COVID-19 has hit almost every industry, bringing about major changes to how we live and conduct business. Property development, construction projects, and real estate ventures are not outside of the realm of possibility during this time. However, health and safety risks bring new challenges. Social distancing keeps potential buyers at bay, construction projects slow down, and local restrictions limit regular business operations.
For property developers and real estate professionals during COVID-19, the challenges are not insurmountable. Apps, technology, and creativity can provide a wide range of solutions to the problems brought by the coronavirus.
How is COVID-19 impacting the property industry?
In many countries, real estate agents, property developers, and construction workers have been classified as essential. This means that these businesses and professionals can continue working and serving their customers, but there are many new guidelines and restrictions in place. From social distancing practices to sanitization guidelines, the property industry has changed drastically during the coronavirus pandemic.
Construction is considered an essential industry. However, the essential status does not exempt construction crews and contractors from the changes brought by COVID-19. Like many other industries, a significant number of construction companies and contractors are prioritizing the health and safety of their employees. Fewer crew members, shorter working days, and social distancing practices onsite can all contribute to extended project timelines. While the changes are necessary to protect everyone onsite, the impact will be felt in fewer completed projects and longer turnaround times.
Spring is the busy season for home buying, but COVID-19 has interrupted the usual pattern. Stay-at-home orders have halted viewings and the home buying process in many places. With unemployment rising, the demand for real estate is likely to drop. However, housing is a necessity. Milestones and life circumstances do not come to a halt during a pandemic, and many will still find themselves in need of buying a home. Data seems to suggest that while homebuying may slow significantly during a pandemic, home prices are likely to stay stable.
Tips to keep property projects moving forward during COVID-19
It can be easy to lose hope during these challenges, especially considering the unprecedented times. But, property projects can still move forward during COVID-19. Creative thinking and embracing new tools and processes can contribute to the success of real estate projects and sales. Keep reading for top tips to keep your momentum going despite the difficulties of the coronavirus.
Have a routine
Sticking to a schedule of work for the day is crucial. With the coronavirus, policies and procedures can change weekly. Set daily and weekly goals to stay focused without planning work too far out. Developing a routine can provide a sense of normalcy during these tense times.
Use technology for effective communication
There are countless apps available to help you stay connected with your team. Remote work is now the norm for many businesses, so staying in touch requires extra effort. From project management apps to communication tools, you can coordinate real estate projects and keep everyone on the same page. Many of these apps even offer free trials, so you can decide which option works best for your needs.
Invest in CGI for new builds
CGI can help you market a property even if construction slows down. If COVID-19 impacts your construction progress, you can still move forward. Visualization can help you see the property more clearly and identify potential issues before construction starts. You can also make major decisions with the developer or contractor through CGI alone.
Create videos & 3D renderings
With social distancing guidelines in place, viewing a property is difficult for buyers. Creating virtual viewings through videos and 3D renderings can help buyers visualize a property, even if they cannot see it in person. These techniques make the property feel more real and can help you continue marketing efforts during COVID-19. With videos and 3D renderings, buyers can feel confident and ready to visit a property as soon as it is safe.
Plan for the future
It might be difficult to plan for the future with so much uncertainty. However, planning for lockdowns and restrictions to be reduced is crucial to staying ahead. Have goals in place for your business and projects after the worst of the coronavirus is over. Also, keep in mind that the longer these restrictions are in place, the more they will become “normal.” Some people may not feel comfortable with looser safety practices for a while.
Give yourself a break
Don’t forget to take care of yourself. Stepping back for a short period of time can help you refresh and attack projects with a new perspective. This time is full of stress, tension, and uncertainty for most people. Giving yourself a break can be essential to your own health and wellness.