Reinventing way of doing business

What this six-week period of enhanced community quarantine so far has given individuals and businesses alike is time to reflect and come up with strategies to cope with the limited resources at their disposal and to think of ways moving forward to adapt to what they call the “new normal” of doing things.

For one, work from home had been suggested many times in the past to ease traffic in Metro Manila and other metropolitan areas. While there are some who have tried to adopt it on a limited scale, majority refused the idea. For some businesses and other activities, productivity was equated with physical presence. This is true for manufacturing, but not for those who work in front of the computer like office workers and other support jobs. Now, many have realized that it is possible to continue business while their employees are working from home. Many believe that more and more companies are going to allow their employees to continue working from home even after the quarantine period because employers have been able to find ways to measure productivity even without physical presence.

Business meetings so far have been conducted via video conferencing. An article posted on aventri.com revealed that online meetings not only decrease travel expenses by 30 percent, but it has also allowed employees from different regions to connect better with each other, as well as increase collaboration and profitability.

Some of the top online meeting platforms are Digitell, Evia, Intrado, ON24, Zoom, GoToMeeting, ezTalks Meeings, Skype for Business, Join.me, HighFive, Roundee, Google Hangouts Meet, Adobe Connect, Microsoft Teams, Cisco WebEx, GotoMeeting, Join.me, RingCentral Office, ClickMeeting, Zoho Meeting, Amazon Chime, AnyMeeting, UberConference, BlueJeans Meetings, Intermedia AnyMeeting and Slack.

Nothing beats face-to-face meeting but again, given the fact that we have to accept this new normal of doing things, video conferencing is the next best thing. Internet connectivity and security/privacy issues in connection some online meeting apps/software remains a challenge though, especially for those who are based in the provinces, so this is something that our government should prioritize, especially now that President Duterte supports the proposed “Balik Probinsya” program to decongest Metro Manila after the lockdown. 

Adjusting to the new normal

In the third episode of Lamudi’s developer webinar series, “Housing in Lockdown: Buying Property During the Pandemic,” real estate experts shared their insights on how they have been adjusting so far to this new normal.

Cebu Landmasters Inc. chief executive officer Jose Soberano III revealed that while some of their teams are working remotely, a few have been able to carry out normal operations, such as construction activities, despite the lockdown in Visayas-Mindanao regions. 

He said while they are lucky to have that, they still make sure that they adhere to the best standards in terms of prevention. Soberano explained that on the site, they have not only their safety officers, but even nurses who are staying in bunk houses, close to the site, which are very secure.

He emphasized that it is important for property developers to not lose sight of the reality that the pandemic will be over eventually and is not going to last forever. When things start to normalize, the industry has to gradually make sure that it is ready for addressing that market that will come in.

Meanwhile, Soberano said his team has been offering aid to buyers, extending payments for those who acquired pre-selling units, and have been reassuring clients by telling them that the prices are not going to change.

For his part, Torre Lorenzo Development Corp. CEO Tomas Lorenzo revealed that majority of their team are on work-from-home mode, many striving to do a lot now in preparation for the lifting of the lockdown.

He shared that when the pandemic hit, he had a moment of reflection, looking back at the years he spent in the real estate industry and noting the times that crises struck (Asian financial crisis, 2003 SARS outbreak, 2009 world financial meltdown, the recent Taal volcanic eruption) and how they coped, stuck it out, and continued to grow the business.

Lorenzo emphasized that COVID is just another challenge we’re given, a pause button given to them they can take stock and catch up on all the work that has been pending, especially in terms of designing. He said that the real estate business is a long-term game and plans should be relevant to the kind of world people will be living in five to 15 years from now.

Lorenzo revealed that their company has been operating in online platforms as well to cater to the needs of clients. Buyers now look at Google Maps, Google Earth, even the Lamudi site, to see where the property is. They also consider developer track record, value for money, and quality in terms of how the building maintained and how the building management is run.

Meanwhile, AboitizLand CEO David Rafael noted that while pre-pandemic, seekers get information from flyers or billboards, now, they learn online. While before, open houses were the norm, now, virtual tour is the new normal. Pre-pandemic, face-to-face meetings happen in restaurants or coffee shops. Now, it’s through video conferencing tools.

When the buyer is ready to pay, Rafael said that there are various platforms to make this happen. Their sales figures are testament that it’s possible to thrive in the crisis. While there has been a slump in numbers, they have been enjoying 50 to 60 percent of the volume of sales pre-pandemic nonetheless. For a crisis of this magnitude, it’s an admirable victory, he stressed.

Rafael also noted that there has been a shift in buyers’ preferences, with end-users now possibly getting properties outside the central business district that have more open space, located in a lower-density neighborhood, if that means better living conditions during a crisis.

Lorenzo meanwhile believes that there will still be a market for those who will be keen on being near key establishments, especially offices. He noted that people find it inconvenient to travel across barangays now, as there are required quarantine passes. For professionals who need to report to the office despite the lockdown, living near their place of work is a huge benefit.

Soberano meanwhile said that condominiums will still be in demand after the pandemic, especially communities that provide easy access to commercial and recreational facilities, such as offices, restaurants, supermarkets, gyms, and even chapels.

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