Sally Lapides is the CEO and president of Residential Properties Ltd. in Providence, the state’s leader in transactions on residential real estate sales.
The Providence Business News asked her to respond to questions this week about the impact on real estate of the new coronavirus pandemic, which is continuing to spread throughout the state at a rapid rate.
PBN: What has been the effect of not being able to hold open houses this spring? Has that had any impact on sales or on referrals for sales associates?
LAPIDES: Agents are thinking outside the box because they are unable to do open houses in the traditional way. We have done virtual open houses on Facebook. Agents have done virtual showings with 3D platforms, video and FaceTime.
The lack of open houses has limited the number of buyers from the Boston area who are exploring Rhode Island as an option. We are still receiving referrals and inquiries from a variety of third-party sources and we will see an impact for the month of April on sales, although the first quarter prior to the quarantine was remarkably strong.
PBN: What direction have you given sales agents at Residential Properties? Are you suggesting they meet virtually with clients, or just practice safe distancing when viewing homes to prepare them for sale?
LAPIDES: Our offices are closed but we are still in business with everyone working from their home offices. Some clients are meeting virtually; many sellers still want their houses shown and the sales associates come equipped with masks, gloves and disinfectant. Everyone is practicing social distancing.
PBN: Has the use of drones and video tours allowed you to list homes with efficiency? It seems as though the industry had already embraced technology before this.
LAPIDES: We have been using video tours for 10 years and have differentiated ourselves from many other agencies. However, the use of drones and video has allowed us to market properties more effectively in the age of [the] coronavirus.
Clients feel as though they have a much better sense of the property and have both purchased from the video and professional photography, or will make an appointment to see the property after the video tour.
PBN: For some buyers, they of course want to see the home itself. How are you handling this and reassuring home sellers that their properties are being kept safe?
LAPIDES: We ask homeowners to turn on all the lights and leave the closet doors ajar so that there is minimal touching of surfaces.
Buyers and agents are coming to the property with booties, gloves, masks and Purell. We feel secure that we are protecting the parties. In addition, we allow only three people to be in the house at one time.
PBN: Do you have any indication that buyers have stopped purchasing because they are concerned about the greater economy, their own finances, or are sales continuing this spring as expected?
LAPIDES: The high-end, second-home market may be affected, as we have seen some buyers wary about their overall feeling of financial security and postponing their second-home dream for a while.
The primary home market is still moving forward because the interest rates remain low. There is a pause for those buyers whose businesses are closed right now.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
