Coronavirus in the Real Estate Sector: a Global Collapse or an Impetus for Change?

Economics and market relations are far from being a reference point for consistency and stability. Ups and downs happened before – but every challenge until now has been solved in one way or another. However, this time we are all faced with something that is really making us reconsider our everyday life routine and even sometimes revisit our life choices.

Coronavirus has already made adjustments to the life of each and every one of us – be it a customer or a seller. And if formerly marketing specialists were confronted with a task of reaching out to people figuratively, now every potential buyer is literally out of reach – locked down at home.

All of a sudden, most businesses turned out to be incapable of direct physical interaction with people. Moreover, customers themselves did not expect that one day they would have to refuse from habitual routine and business rituals.

After recovering from the first shock, entrepreneurs faced an urgent need for the bailout package. Firstly – what to do right now, and secondly – what would be the following steps if the crisis persists.

People have fully moved from offline to online – more for the sake of their health than because they really wanted or needed it. And although all the purchases are made via the Internet while sitting on their own sofa, the fact that customers are staying at home does not mean they want their life to be restricted to four walls of their own dwelling.

And while buying a house or a flat might seem a bad idea these days, the analytics actually proves otherwise. The number of views and searches for housing has increased, which might be the result of having more free time to browse through the offers. Virtual Reality tours have unexpectedly become the most demanded content.

Perhaps the purchase won’t happen right now, but it is during the lockdown period that all the searching and choosing of a desired real estate takes place. Apartments or a house is not an impulse buy. But now a meticulous customer has just enough time to thoroughly examine all the offers.

And real estate market has found its way of responding to this demand. If until this point 3D visualization and walk-through tours of properties were viewed as a good support tool of the industry, they have now become its main driving force.

As there is no possibility to physically visit the site now, the off-plan property for which photorealistic 3D VR tours have already been created and which can be walked through virtually is in pole position, as well as that still under development but already with promotion products. At the same time real estate companies with a more traditional approach received a boost to try new mechanisms of self-presentation to the customers.

Thus, 3D virtual tours suddenly became a life saver for the sphere of real estate.

When the lockdown is over, the choice made during this involuntary confinement at home will determine further actions of the customer. And here the task of real estate agencies will be to demonstrate all the advantages of the potential purchase and win the client’s loyalty in the future.

So, probably, it is a little too soon to speak about the downfall or collapse of the real estate sector in the result of the pandemic and lockdown. Maybe this is the kind of situation that becomes a catalyst for new ideas and implementation of alternative ways of interaction with the customer. That is why it is high time you allowed virtual world into our lives even while staying at home. Especially while staying at home.

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