the activities, including business and travel, have been completely cordoned off by national governments across the globe. India too has been extremely careful at handling the virus outbreak, but at the cost of ongoing growth and development progress, which was inevitable. Real estate sector too was no exception.

For those who were pondering on the thought of investing in real estate or buying a house of their own, things came to a standstill all of a sudden. The looming danger of getting infected by the virus or the fear of getting contaminated by the virus has forced many to stay back home and pull plugs on their plans for the time being. So, how should we all go forward from here?

Until the scientific community comes up with a vaccine or a permanent cure to the viral disease, there is only little that all of us can do. Many industry experts suggest drastic measures that involve the utilization of cutting-edge technologies and innovative measures to proceed with the activities.

Real Estate During and After the Global Pandemic

Although humans have been knee-deep with muddling science and technology, there has never been a greater need for technological aid than now. Although the COVID-19 fears have hit various business sectors and verticals, many (if not most) have managed to survive this crisis. How? Thanks to technology that has enabled remote work processing, we have been able to get along with many activities.

When it comes to real estate, many companies have opted for digitizing their operations. It could as well be said that technology has enabled us to cater to clients, customers and vendors. At this point, it would be safe to say that online services, including websites and virtual system integration to this sector, will play a noteworthy role. It might even change the course of how the sector develops altogether!

The Way Forward for Homebuyers/Investors

  1. Take to the internet: If you have not done it yet, it is high time you do so! From ages, people have been hitting the internet to check on properties. Though there were a few property portals that could cater to your needs, the demand for a true virtual experience was non-existent. After the pandemic breakout, many companies have taken to the internet along with a few new online portals that promise to meet your needs.
  2. Sift through your choices: In most aspects, we let our decisions be influenced by our friends, family and relatives. However, it is also important for you, the buyer, to be able to choose what you want based on what your needs are. At GSS Property Mall, we want you to be able to choose your dream property as per your preferences, budget and requirements.

Indeed, desperate times call for desperate measures and likewise, we see a lot of real estate companies, builders and developers jump on the bandwagon of digitization. You can find many such reputed companies on online portals, advertising their properties. The one distinct advantage that online portals have is that they give you adequate time to sit back, look through various listings and choose the one that you like!

The Way Forward for Builders, Developers & Sellers

With all the buying audience locked up in their own houses, the conventional method of selling properties to the buyers has become hypothetical. There are not many developers, builders and sellers can do to move their properties except to adapt to the technological advances. Implementation of digital mediums to sell the properties may help real estate in flourishing back to its original glory again.

  1. Updated website: The overwhelming majority of your buyers aren’t out on the streets; however, on the internet, they are searching for details. This is also the main analysis tool and the notifications left for them. Make sure you create an impressive online platform packed with important data about the contract, dispatches, facilities, specifics of the construction and payment, and so on. This will encourage your customers to settle for an educated option.
  2. RERA Registration: Buyers settle for choices that depend on the credibility of the developer and past track history. The Real Estate Regulatory Authority (RERA) of Karnataka has allowed prospective investors to research and study the developers and the project they want to be involved in. Registering your property with RERA ensures that buyers get all electronic authentication and other information related to sales of the property on the website of the regulatory body.
  3. Use Augmented/Virtual Reality (AR/VR): The use of Augmented Reality (AR) and Virtual Reality (VR) is noticeable in urban areas but these technologies are now reaching the smaller cities as well in this case. Ensure that you give your customers, who are far from you, an unforgettable experience.
  4. Joint collaboration: At times like these, it is always advisable to join hands and get through together. Collaborate with brokers, agents and affiliate partners who can get your properties selling in no time, thanks to their widespread network. If they have an online presence too, that acts as an icing on the cake. Regardless, a massive network will help you promote your project in a better manner so make the most of it.

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