Real estate investment is a relatively complicated matter and this pandemic definitely hasn’t simplified it. There are, in fact, multiple factors to keep into consideration nowadays: the fact that forced social distancing has made meeting a real estate broker almost impossible combined with the uncertainty for the economic situation which will most likely be generated from this global pandemic. With these in mind, let’s analyse what the future of real estate will be and how people could approach it.
Online: The Colliding Point For An Uncertain Future
Real estate as a whole has gone through a massive digitalisation process in the past couple of years. There are, in fact, multiple examples of companies which, in the past couple of month, have gone through a significant digitalisation. This is a phenomenon which has caught the attention of many industry analysts, who for many years have stated how the world of property investment has remained anchored to their face-to-face approach. It’s mandatory to admit that the digitalisation of quickly resolvable processes such as commercial property auctions could help small, medium and big property agencies without massive upfront investment and, therefore, it should be looked into in this second half of 2020.
The Future Of Client Management
Real estate investment is, most of the times, pure client management. If you own a number of properties and you’re looking to implement a number of development routes, whether if small or big, you will be required to deal with requests, complaints and much more. Although most of the times this is done via e-mail, the introduction of next-gen chatbots is helping big real estate investors in maintaining clients on a daily basis and, given the forced social distancing, this will most likely increase again in the nearest future. We will see if these are just speculations or if there will be some form of truth.
Budgets: Micro Investments and Future-proof Plans
As mentioned above, many are scared that this pandemic will generate an economic crisis far more complicated to resolve than the one we all witnessed in 2008. With this in mind, especially given the fact that real estate prices will most likely skyrocket in the next couple of months, it’s important to assess the fact that micro-investments, such as joint buying, could save the young real estate entrepreneur in the long run, creating a stable income in the long run. The focus, after this pandemic, in fact, will be maintaining the correct expectations in terms of scalability and growth, without many sacrifices.