After the harsh onslaught of the pandemic, many people thought that the real estate industry would eventually go down the drain. And why not? Real estate selling starts with handing out of glossy flyers to people in crowded places like malls and thrives on actual visits around and out of town. Unfortunately, all these were prohibited during the lockdown and caused somewhat of an economic turmoil and frustration not only in real estate, but in the realm of most businesses around the world.
A NEW MARKETPLACE
Fortunately, there was social media and digital ads. Digitalization made it possible for real estate to operate on the web. It did take some time before the industry could adjust to the new normal. The digital transition was not easy, but doable, anyway. After all, houses and living spaces are a necessity even during the time of the pandemic. A little more than a year after the pandemic began, most real estate companies shifted from the usual interpersonal communication to the digital marketplace. And what made this work was keeping the clients constantly informed and updated with what’s going on.
A ONE-STOP LOCATION
In terms of updated services, real estate developments became more comprehensive and holistic in terms of what they offer. Buildings have now combined residential, office, and commercial spaces, with the idea of safety and not just convenience. The idea is that the less people leave the vicinity of the safety zone, the less chances of transmitting the virus and putting neighbors in danger. Apparently, this idea is something that has not been thought of before the pandemic. But now, it has become a selling point for developers.
No one wants to touch anything nowadays because pathogens stay on surfaces for days and these have elicited fear among people. So as a solution, most condominium projects now have smart home features like using QR Codes which allows dwellers to move around without having to constantly touch objects and transmit the disease to others. It does not really come off as costly, considering the safety and security that it offers. We cannot stress it enough, that an ounce of prevention is always better than a pound of cure.
The real estate industry identified a novel factor that now drives buyers to purchase properties: vast space. With the new normal health protocol, people wanted to move out of congested areas because they feared COVID-19. In effect, more and more potential buyers inquired about properties situated outside the metro. Preferences were Laguna, Cavite, and Pampanga. These are provinces not too far from the capital region. Even Iloilo and Cebu were choice areas in the South for those who wanted to relocate or simply buy. And because of the remote working conditions, most professionals were not deterred by the distance. Still, safety was the primary consideration.
THE RAY OF LIGHT
The industry recovery in the first quarter of 2021 promises a brighter future in world of real estate. For one, the demographics of buyers are now younger, coming from the 20–30-year-old brackets. The health sector’s continuous push for physical distancing has encouraged a lot of people to go solo as much as they can, if that is the best way to save themselves from the perils of the pandemic.
The vaccines are here, and hopefully, as soon as we reach the point of herd immunity, there will be another shift in the industry. The economy will adjust to a now normal and people will have access to bank loans, making it possible for them to buy properties again. Thus, the real estate industry will surely see better days ahead.