To help businesses tide over the COVID-19 crisis, the government has recently announced a slew of tax and regulatory relief measures providing compliance breather to businesses. However, businesses still need to remain vigilant to minimise the adverse impact of COVID-19 on their people and operations.
The real estate sector, which showed signs of recovery pre-lockdown, is once again staring at long-term challenges such as labour, finance and demand.
Here’s how leaders in the real estate sector can HALT and consider the following action points to help mitigate ongoing challenges
- Proactively reach out to customers and retailers – if required, consider a flexible payment plan.
- Reach out to existing customers and agree on a part payment plan till the situation normalises.
Use of technology
- Make use of technology and engage with customers by leveraging virtual tours. Marketing mix and budgets can be reassessed according to new and emerging challenges.
- Identify mission-critical work to help teams prioritise and allocate resources appropriately. Upskill and reskill the workforce.
- Develop products that have a higher ratio of rent yield.