SANTO DOMINGO– Opinions on the current state of the real estate industry in the country are divided. “The situation has simply returned to pre-pandemic normality,” one argues, “there is a slowdown, increasing supply, and reduced demand.”
At Real Estate Woman Day, the considerations were set during the panel "Current and future of real estate in the Dominican Republic", with Alberto Bogaert, president of the AEI, Association of Real Estate Agents and Companies; Michael Mota of the Alterestate platform and Johanny Gil.
Bogaert believes that what is happening now is simply that sales have returned to their natural state, given that during the pandemic there was an accelerated movement that he compares to a vehicle "speeding.".
“During the pandemic, sales were brisk, and for many, those were their best years. Historical records were broken; it was unusual. We were pushing the vehicle to its limits. In 2022, we're not at the same capacity, but we're still moving at a good pace. We've eased off the gas pedal; we were going 200 km/h. We're returning to normal. A project that used to take two or three weeks to sell can now take four or five months, which is the norm,” Bogaert explained.
According to Johanny Gil, all indicators show a slowdown, and she understands that demand has decreased while supply has increased.
“In 2023, we will have many more opportunities. This isn't meant to cause fear or anxiety, but rather to encourage us to take firm steps and meet with others. In 2020, we had clients waiting for projects to be completed. This year, major investors are putting their projects on hold because they are waiting for the right opportunities. But every crisis presents opportunities. During the pandemic, we were fearful, yet we had record sales. We are going to train ourselves, strengthen our teams, grow, and identify where the opportunities lie,” Gil commented.
Michael Mota, CEO of Alterestate, understands that humanizing the service makes all the difference for a real estate agent. “Every agent sells the same thing; for me, it's about how that experience is created. The difference between a traditional agent and another is that vocation, that persistence. We're not just the beginning, but also the after-sales service that guarantees the client will remember you six months later, and our platform helps us in that process. Real estate is the most important asset in the world, which is why exceptional service must be offered,” reflected the young entrepreneur.
Recommendations
The Airbnb phenomenon has led some developers to neglect the residential market, given the attractive return on investment in short-term rentals; hence the emergence of the Condohotel model.
That is why the president of the AEI understands that one task that real estate agents must undertake is to talk with developers, because these types of proposals have come at the suggestion of advisors, and yet there is a growing population demanding residential projects, so builders should be advised to locate land to satisfy this need.
“We have a trend in investment projects, that is an issue that there is little supply of family projects in this 2022, it is a market neglected by the developers within the city, they have relegated it to the outskirts of the industrial park, we are not seeing it in the market as before,” Bogaert explained.
Looking ahead to 2023, he suggests agents get their act together because "the business is about doing what we have to do; this is a relationship business, focusing on our sphere of influence: neighbors, family, salon clients, gym clients; our close network are the best clients.".
Johanny Gil calls on her colleagues to have balance, get organized, implement a personal and business strategic plan, "to be better at what we do, because stress destroys us, to be well, to get organized, to give more but let's love ourselves more.".
Real Estate Woman
The fifth annual meeting of women in real estate featured a large group of leaders and representatives from various real estate agencies. Following a dance opening, laughter therapist Doris Chirinos kicked off the event with a diverse relaxation session.
Barbara Warren of Noval Properties gave a talk on how to sell properties abroad, Erga Sanchez gave guidelines on becoming a trustworthy real estate agent, Reyna Echenique spoke about the 7 keys to forming self-leadership, Gisel Castillo discussed the terms of mentoring, while Mariano Sanz shared his experience as a seller in Cap Cana with the audience.
Raffles, gifts, energy, exquisite food and a learning experience: this is how Real Estate Woman 2022 unfolded, organized by the experienced real estate advisor Marbel Llugo.
