There is no telling when the pandemic will end. Period. But that doesn’t mean life stops- especially for condo owners and developers whose sector is one of the most affected in the real estate market. That’s because being locked down in a small space with neighbors just a few feet from you (yes, as often associated with condo dwellings), is not for the weak of heart.
So, what are they to do? Well, here are some tips from Real Estate experts and consultants- namely, the Lobien Realty Group, Santos Knight Frank and Colliers International- and we’ve rounded up the To Five Ways Condo Owners/Developers Ought to Do to Weather the COVID Crisis:
- Condo owners should accept shorter term lease
Lobien Realty Group says that from the usual 3 to 5- year lease agreement in the old normal, condo owners should accommodate offers for a shorter period of time.
2. Condo owners should consider offering lower rates
Lobien Realty Group says landlords should consider offering lower rents especially if their units have already been vacant for extended periods. Santos-Knight Frank also suggests that landlords revisit pricing structures and payment terms.
3. Condo owners should highlight property management skills in mitigating potential COVID-19 infections
The Lobien Realty Group says this should include strict monitoring of tenants and their guests; contact tracing measures; and, extensiveness of its sanitation procedures.
4. Condo owners should throw in leasing incentives
The Lobien Realty Group says condo owners should entice renters by offering complimentary disinfection services and the like.
5. Condominium developers should look outside Metro Manila
Colliers recommends that at this point, developers should start looking for peripheral areas of MM that are viable for mid-income to upscale residential projects.