Pandemic: Blessing in Disguise?
Blessing in disguise is an idiomatic expression defined as an apparent misfortune that eventually has good results.
There’s a pot of gold at the end of the rainbow, or there’s calm after every storm. What else would you like to hear to convince you that amidst all the not-so-good occurrences that the world is currently facing, there’s a silver lining to it? It doesn’t come easily, more so overnight. No one expects you to have that sudden turn, but at least you are presented with an option, a promise-a chance. Who passes on an opportunity?
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However, passive, it still requires attention and effort in real estate, especially with the pandemic’s unprecedented rise. Given that no one expected it, more people should be vigilant and prepared for no one knows what else is to come. It helps to be in the know of everything that’s happening. But for now, the focus is on how to turn crisis into opportunities. For some, they took this moment to give themselves a break, allowing themselves the much-needed respite that their busy schedules forbade them to do for a long time. For business owners, though, this is the time to conceptualize new strategies and new techniques but, most notably, mother hands into planning.
What is Covid-19, by the way?
It is a respiratory illness that is highly contagious. It has flu symptoms like fever, body ache, fatigue with shortness of breath that could lead to death. Basically, it is fatal in medical terms, especially when not given immediate care and if the host’s (or infected) immune system is low. It can rapidly spread and has been transmitted from continent to continent, thus the label pandemic. And despite efforts to contain the virus at a small scale, it has already exponentially increased.
And now, since the whole world was infected, it only affected the health and the financial aspects.
How was the financial aspect affected?
Social distancing protocols were implemented, lockdowns and quarantine initiatives took place. There were reports of panic buying, flights were suspended, transportation ceased to operate, and even schools were affected. Some employments suffered, as well, prompting most to adapt a work from home setup. And because of that, the business sector was greatly severed, and the real estate industry was not spared. Face to face interaction was lessened until it was entirely removed from the daily operational procedures people got used to. These extreme measures ensure that the virus will be contained, and the curve will be flattened. However, it is wise not to allow this crisis to ruin the potentials for growth and learning. This could actually open doors to opportunities that investors should take advantage of.
How to turn a crisis into opportunities?
At present, a conundrum is this- To be pessimistic and wallow in the depths of the uncertainty or to be optimistic and find avenues that will make you both productive and effective. It is easy to be discouraged when faced with tribunals, but there is no point in allowing yourself to drown in it. Some things are beyond people’s control, like this pandemic, but how people react and approach this dilemma could transform any disaster into a blessing. That is precisely what this webinar is about. For some, this circumstance has brought greater demands like trading, the supermarkets, and those who sell essentials. But for the majority, like the airlines and even accommodation facilities like Airbnb and hotels, they are in critical condition.
Airbnb, for instance, since its market is mostly short-term rentals, the cash flow has stopped flowing. Also, homeowners are losing their homes to foreclosure because of unemployment, real estate investors are at a loss too because prices are dropping, and the market has slowed down. For the time being, the fluctuations and losses are intensely felt, but its long-term implications may and can be altered if actions will be done as early as now. Having that long-term mindset can possibly avert the effects. It is imperative to observe and keep an open eye on the positive possibilities this pandemic may offer.
Real Estate IQ strives to create avenues and channels for every investor, and homebuyers can find respite and solutions. There are webinars and the book club, The Successful Habits Book Club, where mind-like people share their insights with the group. Basically, the aim is to encourage people to read more and share their knowledge and thoughts. This time where fear is pervading the world, the market is also suffering. Some would advise cutting down costs or reducing the marketing and other expenditures, but seriously, the effect is short-term. When in business, especially real estate investing, it is important to have a long-term perspective. What do you want to gain in the next few years and not just next month? Having that mindset, your approach will be aligned to your aim.
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Do not let the pandemic dictate how and where your business will go. Be in the company of people who know the business and keep you steady with your priorities and help you grow.
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Excerpts: When in business, especially real estate investing, it is important to have a long-term perspective.
Snippets: And because of that, the business sector was greatly severed, and the real estate industry was not spared. Also, because of unemployment, homeowners are losing their homes to foreclosure, real estate investors are at a loss too because prices are dropping, and the market has slowed down.
Steve Liang is the Co-founder and CEO of Real Estate IQ. He is a national speaker and a member of the Real Estate Advisory Board of North Lake College. Some of his achievements include being the REIQ’s Market Leader in Real Estate Intelligence Augmentation; co-founder of Real Estate Deal Finders Meetup, which hosts over 20 monthly real estate networking and deal-finding training in Texas; and a goal-setter and motivational speaker that helps entrepreneurs to unleash their potential and achieve their goals. Steve has spent most of his career practicing leadership, management, marketing, and strategy execution.
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.
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