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In Depth Analysis of COVID-19 Pandemic Impact on Global Real Estate Business

07/09/2020 7:06 PM

Even as months have passed by, it appears that the Covid-19 pandemic is here to stay for a while and by now it has already managed to disrupt the economies of major countries across the world. This means that it is time we took a look at how severe is the impact of the epidemic, especially on the global real estate business and how this will determine the real estate future. There are changes taking place real quick and the epidemic seems to have also affected numerous other affiliated aspects of the real estate business as well.

It is important to understand the current real estate business market to draw certain inferences. Based on recent studies, the current major players in the global real estate marketplace software are Pipedrive, Zoho CRM, Bitrix24, PlanPlus Online, BoomTown, KW Team Leads, Magna Computer, Propertybase, IXACT Contact Solutions, Top Producer Systems. It is essential that one analyses the performance and strategies of these top competitors to understand the market dynamics. Furthermore, the real estate software market has been segmented, based on certain criteria, for the ease of market analysis. Based on regions, it has been segmented into North America, Europe, China, Rest of Asia Pacific, Central and South America, Middle East and Africa. On the basis of type the real estate marketplace software product is divided into PC, Mobile, and Cloud. Based on key applications, it is further categorized into small business, midsize enterprise, large enterprise and other.

Recent reports on the real estate business, especially with regard to the real estate software market, provides insights on the current driving factors, the constraints, the scope for improvements and so on regarding the future of real estate marketplace software. Additionally, the impact of Covid-19 on the real estate business such as reduced demand and delayed business decisions are points of concern. However, experts believe that the market is already on the path of recovery as a result of the relief packages announced by governments of the respective countries in order to deal with the economic slowdown. If we consider the Indian scenario at present, the concept of ‘Atmanirbhar Bharat’ has been brought forth which aims at making the country self sufficient. With regard to this, Himanshu Chaturvedi, Chief Strategy Officer, Tata Projects has remarked that, “The Government’s Atmanirbhar Bharat initiative has recognised “infrastructure” as one of the five pillars. This is an acknowledgement of the sector’s key role in India’s development and large scale employment generation. The extension of up to six months to be given by the authorities is a welcome move since many projects across the nation were affected due to the sudden disruption caused by the pandemic, especially since the lockdown was beyond the control of contractors.” It also appears that the focus is right now on the development of the real estate business using technology as it is evident these days. One can observe how real estate developers are utilizing technologies such as VR (Virtual Reality), AR (Augmented Reality) etc. to improve sales and the adoption and usage of such digital tools provide a prediction for the real estate future- that the real estate market will thrive upon technological advancements. Therefore the first step for real estate agencies in this matter would be to build real estate website that can capture the digital space through innovation. It is therefore crucial that those real estate business players, who wish to stay afloat during these tough times, should start by investing in an ideal real estate marketplace software.

Considering the overall changes brought about by Covid-19, the present times will be testing and challenging. Yet it will reveal the future of real estate marketplace software since the need to build real estate website is crucial for the future of real estate businesses and agencies who are looking to stay relevant in the current times of digital and online marketing. .

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