The coronavirus induced crisis has severely disrupted day to day business of real estate business. The real estate industry was already struggling with serious credit crunch and liquidity crisis, the top of it COVID-19 pandemic further made the industry more miserable. Conventionally, real estate developers avoid using technology, be it for construction or selling real estate properties. As we know, every crisis and challenges come with its own set of opportunities.
In the near term we might witness slump in sales of residential properties amidst coronavirus crisis and lockdown. But the industry has witnessed the quick adoption of digital technology and other innovation to cater its customers. Presently, during the lockdown almost all the outdoor activities are restricted or allowed in a minimal capacity to contain the COVID-19 pandemic spread. In this hard time also, online sellers and real estate developers are selling properties through the Digital Technology Platform. Despite all adversities finally, technology came to rescue several realtors and helped to continue their operation.
What helped digital sales to touch new high amidst lockdown? There are several factors worked in favour of online sellers and developers during lockdown and it is expected to continue digital sales of real estate properties in the future.
- Lower Booking Amounts
In the initial days of lockdown, several realtors face difficulties in selling real estate property online. Many of the realtors not able to close a single real estate deal, prominent reason was high booking amount and at the same time people are having liquidity issues also. Several developers and online sellers revisit their boardroom and redraft their strategies to counter the situation of high booking amount and low real estate transactions.
Realtors came up with multiple offerings, discounts, and incentives to lure home buyer and realty investor. They started taking low refundable booking amounts and made the entire transaction looks like an affordable buying option. Lower booking amount works wonderfully in the favour of both buyers and realtors.
- Price Protection Plan
There is a plethora of doubts and fears amongst buyers and realty investors while buying a real estate property. To address this issue several real estate developers came up with a price protection plan and has the power to inject confidence in both.
It gives protection to the investor and buyer from market slowdown and fear of real estate property price to fall further. It protects your investment from fluctuating prices such that, if the price of the property you have bought falls, the builders, refund you the difference.
- Virtual Site Visit Option
Traditionally, a home buyer prefers project site visit before finalizing the residential property. It is a normal procedure before COVID-19 pandemic time, but amidst lockdown site visits are restricted. To overcome this hurdle realtors took the help of immersive virtual technology to give a virtual site visit of the property to home buyers. Virtual technology gives 360-degree view of the project site and interior slice view of the residential property. Through using this technology, realtors able to address the last mile hurdle of site visit.
- Flexibility in Inventory Selection
Digital technology platforms give an option of choosing any inventory of his choice. Be it park facing, floor choice or direction, a home buyer and investor have all these flexibilities to choose while Buy Property Online. They can change any number of times before finalizing a property, previously these options are limited, and a person need to visit the project site to get the idea of the property of his choice.
Digital platforms have all this flexibility, home buyers & investors are taking these advantages while choosing any inventory online from the comfort of his/her home.
