Business Lockdown: LUN.ua founder Mima hopes businesses will ‘help each other’

Editor’s Note: Ukraine’s businesses are struggling after the country introduced nationwide restrictions on movement and travel starting on March 12. The restrictions have been strengthened since then and are set to last until at least April 24. Most businesses are closed with employees working remotely or not working at all. The exceptions include supermarkets, pharmacies, banks, parcel delivery services. The borders are closed to most forms of traffic, except Ukrainians returning by foot or by car. Most domestic transportation is closed or heavily restricted. Estimates range on how deeply the ensuing recession will harm Ukraine. The Kyiv Post talked with entrepreneurs about their daily struggles, asking how the quarantine has affected their ventures and what they are planning to do once it’s lifted.

We want to hear your personal story of survival during this national lockdown. Please contact us at [email protected].

Andrey Mima
co-founder and chief financial officer of LUN.ua, an online real estate database

“From a technological point of view, the quarantine has pushed the industry five years forward. The advanced features we had been building for several years became an instant must-have. Virtual outdoor walkthroughs, (online) showrooms of fully furnished apartments, 3D layouts with the actual window views, and video calls with sales offices – all of these (digital tools) provide the only way to see and explore construction sites now. 

“All our employees are working 100% remotely. Social distancing is the duty for responsible companies and citizens. If the quarantine is prolonged, we will keep working remotely.

“Uncertainty is negatively influencing the demand on the market. We faced a 40% audience decrease during the second week of isolation. Starting from the fourth week, the number of users began to stabilize and is now around 70% compared to February.

“The buyers’ needs have changed (a lot). Nowadays our users are under stress due to uncertainty. Our brand’s role was to help people make a calm and reasonable decision. Today there are no calm people. To buy real estate, people need to relax and believe that everything is going to be all right.  

“Still, the real estate market has endless demand. Those who are not buying real estate at the moment haven’t abandoned the idea, they are just stalling their decision. Moreover, people in lockdown value their homes much more and would like them to be more comfortable.

“The company was founded in 2008, right in the middle of the financial crisis, which started as a result of the real estate market crash. (The skill to fight crises) is incorporated in our DNA – we know how to create value at uncertain times. And now it’s our time, the time to buy apartments online. This has been our dream for 11 years and we’ve finally accomplished it.

“Cranes shouldn’t stop building. When the safety regulations are respected, the authorities still allow construction sites to continue operating. This is a very good sign for the sector. The primary property market is of vital importance for local budgets. We also want to remind the government of good initiatives, such as affordable mortgages. These can help the construction industry and the population of the cities. Now is the right time for its implementation.

“We believe we can get through the crisis if we help each other. Let’s use our resources to develop our markets, not for direct competition. Those who can negotiate and collaborate during these times will definitely have more opportunities.”

Source: www.kyivpost.com