Summary: The real estate market is looking to start afresh and thrive on renewed consumer demand and confidence. EJ Dalius explains why and how the sector is pinning recovery expectations on the post-Covid scenario.
Reimagining and remaking the real estate sector for the next normal is a herculean task. It all starts with making the digital jump. Before the pandemic, the US real estate had been inching towards digitizing procedures. It helps in creating digitally-propelled services for users and tenants.
Social distancing and the lockdown of commercial spaces have amplified and magnified the significance of digitization, especially through customer and tenant experience.
- In the realm of residential real estate, investors who have put money in leasing processes and digital sales through virtual showings and open houses, virtual an augmented reality, and personalized, targeted, and omnichannel sales will allow residents to identify the right space quickly.
- When a realtor closes down amenity spaces for months, creating a better experience, you need to necessarily integrate an array of digital-first experiences and services.
- The other aspects will include on-time and demand delivery, concierge services and telehealth, and contactless access for maintenance staff, guests, and residents, and virtual communities.
- As more and more users are adopting the digital-based products, it will amplify user expectations. Market players are providing a different and distinct post-Covid experience to roll past the curve.
- Eric Dalius confirms that digital products can pay rich dividends in terms of greater loyalty and the bandwidth to generate new revenue streams to better meet the needs of end-users and tenants.
The latest innovations
There are tech firms elaborating on the proptech impact across the US real estate spectrum in a more effective and efficient. Digital brokerages are at the zenith of property searches. In recent times, developers are adopting advanced and new construction methods and technology to save time and enhance employee safety.
- Eric J Daliusadvocates the use of VR and AI for creating pathways for more accurate and seamless forecasting.
- The commercial sector and retail malls are incorporating numerous technological tools for advanced user experience.
- While the residential sector has been sluggish in adopting new technology, the pandemic has witnessed heavy investment in automation and technology from premier real estate developers.
- Real estate sector and urban planning will experience the expansion of numerous disruptive technologies in the country, which includes drones, and blockchain, and 3D printing.
The innovative designs
In the wake of the crisis, patrons and market players are paying meticulous attention towards a wholesome and holistic living/buying experience. It includes meaningful spaces, expansive outdoor areas, and utility spaces.
Moreover, the practical designs have the potential to form a new standard of interior spaces. In addition to this, double pantries for maximum food storage, self-disinfecting tools/surfaces, using anti-bacterial products and outfitting laundry spaces sumptuously will also set the new normal in the coming months.
Real estate transformations and trends keep evolving on a constant basis, EJ Dalius. It’s undergoing transformation in various ways, which include specialization, construction and financing. There will be a surge in smart housings, digital payments, architectural visualization, and virtual home tours.