ADVERTORIAL: CITIQ PREPAID
Staying nimble. Staying ahead. Changing the property conversation Only developers and property owners with flexible and relevant offerings are likely to stay ahead in a very competitive and demanding market. The 2020 pandemic has done more than change the way people work; it’s changed the way they live and what they expect. The business of owning, developing and renting
property has been severely affected by the pandemic. People don't want to share spaces with strangers or take unnecessary risks, or invest when markets are challenging. Household names like Airbnb, Hertz and Sandton City have been hit hard. However, as restrictions lift and markets recover, it has become critical that the commercial and residential property markets look to new ways of capturing customer attention and developing offerings that are relevant and engaging. “With people thinking twice about investing and three times about developing, it’s time for the market to look at the must-haves for tenants and how to add value,” says Michael Franze, Managing Director at Citiq Prepaid. “The property industry is not alone in looking for sustainable answers to complex questions. Rental rates and occupancies have dropped significantly. There has been an increase in vacancies and rental arrears. Companies are looking for fresh ideas and approaches to shore up sustainable foundations within the current market.”
A nimble approach to the business of property There are examples of how companies have made impressive shifts in their approaches to property development. One example is where retirement homes have attached basic healthcare services to
26
sabusinessintegratrator.co.za
their property rental services and have made it easier for retired tenants to pay for utilities and manage their admin. This takes the market’s specialised needs into consideration which, in turn, increases occupancy and how desirable the property is for the occupants. “It’s all about taking a nimble approach to the business of property,” says Franze. “It’s about looking at existing assets and value-added services and refining them to meet specific market requirements. It also allows for organisations to recoup the losses incurred from arrears and lost business during the pandemic and to adapt to the new needs of customers. People want safety, health, access, and limited contact with the outside world. They want their processes online and their experiences streamlined.”
Adapt to the post-pandemic era It’s also about choice. Property owners and developers can choose to continue with traditional approaches to tenant, market and solution, or they can adapt to the post-pandemic era. The question is – how? “People have recognised that there are things that they don’t actually need or want in their lives right now,” says Franze. “Their spending patterns have changed and their approaches to personal safety and wellbeing have altered their behaviour and investment patterns. This is the new normal. This is the wall that the property market has to climb.”
