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Realty woes and market opportunity

2020-07-01

The COVID-19 hit us a few months ago and its after-effects are going to continue across industries for a long time now. The pandemic caught all businesses off-guard, bringing multiple sectors to almost a state of stagnation. With consumers facing difficulty in site visits and moving to a new home due to the nationwide lockdown, the real estate industry came up with a viable and sustainable contingency plan.

Like every dark cloud has a silver lining, it also reflected for the realtors who took a quick and timely action. The developers and realty players who responded to the crisis logically and strategically were not just able to stay afloat, but also moved ahead swiftly! Some of the techniques that had come handy was digital transformation. Many players have been agile to identify and grasp the existing opportunity to bring out the best during this crisis.

Let us have a look at what and how the real estate sector has been working on to stay afloat and do better.

Digital push ? Use of virtual property tours

The adoption of digital technology among developers, real estate platforms as well as buyers got a good head start due to the current crisis. As homebuyers could not do physical site visits, players like NoBroker leveraged augmented reality and virtual reality by partnering with big online real estate playersapart from their own platform to give home buyers a glimpse of their projects. Simultaneously, the real estate players also put their bets on innovative digital campaign initiatives to engage with their potential customers.

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