The real estate sector of Bangladesh emerged properly in the early 2000s, and has,since then,never really faced any challenge the likes of which it’s facing now. The unprecedented situation all of us have found ourselves in today will undoubtedly have far-reaching implications in every segment of the economy and may take years to rectify or recover from.
That is why the current crisis has everyone in the real estate industry worried about the future. Even though this particular segment of the economy is sturdier than most, people — buyers, sellers, tenants, landlords and developers —are still wondering when things will go back to normal and when real estate activities can resume back to the way it was before the coronavirus pandemic hit.
While the word “resume” may give the perception that real estate activities are at a complete halt at the moment, the truth is, there is still some movement going on, so to speak — mostly behind the scenes as housing is a fundamental human need, the sort of movement or activity currently ongoing in the real estate sector is crucial. The desire or need to buy or rent a new home will not fade away, nor will the need to rent out or sell a home or office.
These needs stem from long and thoughtful decisions that take economic, emotional and societal factors into consideration. Many a time, the decision to purchase a new home arises when a new phase of life begins. That is why the desire for real estate is very durable and capable of withstanding external shifts.
Fulfilling this desire to buy a property can be a long process though, even during normal times. A major portion of that time goes into searching and viewing properties that match our needs. It can take several months or viewing many properties before finding one that is to our liking. So, as it is vital for everyone to stay home in this current scenario, property solution providers, such as Bproperty, are property technology or PropTech that is driven to provide real estate hopefuls a medium to utilize the time at hand and begin their search for a new place without having to leave the safety of their current home.
The concept of PropTech is fairly new, but its usage is rapidly increasing all over the world and especially so in developed countries. Thanks to the incorporation of technology with real estate services, consumers can find an appropriate home for themselves from thousands of listings available on platforms like Bproperty. And not only that. They can also view high-quality photos and take video or virtual tours of those properties to get a better understanding of what to expect from the place in real life.
Such an alternative method of viewing properties is not only perfect to keep the real estate machine humming, but also appropriate for the fast-moving lifestyle that people today are becoming more and more acquainted with. Accessing an uncountable number of options and virtually going through them are the things science fiction writers wrote about way back in the day.
But that is not the only way real estate activity is going on behind the scenes. Real estate is also a matter of understanding. People are not always able to navigate the complexities of the sector and require help to understand a few aspects here and there both before and after purchases or sales. That is where mobile communications and social platforms help out.
Bproperty’s property advisers and legal advisers are still active in their roles by working from home during this time of crisis. They are communicating with clients as well as any incumbent with questions or seeking support.They, along with customer service executives, are also helping individuals who are unfamiliar with technology,by helping and guiding them to properties according to their needs.
This type of activity is very important both for the real estate industry and for the consumers — especially now that, like many other sectors, the country’s development and construction sector is almost at a standstill. As a nation on the rise, the construction sector has been one of the most active and quintessential aspects of Bangladesh.
However, the ever-present noise of construction is not heard anywhere in the country. As a result, the most cited problem in the real estate industry —delayed handover of property — is sure to be amplified when the coronavirus pandemic is done and dusted. During this time, consumers need to know that they are neither forgotten nor abandoned. Communication and activity of such kinds are crucial at the moment — at least to keep a semblance of normalcy among all the chaos.
At this point, a question may arise, “would any such real estate activity help people?”In short, yes. Sometimes, the littlest things can have a big impact during the time of a crisis. In regards to creating a perception of normalcy, people seek distraction and outlets where their “as usual” life can be found amid any problems. Finding such a phenomenon helps them psychologically cope with the current scenario.
This is further evident by the number of people who contact Bproperty even now. While the number has certainly dwindled quite a bit, there are still many people who are contacting the property solutions provider in search of real estate service, support and assistance — and they, meaning those at Bproperty, are willing and able to provide any help they can, even if limited in scope.
The world is on the verge of recession with the looming threat of depression not far away. During this time, all sorts of economic activity can help minimize the impact of a downturn or at least hasten the recovery period. The real estate machine of Bangladesh needs to march on and prevail if there is to be a golden future the likes of which the industry had been hoping for before the Coronavirus pandemic. For now, as they say, the show goes on — even if in a limited capacity.