The speed and intensity with which this crisis has moved has been head-spinning. Three weeks ago you could still jump on a plane and travel interstate, take a seat at your local café and grab a cappuccino, go to an open house inspection and even front up to buy at auction in person.
The scale of the COVID-19 fallout on our community, health system and economy remains in the realm of uncertainty – and uncertainty is a major problem when it comes to property markets.
Real estate investment thrives in times confidence because everyone is operating on a basis that they’re sure what the future will bring. Turn that on its head, and the vast majority of people simply stop in their tracks and hunker down.
Despite all the bad news, I’m here to offer a little hope, because I believe the current situation is actually a time of opportunity for an investor. Whether looking to buy or not, this moment allows us to make advances in our investment journeys, so long as we keep the mindset of the Viking Investor.
Viking investors embrace a number of attributes to help them stand out in times of crisis.
1. Eyes on the prize
This is a key indicator that you’re a Viking Investor. They know their destination and move toward it relentlessly.
To paint the imagery, Viking Investors stand at the bow of their longboat and stare laser- focussed at their goal while mayhem breaks out all around them. They have the ability to see where they want to be and hold the course, looking for opportunities to gain an advantage where possible while not becoming totally derailed by challenges.
The Viking Investor is mindful that we are experiencing a moment in time. They have a long-term vision so as to ride out these obstacles. These investors will look back in two or three market cycles satisfied that the actions they took now have paid so handsomely.
2. Constant revision of strategy
Viking Investors are continually reassessing their plans so they can spot the most appropriate times to pivot along their path.
That’s why this time of self-isolation could be one of your most productive as an investor.
You’ve been handed a chance to slow down on your day job and devote time to your investment planning.
Use the coming weeks to take a look at your resources. Do an audit of your portfolio. How is it performing?
Take a look at your home budget and finance arrangements for the coming year. Is there a chance to free up some cash flow via the support available? Could you be getting a better interest rate?
Take this moment to look at your goals and see how you’re tracking and whether there’s a new path to reach them more effectively.
3. Embrace the changes
Let’s be honest, the property sector has not stopped altogether – it’s just had to adapt to new rules… and you should too.
A Viking Investor will similarly flex to meet the challenges head on. Instead of being fearful, embrace the change and move forward with confidence.
The ability to operate remotely across all facets of life has never been easier. There is a collective take up of great technology, and the real estate industry is helping lead the charge. Video inspections, online auctions and data bases full of information all at your disposal.
We are all now ‘connected’ at an astonishing level. If anything, this current crisis has brought a whole world of options to the surface that you may never have considered before.
4. A ship-shape crew
Of course, a Viking Investor never goes it alone. This is exactly the time to rely on your crew of professional advisors.
Not only can they help you redefine your goals and strategies, but buyers agents and advisors are already well aware of how to get the best out of the current situation.
Buyer’s agents in particular will look to draw on their network of agents to unearth opportunities. They also know how to analyse the incoming data more effectively than you.
Finally, they can attend private inspections efficiently and effectively on your behalf, while reading the market landscape to ensure you only pay an appropriate amount for a good property.
To be clear, I am not diminishing the very human toll this period will have on us as a nation. Self-isolating and following the guidance from medical professionals and the nation’s leaders are essential for the safety of our population.
But part of the equation is also having a section of the population who can maintain a strong mindset and long-term confidence. These people are essential, because they’ll provide a positive beacon for the rest to follow as we eventually head back toward calmer seas.
By Steve Waters, Right Property Group