MAKING THE RIGHT PIVOT TO ADAPT TO CHANGING TIMES

The arrival of the pandemic has disrupted industries both globally and nationwide. Much like its peers, the property industry was left to face an unprecedented number of shifts and along with the shifts, came the impact as well.

- POOVENRAJ KANAGARAJ

In a conversation with BusinessToday early April just weeks after the Movement Control Order (MCO) was implemented, IDEAS senior fellow, Carmelo Ferlito said the property market will be under stress from different perspectives, with investments being on hold for both commercial and residential properties.

While its been a gloomy year for the market, Vincent Lim of CozyHomes is holding out with optimism. CozyHomes is a property platform that lists a collection of comfortable and beautifully designed living spaces for rent with immediate availability.

However, with a majority of customers that are international expats and students along with the closure of borders, the platforms have had to make some shifts in their direction to survive the ordeal brought on by the pandemic.

Lim who is the founder of the website told BusinessToday that the shift now involves tenancy management with a minimal charge upfront and subsequent charges takes place on a per request basis.

“Our clientele usually is made up of 50% expats and with the country borders now closed, we had to make due and adapt to the changes taking place,” he says.

CozyHomes now manages the property listed on their platform on behalf of tenants with property in Klang Valley but are unable to look after them due to other commitments.

The platform is also offering virtual tours of properties to potential tenants due to the pandemic as physical tours of the property could prove to be difficult due to fears of social interaction. CozyHomes is not the only ones implementing virtual tours, property developers such as Mah Sing have also implemented similar features online to showcase their properties to potential buyers through screens.