With unemployment and salary reductions happening in various industries due to the global health crisis, many homebuyers have been having problems with paying for their properties on time.
And now, with the reimplementation of stricter health protocols all over the Philippines, they are now also struggling with travel, making it difficult for them to settle their monthly deposits.
Highlighting the plight of homebuyers and investors in the time of the pandemic, Filipino Homes, a real estate brokerage firm in the Philippines, has recently sent out letters to 430 property developers across the country, requesting them to extend the payment plans of its investors.
They understand the challenging social situation that we are all in and are one with the clients and the community.
The letter of Filipino Homes, signed by its founder and president Anthony Gerard O. Leuterio, emphasized that due to the current change in the market and economic situation caused by the virus outbreak, many of their clients have been raising concerns about the late payment penalties.
Days after the letter was sent, Leuterio shared in an interview that he has been receiving positive feedback from property developers and are open with the idea of providing payment extension for their buyers.
“Many developers have replied almost instantly upon receiving the letter and have been agreeable with the idea of aiding our investors. They understand the challenging social situation that we are all in and are one with the clients and the community,” Leuterio said.
Take advantage of the opportunity
According to Leuterio, as developers are becoming understandable and empathetic, buyers will likely value these aspects and will be encouraged to form connections and invest with the developers.
In addition, he also said that with the current market situation, most developers are giving special incentives, special low monthly fees, and giveaways to their investors. This resulted in an evident spike in the sales in the real estate industry that not only helps the economy but also the developers and homebuyers as well.
Despite the economic slowdown, real estate continues to offer good upside potential. In fact, as Leuterio describes it, real estate has become the savior for the economy.
“Real estate offers high-value products, high tax collection, and bigger opportunities for brokers and agents. The sale continues to grow so my advice for the developers and real estate agents/brokers, take advantage of the appetite of buyers, and for those who lost their jobs, take this opportunity to join real estate and develop your career.”
Leuterio also advises homebuyers to take the opportunity to investing in real estate.
“With the better payment options offered currently, buyers are the winners in this pandemic. So it’s very important to take advantage of making investments now and they will win in the next 2-3 years,” he said.