Coronavirus: Why the lockdown is a blessing in disguise for the realty sector?
The post-COVID-19 times would demand the realty sector to be relentless and agile in their business models, with developers requiring to invest in new-age technologies like AR and VR to assure potential buyers.
It is high time that we start looking at this lockdown situation in a different light. Nobody could have ever imagined that something as tiny as a virus would be the cause of multiple businesses becoming entirely digital.
India was on the path of advancing and utilising the power of online mediums for its several set of industries, ever since the vision of digital India was brought to the fore. However, the lockdown imposed turned this possibility into a reality.
Several companies are being able to tide over this phase only because they have access to internet services. Similar is the case with the realty market of India.
Potential homebuyers are confined to their homes for almost two months, and online realty portals have reported the maximum traffic. Developers are constantly devising new methods to keep their sales going through these online channels.
This new pattern of running the business has very much become the new normal, and will continue to be so for a long time. Health experts have been very vocal about the fact that we need to learn and unlearn our habits for protecting ourselves from the contagion.
So, for the economic recovery, we must step up. Sales and revenue generation will be largely dependent on digital marketing. People are apprehensive about their health, and would always be looking out for an alternative to skip the personal interactions.
The Pros of being locked in homes
If we were to get a better understanding, for this being an opportunistic time for realty, the lockdown days have made it possible for the developers to reach out to their potential homebuyers. This has also been a testing time in maintaining a relationship with the existing home buyers as well, waiting for their homes to be delivered.
Webinars have become a popular platform for initiating a direct conversation with major stakeholders in the realty business. Buyers and investors, having ample time in their hands, have shown increased interest in listening to the expert’s point of view. The heightened queries these webinars are garnering from different online platforms, reflect the scope of property investment being an attractive option in the coming times.
The industries were at a standstill for almost two months, and people were largely dependent on their savings. This has made them realise the value of a stable long- term investment, which at this time, only real estate can provide.
Technology - inevitable in sparking a connection
Creative sensitivity has been the order of the day. The strategy is to speak for the mindfulness of the buyers. Developers have started to realise how important it is to invest in advanced technologies such as augmented reality (AR) and virtual reality (VR) for assuring potential buyers. Their keenness is currently at the peak.
The fact that they cannot step out for site visits personally needs to be duly compensated. It is only achievable with the support of updated technologies, which are capable of providing a replica of their dream homes virtually.
The present time is precious; people’s perceptions are changing; a developer has the undivided attention of its buyers, and the time calls for experimentation.
There are myriad mediums for establishing a virtual connection with your homebuyers. The list begins with social media engagement but gets extended to polls, debates, newsletters, and threads.
Data-driven reports and insights have sparked a new interest in the new-age tech-savvy generation. They may not be thinking about investing in a property right away, but are definitely interested to understand more about market trends for future investments. More importantly, these reports are helping the fence-sitters make a well-calibrated decision.
New-age realty developer
Nonetheless, the post-COVID-19 times would demand the realty sector to be relentless and agile in their business models. Home-buying has always been a once in lifetime investment opportunity for a majority of the buyers.
The realty players, who will be ready to integrate the traditional consumer sentiment in coherence with the advanced standards of technology, will fair very well. User-generated content can come out as very resourceful in making the online portals and virtual interfaces more accessible and user-friendly.
(Edited by Suman Singh)
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)
Want to make your startup journey smooth? YS Education brings a comprehensive Funding Course, where you also get a chance to pitch your business plan to top investors. Click here to know more.