More important than anything is your health and safety! And if you are fortunate enough to have that, then you may want to take time to review your personal financial goals and strategies and consider whether it makes sense to adjust or change anything because like it or not, the post-Coronavirus world is going to look different. Here in the Philadelphia area, like the rest of the world, things are changing on a daily basis, especially in real estate.
Pennsylvania is set to open again for business on May 8 with safety guidelines in place and even now, there is a gradual loosening of restrictions planned, with an abundance of caution. It is going to be very interesting to observe how each state handles the return to work and activity because already, the differences are significant.
Having had one of the strictest shut downs in the country, the state has been successful in flattening the curve, keeping hospitals from becoming overwhelmed and avoiding the worst case scenarios that many feared. Construction will be back in action soon and the Governor is moving forward with cautious optimism.
Response of the local governments in the markets in which we are active and on the State level has been impressive and effective. The PA Governor outlined a three phase response plan covering Relief, Reopening and Recovery that includes plans for raising the minimum wage, expansion of paid sick leave, support for small businesses and improvements in infrastructure — in other words, positive changes that enhance communities and the region and improve the ability of people, like the tenants that rent our properties, to earn a good living.
At Around the Block, we are in shut down mode and following the stay at home orders but we have not rested for a moment. We are watching, gathering information and poised to leverage the opportunities that arise from this crisis.
To maintain perspective and understand the opportunities and challenges we will face in the short and long term, we have been talking on a regular basis to all of our partners, to other investors and to a variety of professionals that can provide insights to what is happening and how best to navigate through to a safer more calm place. From creating a local landlord group to working with our property management companies on how best to manage challenges with tenants, we have maintained an intense hands-on approach.
And what about actual investment opportunities? Is it time to start buying?
We have been holding off and keeping close tabs on the market and the factors that influence the market – both short and longer term. Indications are that there will be good, solid opportunities in the coming weeks and months. We have shifted our strategy after deep and careful thought and analysis and will be sharing the opportunities that align with what we believe to be are good investments for our clients.
In addition, we have hunkered down and written an eBook in the last three weeks and are proud to announce that it is now available!
The book, “FROM CRISIS TO GROWTH. How Real Estate Professionals Can Cope With The Challenges of COVID-19 and Other Crises” emerged from our own internal planning sessions and a belief that every one is capable of navigating their way through a crisis to a better place. There may have never been a more important or confusing time in history to invest in Real Estate and we want to help you get it right, with real and relevant information.
Investing in real estate was never so interesting as it is now. Keep your eyes out for the solid opportunities that we will be sharing in the coming months.