Because of the COVID-19 pandemic, local industries are now struggling.
From restaurants, retail shops to leisure centers and even schools, businesses are feeling the economic impact of the ongoing health crisis. The real estate industry, in particular, has been affected because site visits and face-to-face meetings have become almost impossible.
Thankfully, advances in technology have allowed us to come up with alternative ways to render services without having to risk our lives. While mobile apps selling properties were already available before the crisis, many of these applications now extend to walkthroughs, material samples and customized visualizations.
If you’re looking to purchase materials or even a property nowadays, you can discover, research and decide on your purchase without having to leave your home.
Read on to discover how the real estate industry in our country has managed to circumvent quarantine restrictions. Who knows, our current crisis may actually pave the way for easier transactions in the real estate market of tomorrow.
Maps have now become more user-friendly.
Visualization devices such as VR headgear allow people to virtually experience spaces without have to leave their homes.
Virtual site tripping
When the first enhanced community quarantine was enforced in Metro Manila in March, many businesses had to come up with innovative ways to continue serving people without having to force them to leave their homes. Those with existing digital platforms had a head start, but pretty soon, most companies turned to the power of the internet to keep their businesses afloat during the quarantine.
Many real estate agents turned to digital strategies to continue selling property to potential buyers. Web mapping services such as Google Maps have become essential in determining the location and vicinity characteristics of properties. Building Information Modeling (BIM), meanwhile, has helped buyers to virtually experience the conditions of the property. Realistic renderings and three-dimensional walkthroughs allow people to “see” for themselves the properties they’re interested in, even if these units or structures haven’t been built yet.
Through online tools, designers and clients are now able to communicate better when it comes to design intentions
Designing virtual spaces
Are you looking to renovate your existing home instead of buying a new one? Aided by BIM, many design firms now provide digital visualizations that allow you to easily imagine how your home would look like with the changes you have in mind.
Even material suppliers are upgrading their services, as many of their websites allow you to view high-resolution samples of their products and their possible applications.
This simplifies the communication between designers and clients, enabling them to agree on a final design scheme at a quicker rate. This also helps manage the expectations of clients, as many of these digital renders already show potential problems or limitations that would most probably emerge in the real site.
Technology has helped the real estate market stay afloat amid the COVID-19 pandemic
Online property value assessments
Budget is one of the primary factors that influence buyers when it comes to purchasing properties. While in the past, people had to scout several properties in an area to determine average property values, this can now be done with just a click of a button. Real estate websites allow buyers to scroll through different properties in just one sitting and determine which house, condominium unit or office meets their budgetary and spatial conditions. The improved availability of cost information reduced the occurrence of scams, as most buyers now do their own research even if they’re in talks with real estate agents.
Being able to estimate property values through digital apps also drive many agents to deliver better deals for the consumer on the budget. More often than not, the availability of property prices accelerates the selling process for both the buyer and the seller, as choices are easily narrowed down to those that meet the buyer’s price range.
Cashless purchases
While online selling has been around for a while, it has found fans among buyers of products requiring investment. Even though these require bigger capitals, investment products such as parcels of land or condominium units can now be reserved online. Because face-to-face meetings must be limited, online financial transactions such as payment of reservation fees and monthly amortization have become acceptable for both buyer and seller. This not only eases the purchase of properties, but it also ensures the security of the transaction. With online dealings, everything is now documented digitally, preventing possible breaches of contract between the parties involved in property purchases.
24/7 human interaction
Even with the advancements of technology, nothing beats interaction with actual human beings. Thankfully, this is still possible amid the quarantine through live chats and online assistance. While many real estate agents already offer online assistance pre-pandemic, this service has since been expanded in many websites. Chatbots and 24/7 services allow people to reach agents more easily, even without knowing any contact details. This would definitely come in handy for people researching on their dream homes in the middle of the night, or those who just need a quick advice on their purchase decisions.
The digital route
Despite the challenges brought about by the pandemic, there is one silver lining we can appreciate. The pandemic has forced our country to improve and expand its digital solutions, thus enabling even small business to carry out their operations online.
When it comes to the real estate industry, this re-emergence of the digital age would definitely propel the industry forward. Overseas Filipino workers (OFWs) and foreign investors would be more informed and enabled when it comes to purchasing properties in our country. Local buyers would become more empowered in their choices, encouraging them to make smarter choices when it comes to buying new properties.
Overall, the COVID-19 health crisis may just be the unexpected but necessary catalyst for change in the Philippine real estate market today.
Sources: https://blog.bitsrc.io; https://businesstown.com; energepic.com; Andrea Piacquadio, Lorenzo, and Pixabay via pexels.com