You have heard it all already. COVID-19 has radically shaped the course of nearly all industries. Rents are falling. Governments worldwide are imposing rent freezes, mortgage freezes – the list goes on. Let’s grapple with the truth; this is a hard time for everyone. The hard work and efforts ploughed into establishing your property portfolio may seem fruitless in the current financial climate. However, for anyone in possession of capital, be it property investors, landlords or property developers, your reputation is your currency. Acting out of stress will not help your situation. Your position in the market can be maintained by emanating positivity across the industry. Here, we will discuss the best ways for property investors and landlords to mitigate stress and prepare themselves for the post-COVID19 era.
On the investing side…
Provide encouragement and tips to those who are selling. Check in with sellers you had in the pipeline and, if you are able to, offer
support. The investment you were planning to make may be postponed, but your graciousness in this period will make it more likely you can return to
it in the future.
Keep informed with current goings on. In New Zealand, new laws to protect investments are being continuously introduced. Additionally,
study the specific real estate market you are in to identify which future changes you can make to your portfolio.
Plan for future investments. If you were planning to enter a new market, this may be the time to do all your research and make plans for
the future.
Most importantly, reach out to other investors. At this time, community is key in maintaining morale and utilising your network will help
you in planning and keeping yourself informed.
On the landlording side…
Everything...
