André El-Mann Arazi said the COVID-19 pandemic cannot kill the real estate industry in Mexico. It can radically transform it, however. The veteran investor and project manager said it would be foolish to think that large-scale adaptation will not be part of a strategy going forward to counter the havoc the coronavirus has created in all sectors of the economy. André El-Mann Arazi is CEO of Fibra Uno, Mexico’s largest commercial real estate development company. He is also the director of E-Group, a consortium of developers with a 30-year history of handling some of the biggest projects in Latin America. No one knows then the COVID-19 pandemic can truly be said to be behind us, but André El-Mann Arazi recommends that buyers and sellers keep their options open and explore the variety of opportunities that continue to play out. Ignoring the current situation is not an option. Adapting is to it is a necessity, he said.
He also notes the key challenges of operating in a pandemic environment. For example, agents showing properties now require new strategies that include precautions like social distancing and wearing masks. There’s also the vast changes in the typical tenor of the spring real estate season. Spring is traditionally a time of a marked increase in listings and burgeoning sales. In the wake of COVID, however, this spring delivered a significant decrease in listings.
André El-Mann Arazi said the situation called for more creativity in sales tactics. Increasing the quality of “showmanship,” for example, is a way for home sellers to stand out from the crowd. Paying close attention to first impressions is also key, he said. What is it that buyers see first? El-Mann Arazi said failing at first impressions more often than not does not lead to a second chance. Fundamentals like have no vanished simply because the world is dealing with a pandemic. Life goes on, André El-Mann Arazi said. That includes the real estate business.
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