• Wednesday, Oct 28, 2020
  • Last Update : 10:46 pm

The need for fairs and festivities

  • Published at 09:15 pm August 10th, 2020
The need for fairs and festivities

Visitors perceive a real estate fair as much less intimidating and ‘decisive’ than visiting the office of a developer

Stepping outside during a weekday, one would hardly think that there is a pandemic going on in the country at the moment. There are a lot of people on the streets, traveling from one place to another and going about their day — with the only noticeable exception of wearing masks, be it on their face, chin or hanging of their ears. However, there is still one thing that is still missing from the seemingly “new normal” life of ours —large-scale events and fairs, specifically, those related to real estate.

Yes, it has been months since any large-scale formal event was held in the country — at least, out in the open.There is a severe lack of such soirees in the real estate sector, which, more often than not, has been a big contributor to property transactions.During these events, buyers and developers come together. While one party gets to learn about their possible real estate options, the other offers discounts and gifts to make a transaction quicker. An all-around festive atmosphere exists in these real estate fairs that offer great opportunities for all concerned parties — opportunities that people are sorely missing right now.

Property fairs have been a regular occurrence in the real estate world for a while now. They have become an integral part of how the property market, particularly the residential property segment, operates in Bangladesh now.It is probably the greatest “product mover” in the industry where a single fair or event transacts properties in bulk. It is the most efficient technique developers and sellers have at their disposal.The Covid-19 situation, though, is anything but efficient. Business is slow, for most sectors, and real estate is one of the hardest-hit industries. As a result, developers are longing for the return of property-related events and fairs.

A real estate fair is sort of a showcase for developers and sellers. Various types of products, sometimes from a single developer and sometimes from multiple developers, depending on the scale of the event as they can either be organized by a lone business entity or a conglomerate of real estate associates.

Much like an exhibition, properties of all shapes and sizes are displayed along with lucrative offers to sway curious or interested visitors into making a booking or purchase. Fortunately, most of the visitors at those events are quite serious about purchasing a property and are either weighing or expanding their options. There are also future buyers at these events who are looking to gather information. Both types of visitors are immensely valuable for the real estate industries.

Furthermore, visitors also perceive a real estate fair as much less intimidating and “decisive” than visiting the office of a developer – even though a significant portion of people do indeed act on their purchase decision at the fairs.To peoples’ eyes, a fair is a place to browse and “check out” the options available in the market without having to commit or be at the receiving end of unnecessary and/or, oftentimes, forceful sales-pitches. At real estate fairs in Bangladesh, a visitor can be casual and ask for as much as information or sales-pitches as they see fit. It is perfect for real estate enthusiasts to get acquainted with the market as well as get “once in a lifetime” deals.

Perhaps, the best example of a real estate fair’s capabilities is the biggest one that is regularly held in the country, i.e. the annual REHAB Fair organized by the Real Estate Housing Association of Bangladesh. It is the epitome of a real estate event and a true festival of the industry.Each year, it draws the biggest crowds, the best real estate projects in the country and the most business.All major developers, bank representatives, as well as the country’s only property solution provider, Bproperty, come together to showcase and offer the best of the best real estate to the people – and the people respond in kind. Over the years, this culture of large-scale property fairs, organized by multiple entities and location real estate authorities, has expanded to other metropolitan areas such as Khulna and Chittagong. It is a regular affair — or it was until the country was faced with the Covid-19 crisis.

The real estate buying and selling ecology greatly depended on the existence of these fairs which benefitted both parties. Fairs generated a huge portion of sales each year for sellers while consumers had the opportunity to browse multiple projects with added discounts and offers from a single location in a friendly and casual environment.But the inability to hold real estate events and fairs is impacting both the developers and the consumers. Sales are down for many developers and buyers who are failing to find projects available on the market. Unfortunately, there is still no certainty when such an event can be held again either, and this can plummet the real estate sector into further decline.

At a time like this, many are hoping for a safe way for real estate events and fairs to return — in some form or another. There was an “online real estate fair” held earlier in the year that could signal the future of the industry moving forward. However, it is still too early to say for certain. Nonetheless, it is hard to disregard the importance real estate fairs have for both sides of the aisle and many are, indeed, longing for something similar.

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