What we know as normal has now been redefined. The impact is not only felt in the way we now conduct business with virtual viewings, virtual live auctions, virtual networking events (free & paid), it’s no wonder Zoom’s share price sky rocketed.
With property investing, there is an expectation that property prices will fall by at least 10% over the next few months and some are predicting even more. This is partly to do with consumer sentiment, the fact that a lot of deals have fallen through and our “trusted” mortgage companies also shut down and halted the market. All this combined with the fact that the UK job loss is anticipated to have risen by 70% which is the highest in 10 years since the last recession.
Doom and gloom aside, with the easing of the lockdown and now that property viewings are being allowed subject to social distancing, we are beginning to see investors and deal sourcers flood back into the market. There is an increase in enquiries from both domestic and international buyers which is likely to offset the anticipated fall in prices, at least in the cities, so I personally I’m not expecting a massive fall in prices but time will tell.
Interestingly, there is also an uptick in the number of enquiries for people (especially with kids) looking to move out to the countryside to seek out greener pastures, gardens etc as they now look to commute less into work.
Top tips as we come out of Lockdown:
Call everyone you know and re-establish links
It doesn’t matter if you’re looking to rent, buy, manage or sell, just checking on people to find out where they are and how they have been coping will go a long way. See how they are doing during these challenging times especially as things start getting back to “normal”. If the conversation turns to real estate, talk about business, ask for a referral, but remember this is not the point of the call.
Revisit your Social Media profile & activities
Navigating this new digital space for us newbies is no easy feat and has required a lot of training on the job! Now more than ever, ensure you engage more and communicate more to let people know you’re still open for business. As many people are hooked unto their social media accounts, begin to make the connections on Facebook, Instagram and LinkedIn, these have yielded amazing results even in such a short time.
Systemize as much as possible
A rule of thumb is anything you do more than once can be systemised. There are now many cheap and efficient options for ensuring everything is set up to flow easily with minimum involvement from you (this is me preaching to the choir as I find delegation a struggle). The question I constantly ask myself now is who can i pass this daily or weekly task on to? Review your paperwork, create new processes and procedures for sourcing business, processing contracts, templates and keep on top of your finance (delegate that too). Review your activities and see what you can do better.
As always, I aim to keep property as simple to grasp but with good useful information, so do feel free to message me for any questions or if you want to find out more information about this post.
Always seek out specialist advise for any investments you make.
Disclosure: This information is provided to you as a resource for informational purposes only. It is being presented without special consideration of your investment objectives, financial circumstances or risk tolerance of any specific investor and might not be suitable for your investment. Investing involves risk including the potential loss of the principal capital. This information is not intended to, and should not, form a primary or single basis for any investment decision you make. It is good practice to always consult your own legal, tax or investment advisor before making any investment, financial planning and tax considerations or decisions.
