Reimagining the real estate sector in the new normal
Updated: Aug 19, 2021
July 21, 2021 / The Financial Express
Compared to the first wave in 2020, developers are now more equipped to tackle uncertain circumstances and have learned to emerge stronger from situations like Covid-19.
To be more relevant with the changing times, a lot of developers are adopting the practice of agile marketing to boost their campaigns, deliver faster services and enhance customer-centricity.
Amid the second wave of the Covid-19 pandemic, the real estate sector is gearing up once again to sail through the crisis. Compared to the first wave in 2020, developers are now more equipped to tackle uncertain circumstances and have learned to emerge stronger from situations like Covid-19.
Back then digitisation was still evolving but fortunately, the pandemic accelerated the adoption of technology and digitised many processes in the sector to make it seamless for everyone. Furthermore, the realisation of having a safe abode and owning a home in such turbulent times resulted in a surge in demand for residential units.
Considering the ongoing pandemic, a lot of homebuyers are getting more inclined towards purchasing a home because of the security it provides. A recent report by Anarock stated that 57% of people consider real estate investment to be safer as compared to gold or the volatile stock market. The report further stated that 92% of the people will continue with their bookings despite the changing economic situation due to COVID-19. This showcases the growing importance of real estate as an asset class and how home buying is still a priority for most people.
While the sector continues to adapt and grow, the following are a few trends that the real estate sector is witnessing in the new normal:
Changing consumer preferences: Most companies are planning to adopt the permanent or hybrid model of working from home, and schools too are providing online classes for students. In the past year, many people have gotten accustomed to this new mode of working and are looking out for homes that can provide them with a multi-use space for offices and children. Alongside this people are considering peripheral or central areas to get larger homes that are spacious and at the same time affordable. Developers are going the extra mile by providing homes with multi-use spaces, balconies, and sustainable green features.
Leveraging location intelligence: The exponential development of technology has enabled the ability for accurate data analysis and AI-powered insights for augmenting the role of location intelligence. Such advancement can act as a catalyst to accelerate real estate businesses through property intelligence that is used to get real-time data, better valuations, and predictions. This can help developers to better navigate the market sentiment and ongoing trends to enhance and design customised marketing strategies. This will further help to make improved business decisions.
Digitisation: Developers have adapted to digital methods to make home-buying easier and hassle-free. With virtual tours, one can view the interiors of the apartment and every other aspect of multiple properties without having to travel anywhere. Apart from reputed real estate organisations, even smaller developers are now providing online assistance for their existing and potential home buyers; which was not the case a year ago.
Agile marketing strategies: To be more relevant with the changing times, a lot of developers are adopting the practice of agile marketing to boost their campaigns, deliver faster services and enhance customer-centricity. The pandemic proved that without an agile marketing approach in place, companies could soon start facing adverse effects from a business standpoint. Developers are now using omnichannel techniques to be present in all relevant platforms and have a customized approach for their target audience in a language that is relevant to them.
Keeping in mind the above-mentioned points, we are optimistic to see the sector leapfrog through the prevailing crisis and rethink new-age competitive strategies that can help to accelerate progress. Even though we might face some downturns due to the second wave, real estate will always be one of the most important sectors in the country for driving growth and development. With the emerging trends and lessons learned from the previous year, we are optimistic to see the sector bounce back and witness positive growth in the coming months of 2021.
(By Nishant Deshmukh, Founder and MD, Sugee Group)