The COVID-19 pandemic continues to affect every individual in society today. It will not matter if you are young or old because the risk of getting sick will always be present. This is why going outdoors to shop, work, or eat is no longer ideal.
However, this drastic change is also becoming a threat to the business industry, especially the real estate sector. Since consumers are now choosing to prioritise their daily essentials, owners need to think of how their companies could stay afloat. Aside from that, it is their responsibility to look after the well-being of their employees as well. So, what adjustments should one make?
Facing New Challenges
The real estate industry is widely known to provide many opportunities to aspiring entrepreneurs. But once the pandemic hit, most companies had to put their operations on hold, forcing owners to rethink their plans of action as well.
Since this type of business requires a lot of manpower, it becomes harder to secure permits. Usually, this is because the risk of exposure increases as well. As a result, construction projects end up getting delayed or cancelled. For instance, if you offer your clients the option to design and build their own houses from scratch, which some companies like Donnybrae offer, it may take longer than usual before your company can push through.
Develop Strategies
This is why owners need to come up with new strategies as early as possible. One way of doing that is by staying up-to-date. Every day, public health officials provide updates regarding new cases, recoveries, safety practices, and more. So, you can use this information to become more aware of your company’s risk.
For example, the number of active cases within your area continues to rise as the days pass, which means that the chances of a virus transmission would also increase. So, to prevent an outbreak from happening within you and your employees, you should enforce stricter protocols.
Aside from providing an ample supply of personal protective equipment (PPE), taking the usual temperature checks, and encouraging frequent sanitising, everyone should undergo regular testing since symptoms may not appear immediately. Whenever one would come into contact with contractors or vendors, it would be wise to advise them to get tested beforehand. The same goes for the clients who plan on setting up a meeting with you.
However, despite following these safety precautions, there may still be a slight chance that employees would contract the virus, especially when they are in the construction site.
This is why owners should also consider increasing the benefits they provide, from hospital expenses, hardship allowances, and the like. If you happen to have foreign workers or those who live in faraway cities, you may want to increase their living allowances.
Reaching Out to Your Market
Another important factor that one needs to focus on is their buying market. Even if you manage to keep everyone in your company safe at all times, you will not be able to move forward if clients are not making any purchases. This is why owners would also need to capitalise on the digital platforms available at present. Since many individuals choose to stay indoors, establishing an online presence could be your best chance at securing a sale.
You can host virtual open houses and tours so that the public would get to see what you can offer, from the amenities, the size of the lot or property, and even the location and the establishments surrounding it.
Achieving Success Despite the Situation
Even if times are uncertain nowadays, owners need to adapt to the situation if they want their businesses to survive. Because not only would this affect their livelihood, but those of the people working for them as well.
So, it would be wise that you always keep yourself well-informed of the latest updates. In that way, you will know the safety measures that you can impose within the workplace. But since health risks would still be present at all times, increasing one’s benefits can also help put everyone at ease.
Aside from making such adjustments, it would be up to owners to think of ways to reach their market. Luckily, technology is now easily accessible, so potential clients would have a chance to learn more about what your company can offer, whether by creating a website or organising a virtual open house or tour. Because at the end of the day, consumers are the ones who also play a big part in a business’ success.
By sticking to these practices, it would be easier for real estate companies to continue with their everyday operations.
