The pandemic has completely changed the modes of business in every sector. Similarly, the Real Estate sector has given its best to cope up with this new change by setting up operations online. Equally, the buyers need to cope up with this electronic mode of business and trust the real estate property sales. So let’s find out what’s new in the real estate marketplace.
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The COVID-19 pandemic is a genuinely global phenomenon affecting almost one-third of the world’s population under lockdown quarantine. As people had to stay home, it has impacted human lives and economy at large. To go back towards a fully productive economy, every human is taking efforts for how ‘new normal’ might look like. Similarly, the impact of COVID-19 on the real estate industry has been massive.
Currently, the mantra every business must follow is to adapt and innovate to get back in the business, and real estate is no exception. Real estate in post-COVID world has reinforced the importance of financial security, and people are considering the purchase of real estate assets as merit. Traditionally, the first step of the home buying process for the customers used to be a site visit. To see, feel and examine the property before making a purchase decision was the ideal method. It’s still risky to go out and deal with the entire purchase procedure.
A new normal will emerge out of this pandemic, and the advent of technology will play a significant role in acting as the first touch-point towards driving real estate property sales. New guidelines indicate that sellers and their agents and the buyers must avoid and limit the paperwork exchange. It’s a new normal to chuck the meetings and go digital to connect with all the procedures. For urgent paperwork, people can use disposable pens, but for the rest, such as the closing, documents have to be signed by an electronic signature.
Most of the real estate companies and agents have shifted their workforce digitally. All the work from virtual site visits to closing the sales of the properties is done online. Most of the companies have developed a full-fledged system to handle everything in one place. This has allowed both the buyer and seller to get a pretty good experience and complete the transactions online. People are now even comfortable doing all the closing of deals online with ‘click and tap’ Similarly, banks are asking to submit all the signatures and loan copies by electronic means.
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Health is the new wealth for everybody on earth now. People are very much sceptical of any physical interaction. Especially if they have to meet unknown people, it gets too dicey as again the health factor is made a priority. Social distancing is a part of the protocol for everyone. In case of urgency, people leave all packed with a kit including masks, gloves, sanitisers and what, not for their safety. Urgent meetings could be done taking care of all the precautions in the COVID-19 times. But still, it’s highly essential to follow all the new norms.
This will last with all of us for a while now, so better adapt to this situation and get used to doing things electronically. Real estate companies are working on creating 3D & 4D walk-throughs, Virtual Reality models for the online screening of the properties and virtual presentations to present the projects and amenities in an organised way.
Just like how we browse properties on real estate listing platforms, builders have now made their personalised websites enabled with all the tools to suit the comfort of the potential buyer. With the help of automated mediums, customers can now browse the properties and view all the amenities and offer made by the seller at the comfort of their homes abiding all the chaos happening outside. Sanitisation has played a massive role in everyone’s safety during this pandemic.
All the properties have a good setup of sanitisation at the entire site while the employees follow all the safety norms rolled out by the public health authorities for everyone’s safety and hygiene. Utmost care is taken to keep all the visitors, buyers and everyone else safe.
Hence it is evident to conclude that the real estate is undergoing a massive change in terms of adopting technology, and soon it will lead the way with blockchain backing its transactions and AR & VR backing presentations.
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