The coronavirus pandemic is changing real estate services too
Just a few years ago, people around the world believed that personal contact was irreplaceable. Gradually, however, we have been encountering technologies designed to perform at least some of the work usually done by a person. Typical examples include self-service checkouts and ordering kiosks, which are finding their way into fast-food outlets. However, the coronavirus pandemic has shown us that technology can take us even further. Real estate services are one example, with almost the entire transaction now handled online. David Novotný, owner and managing director of the independent real estate company Bohemian Estates International, explained how this is possible and what it means for buyers.
The company has operated on the Czech market since 2006, when it was established to offer investors comprehensive solutions in residential and commercial property management and investment. It now has three branches, in Prague, Brno and Ostrava, and manages more than 2,000 flats in the Czech Republic and abroad, with a total value of 15 billion Czech koruna. Bohemian Estates International offers its clients assistance with property sales, property management and rentals, while investment is undoubtedly the company’s core area of expertise.
However, it too has had to undergo certain changes over the past few months. “An integral part of purchasing an investment property is finding the right one. While this involves a great deal of work at the computer, the subsequent assessment of the property was almost always carried out in person, with the buyer present,” says David Novotný. The rules of the game are therefore changing even in an industry where personal contact, or rather physical presence, has played the leading role. “Leaving aside the various government measures and so on, our main aim is to ensure that clients themselves do not feel apprehensive. That is why we are devising new ways to bring all, or the vast majority, of the property selection process online,” explains Novotný.
Drones are therefore now being used to create virtual tours of individual properties, which are then published online. “Virtual tours are increasingly in demand, allowing prospective buyers to view everything from the comfort of their home and helping them make an initial selection. They do not need to attend viewings of every property they have shortlisted; instead, they can visit only the one they have effectively already seen and consider a safe choice. However, even that is not necessary. We can also assess the property's technical and legal defects for the client. This gives them the confidence that they are not buying blind,” adds David Novotný.
In addition to virtual tours, Bohemian Estates is moving other aspects of its collaboration online. “We are now holding far more meetings with clients by video conference, sending contracts electronically and trying to deal with most matters remotely. And if an in-person meeting does take place, everything is naturally carried out in compliance with all hygiene rules,” concludes David Novotný of Bohemian Estates International.