What You Need to Know about Real-Estate Trends 2020

Author : nikkianca
Publish Date : 2020-08-03


What You Need to Know about Real-Estate Trends 2020

2020 real estate trends

  1. Underutilization of commercial spaces

  1. Movement towards digital marketing

  2. Focus on virtual property tours

  3. Renewed interest in luxury living

  4. Proliferation of affordable living arrangements


 

The real estate industry is just one of the hardest hit economic sectors by the COVID-19 pandemic. Limitations that have been imposed on people’s movements have invariably led them to resort to safer arrangements. Organizations, in particular have been left with no other choice but to resort to remote working schemes for the safety of their employees. On the other hand, people are minimizing their outdoor travel. Retail stores such as restaurants and mall shopping centers have seen a significant decrease in foot activity. 

 

At the heart of all these changes is the real estate sector. There is some uncertainty over the status of brick-and-mortar structures during the course of this pandemic. Nevertheless, there seems to be a growing inclination for industries to continually find new ways of adapting to this situation. Though the current outlook for the sector may be grim, there’s no doubt that it will eventually pick up — whether this be in the near, or far future. 

 

Underutilization of commercial spaces

 

As said before, commercial spaces will continue to be underutilized during this time. Across the country, there have been cases of commercial buildings going up for rent, or being sold off due to lack of consumer activity. 

 

For example, small businesses that aren’t able to keep themselves afloat during this time have had to shut up shop. Companies that are providing essential services have been forced to work in skeletal working schemes, ultimately limiting the occupancy of office buildings. On the other hand, co-working spaces at the moment seem to be a thing of the past. With the imposition of social distancing measures and the prioritization of ensuring everyone’s health and safety, it’s not surprising that commercial real estate would experience a downturn. 

 

Movement towards digital marketing

 

As the real estate sector moves the focus away from brick-and-mortar structures, people involved in this industry would likely begin paying renewed attention to bolstering their digital marketing strategies. The fortunes of the real estate sector heavily-depend on how well they’re able to utilize online platforms to their advantage. Even more so, digital marketing is a way for them to continue being relevant and having an impact on their customers, clients, and the public as a whole. 

 

Organizations in the real estate sector are procuring the services of those in the digital marketing industry in order to gain an impactful online presence. This is done in many ways that are ultimately centered on the customer. For example, real estate-related businesses have begun making modifications on the utility of their website to make it more accessible to visitors. They might also be taking advantage of the lucrative benefits offered by social media marketing, among many other strategies. 

 

Focus on virtual property tours

 

The COVID-19 situation has definitely stopped the real estate industry in its tracks. Many types of real estate-related transactions have been left in limbo because of the imposition of physical movements. It may also be the case that a disruption in financial situations has unfortunately led to postponement of these types of transactions.

 

With this in mind, those who are looking to invest in real estate are beginning to adopt alternative methods. Physically visiting a particular property for inspection may no longer be feasible, mainly due to health and safety concerns. Conducting virtual property tours seems to be the next best thing — and there will likely still be innovations on this kind of technology in the future, as more people make use of it. 

 

Through virtual property tours, halted real estate transactions may eventually resume with very little difficulty. As the buyer hopes to finalize the investment, so does the real estate broker aim to better their financial status. 

 

Proliferation of affordable living arrangements

 

There might also be an increase in the volume of affordable living arrangements in the coming months. As one may already understand, the pandemic situation will continue persisting. People are going to turn towards more cost-effective practices in just trying to make a living and improve their financial situation. 

 

Part of this is an upward trend towards investing in smaller, minimalist-type spaces that are considerably easier to maintain compared to larger-scale living spaces. For example, instead of opting for properties with multiple rooms, people may resort to investing in studio and loft-like buildings. 

 

Aside from being easier to maintain, these types of living arrangements are more sustainable and energy efficient, without sacrificing on the breathability of the space.

 

Key Takeaway

 

The future of the real estate industry needs to be able to adapt to the ongoing COVID-19 crisis. While movement may be more lax, the industry might still be unwilling to resort to typical real estate practices. 

 

The industry needs to focus on what they can control, with regards to their marketing strategies, as well as, other techniques. On the side of the customers, clients, and the general public, it would be to their advantage to simply adapt alongside real estate purveyors. 

 



Category :real-estate
Author Website : iProperty Source PH

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