Though things look desolate now, they are going to be better. Hope is a treasure and can never be swept away. After a massive tremble and shudder that was created1, we all are almost back with new resolutions or with the impaired ones – to stitch up the holes created by corona. There is a paradigm shift in our lifestyle as well as in our workplace. The secret of change is to focus our energy to build the new, rather than crying over the spilled milk.
As we all know Coronavirus has directly hit the global economy, with a number of companies struggling to hold on their foot, employees losing or being thrown out of the jobs and the masses getting locked in the houses for months. In this devastating scenario, the Real Estate segment had also been targeted by the noxious virus and its effects. Real Estate could not save itself from the blaze and it was also hit hard. It needs to get on the Path to Recovery – Post Pandemic. Corona taught us that life doesn’t get easier but we get stronger and more resilient. No matter how much falls on us, we keep moving ahead. That’s the only way to keep the roads clear. We need to be able to let go and move on.
TABLE OF CONTENT
- Effect of a pandemic on real estate
- A clear view of the present situation
- Unity in teamwork
- New initiatives
- Connecting with customers
- Supply chain management
- Take advantage of the technology
- Shift in sentiments
- E-commerce
- To conclude
1.Effect of the pandemic on real estate
Real Estate, though experienced tremendous loss during COVID 19, adopted the policy of ‘keep moving’ and is on the path to recovery – post-pandemic. This segment needs to be resilient to survive and flourish in these circumstances. Not only the buying and selling of properties were at a halt, but the construction sites also faced a tremendous loss. They were the most savagely hit segment. Traditional business processes were hampered but Real Estate is now on the path to the recovery-post pandemic and is expected to revive soon.
Now that we are in the post-pandemic period, let’s keep in mind a few things to follow on the path to the recovery-post pandemic.
2.A clear view of the present situation
Real Estate has to identify the requirements of the new lifestyle and the evolving work culture which is no longer limited to the office only. This amalgamation of the culture will be a contributing element in the path to recovery of the Real Estate-post pandemic. Homes are also offices. Homes are also schools. A home is a blend of a school, an office, and of course – “Home Sweet Home”. Architectural changes in the offices, better ventilation, and provision of social distancing is the need of the hour. Homes also need more space as its functions are increased.
3.Unity in teamwork
Post pandemic is a crucial period and it is very important to work in a team. Teamwork enhances the speed and also accumulates more ideas for the revival. So priority should be given to teamwork, though the work is online. Teamwork and the precious ideas of the team should be treasured.
“Great things in business are never done by one person. They are always done by a team.” –Steve Jobs
4.New Initiatives
It is time to recognize the challenge and do something to safeguard ourselves in the future. Real Estate needs to adopt new strategies to revitalize itself. The practices which were followed earlier need to undergo a course of action to keep pace with technological innovations. Being an asset sector, it will remain significant but needs to reinvent itself as per the prevailing circumstances. Customer confidence has to be regained. A pandemic contingency plan has to be created. Therefore, the introduction of new initiatives is the demand of the circumstances. Moreover, hygiene measures play a crucial role in refurbishing existing commercial spaces.
5.Connecting with customers
Communication with existing as well as new customers is very important for a healthy business. This becomes more significant when site visits and personal meetings are restricted. A strong IT and digital infrastructure will play a vital role in strengthening relations with prospective customers. The Realty sector needs to keep connected with the clients on their path to the recovery-post pandemic.
6.Supply chain management
This pandemic has highlighted the challenges faced due to the geography-specific supply chains. Real Estate needs to hunt for native suppliers and also have a backup, to overcome any sudden commotion in supply chain management. This will lessen the risk of facing a massive loss and also strengthens us to face any disaster without much fright.
7. Take advantage of the Technology
Technology has taken the center stage during and also the post-pandemic. COVID has taught us the importance of crisis preparedness and also forced us to renovate our lifestyle. With prolonged lockdown, Real Estate has become advanced and is now utilizing digital technology to sustain the drive. Virtual walkthroughs and chatbots can also be used to interact with customers. Technology can be used to offer a new experience to customer demands. An increase in automation and mechanization is expected in the path to the recovery-post pandemic. This might reduce the dependency of labor to a certain extent. Digital marketing strategy needs a priority to improve the customer response. Technology has to be implemented that includes artificial intelligence and data analytics and should be applied to all areas of real estate. Virtual offices would surely prove to be beneficial. Adopting technology will be an advantage in the path to recovery – post-pandemic.
8.Shift in Sentiments
There is a shift in consumer sentiments post the lockdown period. Owning an apartment has become one of the most important decisions in the aftermath of this pandemic. Work from home and online classes for the kids need little more space than available. So an extra room as a study will be an added charm to the customers. This can be considered as one of the key factors to the path of recovery-post pandemic.
9.E-commerce
COVID 19 has instigated people to take up E-Commerce. The real estate sector may also face a major change in their commercial or office segment. As the market has witnessed a huge change in post-pandemic, the introduction of multi-level warehouses inside the city limits may pop up as a new prospect to real estate. With more companies switching to online services, the demand for warehouses may rise. An increase in E-commerce may demand tech-enabled multi-story warehouses.
10. To Conclude
The path to a recovery-post pandemic will be a modified start with better intensity and vigor than before. Real Estate has to keep itself afloat in the gushing waves of the post-pandemic. The commercial Real Estate sector needs to lure investors with new strategies. The residential segment also requires a few modifications as per the demand of the present lifestyle. With favorable initiatives from the government, the revival of the Real Estate sector might not be problematic and would also address the long term concerns of the realty segment. This will also help the buyers to come forward. Though the market has faced adverse conditions, it is now on the path to the recovery-post pandemic and will regain power very soon if proper measures are taken up. Employee welfare should be given more importance. Only those will be best placed who have embraced technology and are ready for any changing demands.
Tough times are almost over. There is light at the end of the tunnel and we are almost there. “Real Estate is an imperishable asset, ever-increasing in value. It is the most solid security that human ingenuity had devised; it is the basis of all security and the only indestructible security.” This may shiver for a while but will not fade away. 
Written by Nikhil Gattu
