Amid COVID-19 induced crisis, virtual meetings have taken center stage in the real estate industry. Traditionally, the housing industry was dominated by physical meetings, but technology adoption has changed everything, and this is the new normal. Unequivocally, change is inevitable.
Companies around the globe are swiftly advancing towards becoming a fully virtual environment using virtual offices. The virtual workplace is said to be the cubicle of the future. In a present-day organization, tele-conferencing, webinar, virtual meetings, instant messaging and e-mails are ready to replace face-to-face (F2F) communication. Eventually, the virtual office allows employees to work from home or in a cubicle away from the corporate headquarters.
In contemporary times, business leaders have an easy preference, either they can adopt technology to learn quickly how to use online collaborative technology or they can lose their business market share to their competitors. The companies that choose to learn and adopt new technologies increase their chances of staying competitive. Virtual offices have tremendous potential to reduce costs, increase profit & customer satisfaction and it allows a quicker route to global markets.
According to the United Nations Conference on Trade and Development’s Business-to-Consumer (B2C) E-commerce Index 2019, India has been ranked 73rd out of 152 countries. India moved seven places up in the list over the previous year’s rank. Amidst the coronavirus crisis, various real estate developers and proptech companies have leveraged their technology investments and did good businesses.
Post onset of COVID-19, various developers postponed their new launches of real estate projects, whereas numerous big developers have launched their residential projects online also. Developers such as Godrej Properties, Shriram Properties and others launched their residential projects online amidst the crisis. Developers and proptech companies are offering end-to-end processes like document verification, home loan application & etc to uphold business operation irreproachably.
Proptech companies like Square Yards, are aggressively using all digital channels, namely, Zoom, Google Hangout, & Skype, etc. to engage with realty customers. Amid lockdown and coronavirus crisis, real estate companies have made huge budget reallocation towards digital platform development for the transaction and adoption of virtual office technologies.
Moving onward, there will be a surge in usage of technology application such as e-meetings, webinars, & tele-conferencing in the real estate industry. These developments will change the perception of the buying process of real estate properties in India. Real estate brokers and channel partners will more often like to interact with home buyers on virtual platforms. They don’t need to sit together in a room to finalize a real estate deal, but through virtual meetings and other applications they can interact and close the deal from their home.
Conclusion
The change in real estate industry is evident in times of crisis. Through using various web applications such as virtual meetings, webinars, and tele-conferencing all stakeholders of real estate are advancing towards a new era of change. Adoption of technology like online meetings are truly cost-effective, convenient and time-saving medium of communication.
