How Covid-19 has Impacted the real-estate market?
With the economy showing a downward trend the real estate investors had gone through a major panic too. According to the media reports, Residential real-estate market demand has declined by up to 25% while the commercial market is downward sloping up to 10-15%.
Talking about the major cities in India, Delhi considered being the major investment option by the investors faced the maximum decline followed by the financial capital of India, Mumbai.
Number of Real Estate players worldwide demanded of SOP’s for the upliftment of the sector and tried to bring it back to its original position. As per reports, a 200 Billion Dollar stimulus is required to be injected for the perpetual motion of the market.
Alongside the stimulus, there is also a demand to lower the interest rates charged on the EMI-Housing schemes to avoid the cash flow crunch in the market.
While most of the demands and factors cater to the existing projects in the real estate market, there is a growing concern for the upcoming projects too. Most of the projects were either shut down or paused due to the pandemic which is why none of the buyers were able to take a look around them.
Finding solutions to this problem, Technology was finally introduced in the real estate market too. Imbibing of technology to help and promote the under-construction projects not only dealt with the realtor’s concern but also provided a better alternative to the future.
Technology introduced in the real estate market, formulated towards the introduction of a term known as Architectural Visualisation.
What is Architectural Visualisation?
Architectural Visualisation, while the name sounds a bit too complex the process isn’t that complicated enough. The process of creating digital model structures defining the intricacies of the project is referred to as Architectural Visualisation.
The process also helps in providing a Virtual Reality tour to the prospective customer even when they are remote. Amid the Covid-19 pandemic introduction to Architectural Visualisation helped the customers to know about the pros and cons of the upcoming projects.
Architectural Visualisation not only gives the customers with a vision of the virtual world but also helps them to customize their space according to themselves. Architectural Visualisation is a combination of 3D floor plans, Dreamworld, and making an intangible experience to be tangible in nature.
Architectural Visualisation as a tool of Digital Marketing: Architectural Visualisation also acts as a tool for digital marketing to the realtors. The technological concepts blend with Social Media tools and help people reach out to customers.
Animations, 3D Concepts, and other digital vendetta help in filling out the sales funnel of the corporation conveying the message to the target audience. While Architectural Visualisation is helping in boosting the virtual reach of the sector, it is also emerging as a parallel medium towards showcasing the upcoming properties.
Architectural Visualisation improving Global ties: With the introduction of Architectural Visualisation, any person sitting in another country can even take a sneak peek in some property that is being developed internationally. This helps in reducing the travel costs for the person and also helps them in making swift decisions.
Luxury Investors are more about value than the pricing scheme of the properties offered, which is the reason why through Architectural Visualisation they are provided with more choices and better benefits.
Architectural Visualisation provides Uniqueness: Traditional real estate market has reached their point of equilibrium, which is the reason why the factor of uniqueness keeps on lacking to ensure proper competition among players.
Introduction of Architectural Visualisation has got the thinking caps of people on trying to solidify their market position with the eventful yet out of the box marketing techniques.
Keeping the pandemic aside, the real estate market needed something new and noteworthy to bring about a change in the entire system. While the traditional means of the property market sustained an impasse, technology was the only way forward. With the pandemic, the process for the induction of Architectural Visualisation in the system got a boost.
How Architectural Visualization Benefitted Real-Estate Sales?
Traditional models of architecture only enabled realtors to convey or exhibit whatever they had on their plate to offer, but with the emergence of Covid-19, that option was also impacted. The only way the sales could have been superseded was through the inculcation of technological means in the sector.
Architectural Visualisation offered all the varieties of inadequacies left unturned by the traditional means of the real-estate sector. Some of the benefits of Architectural Visualisation promoting real-estate sales are listed below:
- Clarity of Ideas: Realtors face a major problem when they try to picturise their idea without visual means to their client. The visual means help in bridging the gap between reality and the vision.
Architectural Visualisation not only helps in bringing dreams to reality but with the induction of Virtual Reality tools, helps in making the client feel the exact moment.
- Cost Efficient: Taking the client to the site and bringing them back, becomes a to and fro motion for both the realtor and their client. While the movement provides a personal touch to their experience, the cost and time incurred during the entire process are tiring.
With the induction of technological means, the client and realtor are able to connect over social media and are even provided with a tour of the entire premises.
- Rectification of Errors: Projection of ideas through Architectural Visualisation aids the realtors in easy rectification of their ideas. With the advancement in technology, ideas can be molded according to the client’s requirements providing them with a tool to be the master of their own project.
Traditional techniques incurred huge costs in making changes to the pre-designed layouts but with technology a simple error rectification techniques help to solve the issue.
For Instance, if the client is not satisfied with the placement of some or the other positioning or placement he can ask the designer to make the change and construct the final layout accordingly.
- Ease in Presentations: Architectural Visualisation helps the realtors in presenting the idea more effectively. With the induction of 3D models virtual reality systems, Investors are able to paint the exact picture of the developed project helping them to invest more in the idea they feel is the perfect investment option.
- 3D Models as a Marketing Tool: 3D models are increasingly becoming an effective mode of marketing for the promoters. They are even able to propagate upcoming investment options through social media with the help of 3D model structures.
