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Covid-19 Real Estate in Panama

Covid-19 Real Estate in Panama

Great uncertainty in the current market.

In Panama the membership fee of “ACOBIR” (Panamanian Association of brokers and promoters of real estate) has been lifted for 60days which is a great effort of the real estate chamber given that the income of the association are mostly funded by its members monthly payments.

Additionally, the government has issued a “Bono solidario” (solidarity bond) including independent real estate brokers in it in the form of money or food allowance.

Due to the world quarantine, the interaction with clients has obviously become intangible as it is not possible to visit the properties, therefore a need to reinvent ourselves.

Great importance of partnershIps and being member of associations. But in the circumstances, digital marketing is for the moment, the only way forward. One can find online resources to educate itself such as Webinars to become more digital. It’s the moment to train ourselves on how to develop business, particularly towards the digital aera.

It is important to continue to look for prospects online, take the time to re- activate/reach out to old contacts and to your social network. Update your social network/webpage etc.

Show the properties in a virtual manner. The management of documents can also be done virtually eg. electronic signature etc.

In conclusion it’s time to train ourselves, the time to be methodic, organized, implement more effective systems. Real estate is a profession with cycles; brokers have to be emotionally intelligent in this difficult time.

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