At the start of the pandemic, with restrictions and uncertainties, an Armagh real estate agent made the decision to go it alone.
To many onlookers this certainly would have seemed like an odd choice, but Ryan Molloy, the man behind Redian Real Estate, was more than happy with his first year in business.
The 2015 Young Agent of the Year, now 30, made the decision to go it alone after working as a branch manager for a local real estate agency in the city for the previous seven years.
Talk to Armagh I at the time, ryan said, “i had been thinking about opening my own realtors for a few years now, then i just decided to bite the bullet.”
Now, a year later, many will be more than familiar with the eye-catching baby blue sales signs around the city, and we took the opportunity to catch up with Ryan to see how the first 12 months have been.
He admitted that at first there was a bit of trepidation, with no one really knowing how the lockdown, pandemic and restrictions were going to affect the market.
“It all actually came to a halt when we entered the first full lockdown,” he said. “We didn’t know if this was going to continue. We didn’t know if people were going to get their jobs back and there was so much unknown.
“But it really just took off. The first three or four months for me have been absolutely crazy and have been busy for the past 12 months. “
Last year, Ryan had explained how in the residential market demand far exceeded supply, and this continued to be a theme, he reports, which led to higher prices. of real estate.
He said, “There’s no question there are properties that are way above their asking prices just because there isn’t anything else people can bid on.
“But I think once there are more properties on the market, when there are more options, that will change. I don’t think there will be a drop, as much as a price correction.
Explaining this request, Ryan said the pandemic and in particular the restrictions have had a massive impact.
“People weren’t booking vacations or eating out, normal daily activities, so they were able to save a down payment to put down on a house when the lockdown was lifted,” he said.
However, it hasn’t been easy for first-time buyers, Ryan said.
“Developers have had to increase the selling prices of new constructions, which makes the accessibility of loans more difficult for first time buyers.”
“This is in part because the price of materials has increased dramatically over the past few months. However, it didn’t appear to have a negative impact on sales.
According to Ryan, there has also been a shortage of private rentals in the market, which has led investors to fight with future buyers.
“There is such a demand for rental, I would have a list of 200 or 300 long filled with tenants looking for a rental. This means that many landlords are able to drive up rental prices, making it a more attractive investment. “
The property management side of Ryan’s business has also grown as a result and he would like to thank everyone who trusted him.
Meanwhile, commercially, he admitted it had started slowly, with many fearing to open a new business, but that had changed in recent times.
“A lot of people have had time to start a small business or to think about going it alone, much like me, and that has also resulted in greater demand in the commercial market,” he added.
The past year also saw Ryan branch out with the establishment of a virtual office based on Dublin Road in Belfast.
To learn more, you can check out Redian’s website or follow them on Facebook or Instagram.
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