Lockdown and real estate

President Cyril Ramaphosa’s announcement that the country will be locked down for 21 days in an effort to contain the spread of Covid-19 will see all non-essential businesses, including estate agencies, shut down all face-to-face operations until the situation is under control.

“The housing market will inevitably take a knock over this time, especially if the deeds offices close and property transfers are delayed. Many buyers will also be reluctant to sign an offer to purchase without ever seeing the home in person,” says Adrian Goslett, regional director and CEO of Re/Max of Southern Africa.

But real estate professionals can help minimise the downside of this situation, he said, by following up with clients via virtual tours and face-time conversations and lining up as many sales as possible so they can hit the ground running as soon as the lockdown period is over.

“To protect buyers over this time, agents can draft offers to purchase with a suspensive condition that stipulates that the purchase will only go ahead once the home has passed a physical inspection which can be conducted once the lockdown has been lifted.”