Everything has its benefits and its flaws but what exactly makes Architecture Visualisation being a stand out performer in the current market which is an important factor to consider, while different techniques have been put forward over different decades there are some of the distinguishing factors that support architecture visualization.
How Architectural Visualisation has aided the entire Property Market?
Property Market is a rather volatile structure increasing the pace at which it deals every day. With an increase in the number of players in the market the need to introduce something which can act as a backbone to the entire system was readily needed.
The introduction of Architectural Visualisation acted as a catalyst towards the upbringing of the market from the daily lows, while the traditional techniques were slowly becoming obsolete the introduction of technology finally worked like a miracle to the entire industry. Architectural Visualisation not only helped in ascertaining the exterior dimensions of the property but also took care of the interior designs to the smallest bit.
Technology not only aided the promoter or the realtor, but it helped in simplifying the customer’s purchase movements too. With the induction of technology now the customer was able to find out the property’s book value, history, and even its residual strength.
Earlier while the customer had to go to different offices for their documents and collect past records of the property, Architectural Visualisation made them easily available even when they were mobile.
Realtors are now able to collaborate with 3D rendering companies for effective utilization of their available resources, and also to get a point of direction for the execution of their plans. 3D techniques have also aided them with the exhibition of upcoming projects and the ongoing project timelines to provide clarity to the customer.
Apart from the marketing point of view, Architectural Visualisation has also helped both the parties with accurate measurements of the carpet area for the property. Earlier a number of disputes over this misinformation always lead to an argument between the promoter and the end consumer.
Customer Relationship with the realtor has also improved with the induction of Architectural Visualisation. There is a much personal relationship that has been developed between the two as the level of satisfaction achieved has significantly increased.
Since the output is bent according to the client and the budget is also set according to the clients who are looking to invest even more in the projects with architectural visualization. Talking from the perspective of the promoter, they are dealt with minimum amounts of paperwork and are able to showcase their product in a better manner.
With everything under its arsenal, Architectural Visualisation has finally made its place in the existing property market alongside the traditional techniques to boost the sales volume. The sales funnel has finally got a boost with the introduction of technology making an easy passage for the coalition of older and newer techniques.
Talking about the pandemic of Covid-19 and the introduction of Architectural Visualisation, the question that arises out of it will the same be able to sustain in the post covid era?
The answer to that is pretty simple indeed, Post Covid era with the induction of Architectural Visualisation will be prettier and help in generating more money in the real estate.
The Real Estate sector in the FY 2018-19 slumped to lows and the demand for both the residential and commercial projects was rather insignificant leading to disbursement of losses throughout the sector. With the introduction of Coronavirus in the latter part of the year, 2019 made it essential for the people to bring forward a change to regulate the market.
Finally to combat the problem of Covid-19 and showcase the new projects in the market Architectural Visualisation brought forward a major change and helped the companies. After finding a solution to the Covid-19 pandemic the people will finally be able to put forward Architectural Visualisation to better use and look to formulate it towards further advancement.
Therefore, questioning the sustainable nature of Architectural Visualisation in the post covid era is out of the question.
Post-Pandemic Property Market?
Pre-pandemic market was suffering through immense losses and the demand for the projects was significantly low too, but due to the pandemic and technological advancement, the post-pandemic market seems to be promising enough to generate revenue contributing towards the upliftment of GDP.
According to several media reports, India specifically will attract major foreign investors who with the introduction of Architectural Visualisation will look to disperse their funds in the Indian projects. An article published in the recent issue of Forbes Magazine highlighted the fact that Buyers and sellers never left the market; they just looked forward to reserving their funds in order to invest smartly. Forbes predicted that more than 50% of the business will return to the real-estate sector by the onset of the year 2021.
The Commercial Sector is expected to be the primary choice for foreign investors worldwide in developing countries, which in turn will increase the market share in the residential sector too. Keeping the current scenario in mind the return on portfolio investment of the real estate market will be significantly favorable too for the investors.
Vision is up for sale now, this is the perfect summarization for the explanation of the current real estate market. Technology with the combination of customer-centric projects is the onset of the new era leading towards a subtle market scenario.
Architectural Visualisation is considered to be just the stepping stone of the technological advancement expected in the market. Covid-19 has brought the dream world of real estate into reality, boosting international sales and foreign exposure to domestic markets.
Technology will not only increase the sales of the properties but also help in covering up the previous losses too.
Covid-19 pandemic while has turned as a bane to the people worldwide and even enabled people to lose their life savings, the post covid times will be looking to inject a lot of funds in the economy and help the people recover from their losses. Architectural Visualisation has also enabled the demand for skilled labor worldwide.
3D models, rendering techniques, and a number of other tools have aided the real estate sales to funnel to gain ground for further development. Virtual Reality and Augmented Reality are the two other prominent tools that have helped in providing support for the market.
While the architects look forward to the usage of these techniques for better client communication, their after-sales services have significantly improved too.
While a number of quotes suggest that digital propagation has been creating a digital divide between people, in the real estate sector the clients and the realtors have been able to knit a close-ended relationship with each other pompously.