I hope you have been using your time wisely over the past couple months.
I wanted to write you a quick post just to give you a heads up on some of things that we as business owners need to understand right now to adjust to the market. If you are a real estate investor, here are a few things you can start to do right away.
1. Add a covid 19 clause to your real estate investing contracts - this will cover you in the event that a closing date gets pushed back for some reason out of your control due to a mandatory quarantine (either now or later). In addition, you will probably want to set the expectation with your buyers that closings may take a couple weeks (or maybe months) longer in some cases.
2. Take a video of all properties - Many of us have been doing this for a while but some of us are still taking just pictures of properties. What works best in this ‘virtual’ market right now is to take a video of both the inside and outside of the property and start to get your buyers used to making their offers based on the video itself. It might seem different if you have not yet done it but people are more understanding in this new environment.
3. Consider working out of a few ‘virtual areas’ - This is something that may seem very uncomfortable if you’ve never done a deal outside of your familiar market(s). One of the keys to this strategy is to have some ‘boots on the ground’ so to speak such as a realtor, a virtual assistant or other investors who will have access to the property in the event you cannot be present all the time. Having a few new markets to do business in will allow you to expand and grow your business in what might seem like a contracting market.
So there’s just 3 quick ideas to get you through this uncertain time period. Obviously, there are other ideas out there as well to assist you along the way but stay positive and continue to grow rather than take the ‘wait and see’ approach.
David ‘The Diamond’