How Real Estate Firms Are Readjusting Post Covid-19

You are currently viewing How Real Estate Firms Are Readjusting Post Covid-19
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  • Post last modified:April 28, 2021
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The novel corona virus disease struck in the first quarter of 2020 and everything changed. The economy of course was affected negatively and every business sector was also affected differently. No one had any idea on how to launch forward, all we knew is that infections were transmitted on a daily basis and at a really fast rate. Most businesses had to close and some had to make a reduction on the number of employees as there was a major shortfall in revenue.

The businesses that were vastly affected started devising new ways of making a comeback through ideas that would propel them back to the industry.

One of the sectors that were really affected was the real estate sector as movement was restricted with the government putting measures such as lock down on counties. No one at this point would be able to make physical visits to the property they would wish to acquire. Everyone had panicked and opted to wait for normalcy to return or withhold any amount of funds they had so in case of emergencies.

Real estate companies one way or another had to find ways to go around this and this is where the digital aspect of marketing real estate came in.

Normalcy is resuming but at a slower pace and just like any other sectors, the real estate sector is also readjusting to the post Covid-19 era of going about their business.

Real estate firms are slowly but surely embracing the digital space, where they allow online transactions via advertisements of their property to potential clients who may show interest or going as further as conducting virtual tours of their properties and even making the payments. The industry is adopting the use of e-commerce platforms to market and sell their properties to the interested clientele, some of whom can’t be able to conduct physical site visits to the offices. This creates a leverage on the database of buyers on these platforms who may want to purchase land but do not know how to go about it.

Another thing real estate firms have adopted is giving their customers flexible payment plans. With this, one can even secure a loan from a trusted financier to acquire the property. They have the option of paying for the property over a certain amount of time depending on what the terms are and their preference.

This is one way that real estate firms have managed to increase revenue streams post Covid-19.

Some firms have gone ahead and started giving their purchasers discounts on their property in a bid to increase their sales.

All these has been necessitated by adverse effects of the Covid-19 pandemic that has seen many Kenyans lose their jobs.

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