When Covid 19 hit, the world faced numerous challenges. Innovations in technology surfaced to adapt to the new lifestyle. The real estate industry witnessed how these changes affected the market and how it evolved around it.
Take the hospitality industry, for instance. Tourism took quite a blow because of travel restrictions.
However, since it is a branch of real estate, one of the most resilient industries, it only took a dip, but it did not drown.
During the first year, people are yet to adjust to the new normal. Implementations of new practices were observed to keep up with the changes. It wasn’t too long before people became attuned to what was recent and imminent.
A year following the global pandemic, the industry has crawled up a notch and has proven its resiliency despite the fluctuations brought by restrictions and protocols.
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The year 2021 is the year of restoration for all industries, hospitality included.
People were deprived of travel because stay-at-home orders were enforced. Thus, the rise of staycations. Guests get to experience the same pampering as any hotel would provide without them traveling miles from home. Commonly, property owners of apartment complexes and condominiums offer this kind of service primarily because they already have the amenities guests would look for.
Short-term rentals and Airbnbs became a hit to families who wanted to get away from their usuals.
Contactless services resurfaced, and this time was given due recognition.
We are in the digital era wherein everything is made possible at the touch of a button. Systems were designed to lessen contact between individuals, which is the very purpose of this concept. Mobile and desktop applications became household staples. Not only does it provide real-time information and plotting of services, but users are also given the autonomy to customize according to their preferences. The shift somehow built an imaginary bridge that connects the guests and the property without engagements. Accommodations may adapt to this, but it can be very costly but is quite an investment. The vast majority of the hospitality industry is already hooked to this platform. It has been a go-to channel for travellers and guests because it is cost-effective and time-saving. The waiting time is reduced to a minimum, which is very important to guests, meaning to stay at a property.
Technological advancements such as this have been initiated to maximize people’s time without compromising the efficiency of manual processes.
Now, paying and booking can happen at the comforts of your own home.
Due to this innovation, it is foreseen the fall of travel agents because travellers can independently and seamlessly plan their travels without the need for human interaction. They can simply log in to the app, and it will work wonders for them at no extra cost, which is everyone’s concern, especially now that travellers have become conscious about their spending.
Backpacking and solo travellers have also started getting a boost from the decline. Hotels conceptualized designs that can accommodate these kinds of travellers and still build a community within the premise.
People may be subjected to different changes, but they were nothing short of being resilient. The same is true with the hospitality industry. It may experience a decline but will surely rise amidst all odds. As an investor, expect changes in the flow of income. You are not alone in this battle. In the meantime, consider re-assessing your short-term rental, Airbnb, or staycation and project how the new practices can help you step up. The wheel is turning in any business, but real estate is real estate at the end of the day. It will always remain the most passive income-generating industry, and they are worth investing in.
Hi! We’re Josh and Jolene Baijot, the creators of this website. We’re also commercial real estate brokers in Bellingham, Washington. Thank you for taking the time to read this blog post. We appreciate your time spent on this site. You can connect with us on Facebook, Instagram, or contact us through this website.
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