To respond to the current and urgent threat of COVID-19, and to lay the groundwork to deal with what may be permanent changes for the industry after the crisis, real estate leaders must take action now. Many will centralise cash management to focus on efficiency and change how they make portfolio and capital expenditure decisions.
Some players will feel an even greater sense of urgency than before to digitise and provide a better—and more distinctive—tenant and customer experience. And, as the crisis affects commercial tenants’ ability to make lease payments, many operators will need to make thousands of decisions for specific situations rather than making just a few, broad-based portfolio-wide decisions.
Short Term Operations – Following Immediate Guidelines
While the longer-term consequences are difficult to predict, the immediate market consequences of the coronavirus crisis have been made clear—the public market sell-off in certain real estate types has been nothing short of dramatic.
All companies, public and private, are working hard to navigate the immediate crisis with respect to staff, tenants, and end-users of space, while also facing tough business trade-offs. Most industry leaders seek to strike the right balance between capital preservation and further strengthening their competitive differentiation.
Over the past several years, industry leaders have been diversifying sources of revenue, pursuing digital strategies, and focusing on tenant experience. The COVID-19 crisis has accelerated the need for those strategic changes—and highlighted that those that haven’t yet made such investments will probably need to catch up quickly.
Taking The Digital Leap
Before the crisis, the real estate industry had been moving toward digitising processes and creating digitally enabled services for tenants and users. Practically overnight, physical distancing and the lockdown of physical spaces have magnified the importance of digitisation, particularly by measures such as tenant and customer experience.
Within residential real estate, players that have invested in digital sales and leasing processes—using virtual open houses and showings; augmented and virtual reality; and omnichannel, targeted, and personalized sales—will more quickly allow their residents to find the right space for themselves.
How The Prime Agents Are Tackelling The Pandemic
Just like many businesses throughout the UK, affections caused by COVID-19 are unavoidable and The Prime Agents are no different. We have continued to uphold our excellent service where functional, proceeding to provide our clients with our prestigious support.
For further information on our services and how they may have been affected by the crisis, be sure to contact our team. Though some of our methods may have been altered to suit guidelines, we are still as determined as ever to provide our clients with exactly what they seek.