The coronavirus has rocked the entire world, shaking every corner of the globe with a fury that has been unmatched since the Second World War. A week is a long time in political life and even more so during this time. Markets are changing as we speak.
Now that we are in lockdown it is a time to reflect on the consequences, but more importantly, how to react post the pandemic.
Before the pandemic, South Africa’s property market was already underperforming. The current recession, high rates and taxes, load shedding and Moody’s downgrade were among the main factors explaining the continued pressure on markets in general.
Then, Covid-19 happened and spread, affecting all parts of the globe and ultimately, ceasing commodity exports from China and global travel. The need for immediate action has been taken with a complete shutdown in South Africa until 16 April.
As some fears subsided, and as everyone takes a deep breath, things have become clearer. Even in the worst of markets, good can follow. This phenomenon has been worldwide with apartment blocks, streets, suburbs, and companies starting Facebook and WhatsApp groups to communicate, organise and assist. Businesses that are operating during the lockdown are heavily reliant on technology to enable continued productivity without having to physically be at work. Apps such as Zoom, Slack, Microsoft Teams, Skype and WhatsApp are the main avenues of communication being used.
Times of crisis always create opportunities for those who are able to see the wood for the trees. Crisis also creates opportunities for good leaders. When the dust begins to settle, the crisis may have ushered in more conscious and exciting ways of owning, buying and selling property.
The property industry has been slow to integrate technology and move away from paper-based operations. This has no doubt caused problems for businesses to continue operating during the lockdown period.
However, for every problem, there is a solution.
At Quoin Online, we have developed a management solution for landlords, providing a transactional and marketing platform for both rentals and sales. The platform has a backend management system that allows property information to be integrated seamlessly from their property management systems; which is then listed on the Landlord’s white labelled site, similar to that of existing real estate marketing sites. All landlord listings are integrated into the Quoin Online site, which acts as a comparator. With high resolution pictures, virtual tours and extensive descriptions, the properties can be viewed and analysed remotely.
The benefit for all parties is that it no longer has to be a manual process and can happen in realtime. What makes Quoin Online’s product unique, is that the platform doesn’t stop at just marketing the properties, it allows tenants and investors to make online offers and bids which in turn can be accepted and processed online. Credit checks and FICA verification are automated online through our custom built app, Verified, with prospective tenants and buyers able to upload all information via a mobile device.
Real Estate companies do not have to slow their productivity. There will be life post this pandemic. People will always need a place to live and work, shop and socialise. The way property companies have operated is likely to change. The way we humans function is also likely to change, and not only for the worse. With Quoin Online’s products, the future of the property industry is at your fingertips.