The Property Investors Mindset Tips We Need To Survive The Other Side Of CovidBy Lisa Fletcher | 02-11-20
The ups and downs of 2020 have impacted us all in different ways. We are all going to look back on this time and have our own story to share. The good news is, as the weeks pass, there is hope that we are moving forward step-by-step, as we become confident and more stable in our thinking process that we are getting on top of COVID. However, as we start to move forward, it is important that we take a moment to reset our mindset. COVID has changed, controlled, impacted, unsettled, and caused the largest global disruption in our history and for many, even when COVID has gone, we may still need time. So, we want to encourage you to take the time now, to think about and start planning for the future. How are you going to come out the other side?
Tips To Survive The Other Side: Financial Mapping
For those who are relying on mortgage deferments or government support relief, start now in mapping out a recovery plan, as it can be easy to fall into the trap of thinking ‘the support will always be there’.
FOCUS ON THE FACTS
It is often ‘the uncertainty’ that causes the stress and anxiety. Many economists are very positive in saying that overall, the property market is stable. Try not to let your mind wonder to the fearful uncertainty asking, how long will this continue for? Will COVID return? Take the time to switch off the news and focus on the facts. How is the market performing? What is the current vacancy rate? What are the average current rents? What are the average sales? What can you control right now?
There are two-sides to every story. Why are some landlords coping with little effect and others are onset with panic? Some leading experts have shared that landlords who are feeling extremely nervous during these times may have been taking too much risk or were already financially over-committed. While landlords who are not feeling much change, could probably afford to be more resilient, placing them in a position of opportunity. There is also an alternative explanation, that the nervous landlords have simply been paying more attention to the headlines, which is not a good idea, given that today’s uncertain environment is tailor-made for negative thinking. Every challenge in life is a time of reflection and a time to reset.
If you have any questions, concerns, hesitations or just want reassurance during difficult times, our expert team is here for you on 97075300 or 5942 1207 or you can contact your favourite Peake representative directly. No question is too big or too small. We are here to help you build your property portfolio, wealth and confidence.