Local Real Estate and COVID 19 – What you need to know

Local Real Estate and COVID 19 – this is a wide topic as there are many areas to cover with the current pandemic. This article looks at Real Estate in Guyana and the effects of COVID.
The reality of the current COVID 19 pandemic, not only for Guyana but globally, is that it will change the way that real estate businesses operate as well as the economy that existed before.
There will, however, still be a strong real estate industry based on the simple fact that housing is not a luxury, it’s a need.
Over the last few months, Demerara Realty has used this time to really assess the real estate market and needs of our Clients and we recognize that technology will play a significant role in how real estate is marketed and managed.
User friendly technology is integral to bridging that gap between the pre COVID world and the new real estate demands – something agreed upon by other real estate industry leaders.
Afterall, history shows that with every massive socio-economic event, successful businesses are the ones who actively seek new opportunities and reassess their client’s needs. Demerara Realty is handling this two ways:
1. Edifying our Clients on how to stay safe during interactions
2. Letting our audience know of the new ways our company will be marketing properties

Guyana’s COVID case numbers have been climbing with 351 confirmed cases as of July 23, and whilst comparatively small, we still need to take precautionary measures to flatten the curve.

So how have we approached this?
First of all, this has pushed into the unfamiliar territory of physical distancing. The risk and reality might leave us a bit unsure of how Clients may want to approach their real estate needs.
Now we know that in order to either market the property for a seller or for a potential buyer to view a property, there is a need for physical interaction.
In either instance, we encourage our Clients – both Sellers and Buyers to continue to wear their masks in these interactions.
As a Seller, your priority is keeping safe with your mask. Not to worry, our Real Estate Representatives know what needs to be done to keep themselves safe as well.
Some top points I wanted to share – especially for Buyers is to:

Based on your analysis and expertise, you may wonder, “how do we see this pandemic affecting the real estate market and the value of local property?”
In our opinion this will take two phases.
The first phase, which is what we’re currently experiencing, and we would consider this the height once our citizens follow the social distancing guidelines, will be more of a Buyer’s market.
There has been a noted slow down to Guyana’s economy and not entirely due to COVID since our prolonged elections had a major role in our economic standstill. This has therefore impacted Sellers especially those that may be a bit strapped and looking to make a faster turnover on a property and in so doing, are either selling or renting just below market value.
Our recommendation to Buyers and potential Investors, NOW IS THE TIME TO BUY!
The second phase will be our return to the ‘new normal’ and will represent the Seller’s Market. The impact will be more towards the Sellers benefit as the economy will improve and with it comes more spending power for local Buyers. As mentioned in our last article on the Home Selling Process, 70,000 of Guyana’s population has matured and are now eligible home buyers. Coupled with the influx of foreign Buyers and investors as borders re-open, the Seller’s Market should start seeing some traction by end of year to early next year.
Demerara Realty recognizes the need of many of our Buyers especially for our foreign market in that they will want to view properties without having to be physically present.
To answer this need, we offer a Video and Virtual Tour marketing package for Sellers which allows for greater interest in properties. We currently do short video ads for our high-end properties, but we can add it to the services of any property if the Client so desires.
Video and virtual tours mean less physical interactions thereby reducing COVID exposure for both Sellers and potential Buyers.
Of course, we encourage our viewers to visit and register with our website www.properties.gy to not only establish a user account but view those video tours as well. You can also connect with us on 640-5555 or info@demerararealty if you wish to sell, rent or purchase a property for either residential or commercial use.
Stay safe!!