A few years back I was traveling overseas and caught a connecting flight with a Middle Eastern airline where English obviously was not the first language. So, while the air hostess was talking away, we were oblivious to what was being said until we heard the words BRACE, BRACE, BRACE. We weren’t in an emergency situation right then, but they were unmistakably saying in the unlikely, but possible, event of an emergency those words would be called out and everyone would need to prepare for impact. It was a little intense, but it certainly got our attention and even though we didn’t understand anything else that was said, we knew what to do.
With COVID continuing to spread across the globe and there being very little that anyone can do about it, and with world economies and people’s livelihoods at stake, those words come to mind – BRACE, BRACE, BRACE.
Why? Well, it makes me think that in the (hopefully) unlikely, but possible event of a huge depression or massive downturn we need to get ourselves, our family, and our businesses prepared.
I am not a doom-and-gloom type of guy, in fact if you have read many of my previous blogs you would know that I am certainly more of an optimist. But I am also a realist and I know that before a tsunami hits, the tide goes out for miles before it comes rushing in. I also know that you don’t just stand there and wait for it to happen.
We’re facing a similar situation in the real estate market. Yes, we are certainly experiencing some high demand and low stock levels in some States and Territories and there are good reasons for this, but meanwhile other areas are suffering. Now maybe a vaccine will pop up fairly soon and save the world and the impending tsunami will not hit or be as impactful. Maybe all the borders will reopen quickly, and the Australian economy will recover. Maybe COVID will simply fade away to nothing. Or maybe not…. Maybe this is the good news before the bad, maybe consumer confidence will swing the other way and the market will drop.
So, we need to think like they do on an aircraft – in the unlikely (but possible) event that things start to go downhill we need to know what to do. If there is a potential tsunami heading for us that has the capacity to cause some devastation, how do we prepare for it?
What you do is skill up like never before and gain as much knowledge as you can so that you are ready for any situation. You look at your business and see what you can do better or differently. You make sure you are ready to handle any downturn that comes your way as well as any opportunity.
And yes, there will be opportunities in difficult times. Just like doctors and nurses get very busy when there is a pandemic, when there is an economic downturn real estate agents have a huge role to play because most people’s equity, life savings and plan B are all tied up in their homes.
We will be very busy helping people deal with difficult situations – sadly people may go into mortgage stress, or the situation will lead to divorce, or they will need to relocate to be nearer to family or to find work. We can help them move on to more comfortable circumstances. And while there will be people who need to sell, there will also be opportunistic buyers taking advantage of the situation.
You can actually thrive in a market downturn, all you need to do is BRACE, BRACE, BRACE. Join me in my upcoming FREE half-day Real Estate Brilliance webinar and I’ll share some ways you can prepare for a (hopefully) unlikely, but possible emergency.
