KEVON FELMINE
kevon.felmine@guardian.co.tt
The real estate industry was not seen as essential when COVID-19 forced the partial shutdown of T&T's economy, yet, agents continued to work as thousands of people affected by the pandemic needed cheaper homes.
With the government easing restrictions amid decreasing COVID-19 cases, the Real Estate Association (TTREA) says it can safely resume operations.
TTREA president Kerron Brown told Guardian Media that housing remains one of life’s necessities.
Brown said if real estate agencies refrain from showing properties that people already occupy, the risk of spreading COVID-19 is small.
“It is very easy with limited contact, and the reality is that housing is an essential need of human existence. You must have somewhere to live. It is difficult for owners and people looking for properties to buy or rent to find because they are on social media, and there are like a million sites.
Using an agent to help you find what you are looking for makes the job easier, and we can do that through our networks without actually going out and meeting people face to face,” Brown said.
Acknowledging the government's vaccinate to operate policy, Brown said the TTREA communicated with the Ministry of Health earlier this month and expects a call in the next two weeks for details on vaccination for members. The TTREA already began reaching out to members.
The pandemic has been brutal on the real estate industry. Brown said some agents stopped working, especially those who started right before the pandemic.
“I had a couple of agents I hired in March, about two weeks before the pandemic. Because of the impact, six months later, they did not make any money, so they had to go out and get new jobs and stop doing real estate.”
However, he said the larger companies remain in operation. COVID-19 lockdowns caused many people to lose income. Therefore, they sought lower-priced rentals from agents during the lockdowns.
“I know people who rented out their houses to cover their mortgage, and they rented something cheaper.”
While there was a demand for rentals, there was a decrease in property prices across the board as sales declined. Brown said land that cost around $500,000 before the pandemic remains at the same price as there is still a demand for properties of this value.
However, there was an estimated 10 per cent decrease in the selling price of the property over $2 million. In some developments, houses that sold for $1.9 million in 2019 are now $1.7 million.
“In terms of higher-priced properties, $2 million and above or the $3 million and $4 million, those things have come down. They stay on the market, and you see people are discounting.”
With the economy reopening and confidence building, Brown says the real estate industry can operate with limited contact. He said owners could open their properties and return to their vehicles. The potential tenants would view the property, and if they have a question, they can call their agent. If they are interested, the agent can send all the documents via email.”