Seeing the current trend, it is evident that the more pandemic pushes people to work from home, companies will come up with remote working policies, and they can get efficient people joining their team remotely.  From the employee’s point of view, it is a win-win situation for them. And I am pretty sure that work from home will stay for a while. Which means more investment opportunities. Already this has caused some turbulence in the real estate market and industry. Housing market is hot right now. Let’s see how work from home changes what people are looking for in real estate.

Related article: 11 tips that will make your apartment search easy

It’s been more than a year work from home has become the new normal. Something that started due to the changing situations soon became a somewhat comfort factor for many. No morning rush, dropping kids at daycare, staying late at work contributed towards many positive factors like increased productivity, recruitment of talent from around the world at competitive salaries, spending time with family etc.

But on the other hand, there are a few factors that peeked into our lives. Such as working while managing kids at home, less physical work, and lack of social interaction. Another significant factor is finding a separate area or a room in the house which we can call our office space. For someone living in a 2 bedrooms apartment, making the house soundproof with the work-from-home option is challenging. Occupying one room as office space is not feasible. Then what to do? – Buy or rent a new home or rent a bigger apartment? But is that something we have decided as per our finances?

Kate Lister – President of Global Workplace Analytics says – “We forecast that 25-30% of the U.S. workforce will be working-from-home one or more days a week after the pandemic.”

Demand for specific home features:

The need to have a formal office/study area was considered an added feature whether or not your profile is remote or hybrid. But now, this will become a must. Some apartments claim to offer office space, but they offer a computer bar area. We cannot imagine spending most of our office time sitting at the computer bar. Which increases the demand for a good office area.

According to Bloomberg, “Data show, we can expect 30% to 40% of workdays to be remote, long after the pandemic is over”.

Decrease in the craze of downtown living:

Real estate pricing and development pretty much depend on two things – where people work and where people live. Downtown living has its charm, but kids’ schooling and a safe neighborhood play a significant role when we have a family. Though many companies offer remote work, a few occupations require their employees to come to the office twice a month. Keeping this in mind, someone with a family will accept a longer daily commute if they only have to make the trip a few times a week. People are also looking to move to or are already moving to suburbs and smaller towns, away from the expensive city real estate.

Remote real estate:

How can real estate remain untouched from adding the “remote” feature in the current scenario? Today, real estate has all the remote features that can ease the process. Whether it be home tours or preparing the documents, rent collection, or other formalities, everything can be done remotely. For a first-time home buyer, figuring out how to calculate the monthly payment and understanding the other finance-related details may seem a little too much.

Related article: Checklist for a first-time home buyer

Remote appliances:

Recently, I came across this feature. Now you can upgrade appliances remotely. Getting smart appliances that can be controlled remotely is one of the top home improvements that will add value to your rental property.

Don’t undermine Human touch:

Nothing can replace the human touch. Having a trusted representative is essential for remote property management. Having a face and voice, you can associate with good service builds trust. It generates confidence. Don’t forget to send holiday greeting to your tenants.

Covid-19 may have been one of the reasons for remote working culture, but it didn’t force us to do it. Let’s see it from a better perspective. How about it has accelerated our comfort with being remote workers. The Covid 19 pandemic has helped the world adapt to remote working far quicker than anything else has in the past.

Watch this video on Future of work after Covid-19 from McKinsey & Company