Over the past several weeks, we have experienced something that most of us never thought plausible. A Pandemic. The world has been shaken as we see the effects of COVID-19 across the globe. But this disease is not the only thing that people are facing. When it comes to commercial real estate and our changing market, we have found that people are responding in different ways…
Fear, Greed, and Shrewd are three of the major responses that we see when we talk to others about the current market.
Fear: This a normal response. The concept of not knowing what lies ahead is a valid reason for people to have worry during this time. Almost everyone we know is experiencing fear in one way or another. We are in uncharted waters that can only be navigated by patience, wisdom and knowledge. Unfortunately, we have found that there will be some winners and losers during this time. We can help inform and serve our clients and we plan to do so by being calm, respectful, responsive and understanding. Remember, at the end of the day, we are all going through this together.
Greed: Now before you think of this with negative connotation, remember that this is not necessarily a bad thing. One friend told me, this will leave people in a condition of “more”. Some will come out richer while other may experience loss and become poorer. This can all be a bit painful to process. The reality is, without those that are willing to bare the risk of tragic markets, some would be hurt in greater frequency. Those that see opportunities, however, can provide the opportunities.
Shrewd: This tends to be a blend of the two above. People seem to be very aware of what is going on and realize that this is temporary. But how temporary exactly? Where will the market be in a few weeks, or months? The time is truly unknown and people who take this path are making judgments based on what they know and using their knowledge of past and present markets to make wise decisions.
As we get these responses from people on a daily basis, we have to look at ourselves and figure out how we choose to respond and what we are focused on. So, what is going on with our team? Well, we are focused on a few things as well; Our team, our clients and the market! These three things are what make up our everyday lives and give us reason to do what we do.
Team: Physical, emotional, and mental health are most important. At the end of the day, the health and well-being of our team and their families is a huge priority. Our team is made up of several principals, advisors, and office staff that have families they need to take care of. We want to make sure they are all doing well, and we want to be there for them in any way we can.
Clients: TCG has built our business on building relationships! Which means the well-being and health of our clients is extremely important! We know that you have your own thoughts, feelings, and reactions to what is going on and we want to be able to help you through this. You are going to have needs, pains and potentially may require some help managing your opportunities with the market changes. Allow us to hear you out and be that guide that can assist you through this time.
Market: So, what do you do when you and your teams are quarantined? What changes? In one aspect, everything… but in another light, we are still doing what we always have done; staying knowledgeable about the market on a daily basis. As we have this time to truly stay up to date and study the fluctuations, it allows us to process the implications and seek to find the gaps as well as the opportunities!
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