1. What are you doing for your clients right now?
First of all, I am contacting them and checking in to make sure that everyone is safe and healthy. If you do not have your health, nothing else really matters. Then I am consulting with them to navigate any questions or issues they may have. Realtors can be a great resource to their clients well after the lease is signed and the deal is done.
2. In your opinion, what does the real estate industry need to be careful about?
I have been saying for a long time that businesses, governments, and people as a whole are always thinking about what to do for today rather than tomorrow. We need to think about what 10 years from now will look like. I have been following Futurist Faith Popcorn since the ’90s. She has been preaching about the cocooning factor for years. Local cities are developing parking garages now, but 10 years from now they will probably be obsolete. We need to plan cities and businesses for the future, not for today.
3. What plans are you putting in place while you have some downtime?
I am focusing on making sure my family changes their habits to stay healthy. Secondly, I am using this time to put together new marketing plans. I am thinking about how I can change some structures of my business. Lastly, I am planning my new office space opening once it is safe and looking forward to welcoming our clients to our new space later this year.
4. What are the main concerns You are hearing from tenants and landlords?
Everyone's main concern is how long will this last and how long will it take to see some sort of new normal. Others include the stress of navigating the new business owner opportunities under the new CARES Act. We are working with clients to navigate the best practices to both sustain through this current climate, but also helping to find opportunities once we are all back to business as usual.
5. What could small businesses be doing to plan for the future?
Even though it may be a pain in the neck, they all need to talk to their CPA and find out what programs are out there for financial support. They also need to keep a close eye on their spending and cash flow. It is important to see this as an opportunity to make some changes and think outside of the box. All businesses, if they can get past the stress of today, should be using this time to put plans in place for when we are back to business as usual.