The residential real estate market has been dramatically hit since the start of COVID-19. It was just on the path of recovery since the beginning of the year, but the entire process came to a screeching halt with the lockdown due to Coronavirus. This has pushed real estate to innovate further to ensure that they bring back buyers.
The best way forward for residential real estate is by ensuring the following
- Streamlining the residential buying process
- Faster and automated construction
- Using data to gain insights into customer preferences
Learn to use data
It is important now more than ever to understand the driving factors for buyers. Data collected on preference is a good place to start and it will help you understand buyer motivation. Gut instinct might work to close a sale but with lesser people visiting sites we need to work on data in order to advertise in the right manner and hitting the right chord. Data is the best place to start to understand what your customers want.
Making paperwork easier
The paperwork for real estate is generally tedious. There are several visits that need to be made to builder’s office to finalize paperwork. Instead if a digital document is processed with the ability to e-sign more buyers might be able to complete the buying process faster. Also, most transactions can also be done digitally ensuring there is no discrepancy in records of payments. There are several digital ledger options that can be used to track payment schedules of buyers.
Virtual tour innovation
Virtual tours will have to become the order of the day as clients may find it hard to go back and forth and visit sites in the current restrictive situation. Just floor plans are difficult to visualize, but a virtual tour on your website will give a better response.
Using Pre-fabrication to speed up construction
Construction needs to be sped up if you want to finish projects on time now and that too with less labour. Pre-fabrication is a way to consider for creating walls, windows, doors and just go for installation at the site. Modular construction is also the way to go if you want to speed up construction work and reduce construction waste and on-site interaction of labour.
Smart Homes
Internet of Things (IoT) has changed homes in the last decade. Additional investment into giving your clients an upscale tech home with Wi-Fi, smart locks, thermostats and smart lights is a great way to ensure that you stay ahead of the competition.
Fully Furnished Apartments
Fully Furnished Apartments will have to be the way forward is you want to reduce the amount of labour moving around to install electrical and other woodwork for individual apartments. Pre-designed options is a good way to go to ensure that you ensure lesser labour movement and also give your clients a ready to move in option.
Innovation has to be quick and efficient to ensure that the industry doesn’t drop back into another slump. The fastest adopters of technology would be the ones who will be able to sustain the pandemic influence.
