When written in Chinese, the word ‘crisis’ is composed of two characters - one represents danger, and the other, opportunity. With the new challenges posed by COVID-19, the discussion of PropTech’s effect on the the real-estate marketplace is now more relevant than ever.

In particular, the way developers respond to this rapid change will determine what happens to their industry. In his session, MHub’s CEO and co-founder, Quek Wee Siong, emphasises the need for adaptability among companies. His fascinating in-depth chat covers a lot of bases, but what really hits home are the three hard facts and lessons that should be taken from them. Firstly, now is not a time to be a spectator. Not all businesses will survive the effects of COVID-19 because not all businesses will step up to embrace the alterations it will make to our usual way of running things. Only by being proactive and open to change will we actually be able to reap the benefits of a market restructuring.

Secondly, the market always wins. Plenty of new consumer habits have been developed during this pandemic and it is the companies who adapt to facilitate these habits that will maintain a sure-footing in these trying times. Last but not least, our host highlights that this economic downturn is more like a pause and not a full stop.

Therefore, we need to actively keep an eye out for the rebound, for the opportune moment to bounce back better than ever. The time has come for companies in all fields to either adapt or fall by the wayside. COVID doesn’t care if you do things ‘the way it’s always been because we live in a market-driven world, with an ever-evolving market. With or without the pandemic in the picture, if we want to do more than stay afloat, we must match the market’s pace. We must adapt.

Watch the recorded video.

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