We recently had the opportunity to talk to Real Estate mogul Dallas Basha about how the COVID-19 pandemic will and already has impacted the Real Estate Industry in America. Here are our key takeaways from that conversation.
What Are The Impacts Of The Lockdown On The Real Estate Industry And How Have You Overcome Them?
As a real estate owner, the lockdown has impacted the industry and our portfolio in several ways. For one, the process of acquiring new properties changed. Currently, we are purchasing an apartment complex with tenants living in the building. During our property inspection, we have to be extra careful when engaging in these spaces since other people live there. Some other challenges fall in the due diligence process. Third-party inspectors or contractors may be unable to visit the property due to the pandemic, which can delay the overall process and impact the contingency period. These are things we have to keep in mind when buying property.
For properties already under management, we have taken extra precautionary steps to assure tenant safety. Luckily our properties have not been impacted by late tenant payments. However, this is a big challenge with the industry – specifically in retail. The real estate owner still has to pay the mortgage, insurance, and property taxes. In the event, the owner cannot make their mortgage payment. They have to negotiate with their lender. Most of the time, they will either delay payment or restructure their terms altogether.
Here are Dallas Basha Top 3 Tips for being productive at home:
1. Create a separate workspace outside of your bedroom. I like to have a desk near a window to get natural light and fresh air. Not having defined spaces can blur the lines between work and play and makes it more challenging to unwind at the end of the day, which can be exhausting mentally.
2. Take breaks. Just because your home does not mean you have to work 24/7. Yes, you may think you’re super productive, but if you haven’t moved from the same spot in 4 hours, you are most likely doing more harm than good. 15 minute breaks every hour or so is right for you both mentally and physically, even if you’re getting up to get a glass of water.
3. Dress to impress – even if you’re not seeing anyone. Psychologically dressing up gives you more confidence and creates the setting that you are there to work. Leave your pajamas in your bedroom and put on clothing that makes you want to close a big deal. It makes a difference.
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