Challenges and Criticisms in Real Estate Management during COVID-19

Despite the benefits, there are some challenges and criticisms associated with using design thinking in real estate management during COVID-19. One encounter is the need for a multifaceted squad with different qualifications and knowledge to work on the task, lack of buy-in from the group’s management, which may cause inadequate incomes and backing for the scheme. While design thinking offers many benefits for real estate management during COVID-19, there are also challenges and criticisms to consider. The need for a diverse team with varied expertise can be a challenge (Eichholtz, Kok, & Yonder, 2019). This is because to assemble such a team may require resources that the organization may not have readily available. Additionally, without leadership buy-in, the project may be limited in terms of resources and support. Criticisms of design thinking include the potential for superficial solutions that do not address systemic issues and the risk of it becoming a buzzword that is overused and loses its meaning. As with any methodology, it is important to consider these challenges and criticisms when implementing design thinking in real estate management during COVID-19 to ensure that it is effective and meaningful.

Conclusion

In conclusion, the Covid-19 pandemic has presented significant challenges and opportunities for the real estate industry, which requires innovative solutions to adapt to the changing customer behavior and expectations. The Stanford d.school design thinking process provides a framework for identifying and addressing these challenges effectively. This essay proposed a VR technology solution to provide customers with a more immersive and interactive property viewing experience, which can enhance customer satisfaction and loyalty. Real estate companies can evaluate the effectiveness and feasibility of this solution by conducting customer feedback and surveys and comparing the cost-effectiveness with traditional property viewing methods. Design thinking is an iterative and human-centered approach to problem-solving that can be highly beneficial in real estate management during COVID-19. By empathizing with customers and employees, defining the problem, ideating and prototyping solutions, and testing them, real estate managers can create more value for their customers and improve their organizations’ performance. However, to fully leverage the benefits of design thinking, organizations must overcome challenges such as the need for a diverse team and leadership buy-in, and they must also be mindful of criticisms such as superficial solutions and buzzword overuse. Overall, design thinking is an important tool that real estate managers should consider using to navigate the challenges posed by the COVID-19 pandemic. Further research and reading on the application of design thinking to real estate management during COVID-19 are recommended to gain a deeper understanding of this approach. Finally, insights gained from the interview with the real estate agent branch manager can help to refine the proposed solution and develop more effective strategies to address the challenges facing the industry.

REFERENCES

Du, X., Li, Y., & Xie, H. (2019). The impact of the COVID-19 pandemic on the real estate industry: Evidence from China. Cities, 109, 103016.