A View from the Fulcrum Point
Updated: May 10
Contributing writer: Thomas Schoenbeck with Video Blog by Apryl Parcher
"We have fewer foreclosures and greater liquidity with our lending institutions."
As markets shift amidst this current pandemic, clients scramble to find their place in this new environment. Apryl interviewed Bill Lucks, aka "Mr Commercial" to get his perspective on this ever evolving local and global outlook and how sellers and buyers can take advantage of what could otherwise be a complete downturn in the Real Estate market. With 40 years experience and having seen similar fractures in the economy, Bill brings us some insight into expectations with regards to trends and tools at our disposal to help us get through this ever ebbing and flowing economic condition.
From a tax deferment through the planned use of a 1031 exchange to using SBA loans when governments cash infusements are made available, there are always creative ways to achieve the outcomes and goals with your Real Estate portfolio. Staying on top of the available programs and having a face-to-face talk with your local lender is vital to learning what options you have that you may have been unaware was at your disposal. Staying on top of your game and educating yourself is the key to your ultimate success. As a landlord or tenant with a lease in place, have the discussion about restructuring the tenancy to aid you in traversing this rather precarious period. While we are experiencing a game changing market, this is not new, just a new form.
For Realtors, up your ante with how you market your Commercial and Residential properties. Just because we are all under 'stay at home orders," consumers are not going to stop making purchases and internet searches will skyrocket and on-line sales will boom. Be sure your client's properties are being exposed to the market with the highest quality imagery and descriptions as possible. Consumers are visually driven, and if you don't capture their interest within the first photos and within the first two to three lines of physical descriptions, the consumer will scan right past yours to the next property. Now is the time to leverage what you are offering but on a higher scale than previous.