This pandemic is unlike anything we have experienced before, but that doesn’t mean we can’t apply what we already know. Major economic shifts mean major opportunities for those who are looking and keeping their heads above water.
Keep your wits.
A lot of people will be panicking. This is no doubt a serious issue, and we do not want to make light of this terrible situation, but that does not mean we have to panic.
In reality, one effect of low bond yields is ultra-cheap mortgages. The average interest on the 30-year, fixed-rate mortgage, according to Freddie Mac, is now just 3.45%. It’s a three-year low that many expect to get even lower. You’d think that would be great for the real estate market. But all that uncertainty driving rates lower is on the minds of home buyers and business owners, too. Keep your wits, control what you can control and stay focused on your end goals. A lot of investors and individuals will be getting rid of properties during this time.
At 2ndWind Properties we are still being contacted by sellers daily and at this time we are still actively looking at properties that are vacant or switching to virtual appointments with the sellers. That is- having them shoot us video or pics of the interior of the home and Jason (our principal investor) will do an exterior walk around. If the property is vacant we practice social distancing and take health precautions with masks, gloves, etc.
We are still purchasing and selling with the help of our amazing closing attorneys and all of the precautions that they take to protect everyone and get the job done.
We are also staying in touch with our sellers from previous appts with extensive follow up and letting them know that we are still here and look forward to helping them with the sell of their home.
While practicing social distancing this next piece of advice is paramount- utilize technology. The realestate industry is years behind the rest of the market but by taking advantage of emerging technologies you can continue business as usual. As mentioned before we are taking advantage of virtual appointments utilizing software such as Zoom for virtual meetings and Google Drive for quickly sharing photos. Now a days most real estate related business can be handled remotely- even signing legally binding documents. A few industry standards are docusign and dot loop.
Listen, Look, and Lean-In.
Remember the 3 L’s of lead generation we wrote about in our previous article? Now is the perfect time to put those in practice.
There will be a lot of spooked investors or struggling homeowners who need to change their financial situation and this is a great opportunity to be the helping hand if you are still purchasing properties. Keep an eye out on social media post and be sure to leverage your own platforms to let people know you are still investing.
We did follow up with a seller that had a very unique situation with selling his mom’s house. We were not able to initially get the house under contract, but after following up with the seller last week we discovered that he signed a contract with another buyer, but as soon as the virus hit the buyer backed out of the deal. We were able to revisit the deal and put the house under contract and close 5 days later. Had we not followed back up with that seller, we would have lost the deal and the seller would have to start all over in this very uncertain time.
2nd Wind, LLC is dedicated to serving the needs of our local investors. We specialize in identifying and purchasing quality properties that provide unique opportunities to our growing network. We understand how difficult investing in Real Estate can be to newcomers and that even veteran investors can get burned-out in this industry. We believe that sometimes all you need is a little push to get over the finish line to financial security. The name “2nd Wind” came from our desire to provide the helping-hand our investors need to make it through the buying process and take their portfolio to the next level.