Is The World Of Real Estate Doomed? A Post-Covid Analysis
There has been much speculation in regards to how the world would look like from an economic point of view after this pandemic will lift its dark wings from the world. Especially within the real estate sector, we’ve seen a significant rise in theories which (for the vast majority) have led to a doomsday-like scenario in regards to this very business area. Are they real? Can we trust the fact that the world of real estate will pass through a crisis as big as the one in 2008? Let’s find out.
The Digitalisation Will Help
The whole of the real estate and property sector has gone through a massive form of digitalisation in the past couple of years. With many small, medium and big companies approaching lead generation via online portals and marketing strategies such as SEO and PPC, there have been a number of people who still relied on a strict face to face approach. With this being said, some companies who, for example, focused on commercial property auctions have seen their income grew by over 40% whilst, the ones with a more traditional approach have inevitably failed during this pandemic. This will, of course, keep on going even after this pandemic will end, but no one knows when it will properly be over.
The Usage Of Data
Online lead generation and management are important, of course, but if they’re set up in the wrong way then chances that they will be more harmful than helpful are pretty high. The usage of data (big data, cookies and physical data) can, in fact, help in creating a number of user behaviours which, when analysed properly, could improve the conversion rate of any website, even for complex and “not so easy to sell” services such as the ones related to real estate investment, management and listing. The usage of data has recently been pointed out as the most valuable asset on Earth within businesses but, after the infamous Cambridge Analytica scandal, its powers aren’t as tangible as they were before. With this in mind, though, it’s still very important to consider the fact that data as a whole will most likely be vastly implemented within the world of real estate, effectively rising to a whole new height once this pandemic will finish.
The world of real estate is definitely something which will directly (or indirectly) suffer from this pandemic. The signals, in fact, that this will become a whole new economic crisis are pretty tangible but, with the above-mentioned solutions, the technology-savvy business owners will survive.