How technology will help the real estate sector, during COVID-19

The Indian real estate sector has always been a major contributor to the economy of India. It is one of the most significant sectors, considering the population of India and the high demand for residential and commercial properties. However, as one of the renowned  real estate companies in Mumbai, we know how COVID-19 has taken a huge toll on the real estate industry. The Coronavirus pandemic has not only affected many lives all over the world, but has also affected the livelihood of millions, with a huge impact on many businesses across India.

Working from home and communicating with clients or team members on phone calls or video calls has become the new work culture. Many businesses are continuing their daily operations, by adopting these methods. But in the real estate sector, COVID-19 has led to major problems, like financial issues, demand issues, and labour shortage issues, considering many contract workers have returned to their hometowns or are stuck somewhere, trying to get through this. However, technology, just like it always has, can play a huge role in reducing this impact, and can enable residential as well as commercial property development companies to sustain themselves. 

Here is how technology will help the real estate sector minimize the impact and sustain, through this unprecedented time of COVID-19: 

Virtual Showings and Evaluations
Many real estate developers have realized how useful the magic of advanced 3D modelling and virtual reality is, in continuing digital property marketing during these unique times, resulting from the Coronavirus pandemic. Virtual showings and evaluations will help real estate developers all over the country close new deals and retain their old clients, without getting in contact with anyone, thereby ensuring the safety of new clients and listing representatives.

Self Touring
The self-touring technology allows people with an intent to buy, to go through a property without getting in contact with others. It is a technology that is bound to help property developers thrive and close leads, in such a strange time. Almost every aspect of touring can be scheduled online with the use of technologies like Knock, which helps to schedule property tours, without agents and without leaving your home.

Electronic Signatures
Electronic signatures are one of the technological advancements that many property development companies are yet to utilize. And, as one of the biggest real estate developers in India, we can say that this is the perfect time to opt for and begin using it. E-signatures can help to simplify processes, like mortgage and transactions, thereby making them more convenient and quicker for buyers as well as sellers.

Digitization of Paperwork
With the assistance of highly skilled and experienced technicians, it is possible to streamline the paperwork associated with buying a commercial or residential property, thereby helping to deal with the logistical issues in the most effective way.

No one can really predict how long this pandemic or lockdown will last! But, one thing that’s true for sure, is that only effective planning and smart adoption of technologies can minimize the impact of COVID-19 on the real estate sector in India. Cutting-edge, ground-breaking technology has always been at the forefront when it comes to creating a paradigm shift, and so, these technological advancements will act as the backbone of the real estate sector, during this time.