Since the beginning of 2020, life has changed around the globe as every place on Earth struggles with the novel coronavirus. As doctors and researchers try to contain the virus, ordinary citizens attempt to meet their basic needs. If you’re involved in the commercial real estate industry, you’ve seen an incredible decrease in profits. You have a hard time finding new properties to invest in, and your clients struggle to afford their rent. As you decide how to navigate this uncertain situation, take the time to complete these critical tasks.

Rethink Your Approach

You can’t afford to stop marketing until the pandemic ends, but you also don’t want to be insensitive as you reach out to current and potential clients. Many of them are experiencing extreme financial hardship, and they need your support. At the start of every email, letter, or phone call, ask how your clients and their families are doing. Emphasize that you’d like to help them however you can, and, if possible, offer extensions on rent payments. When you reach out to potential customers, tell them that you know times are unusually hard right now, and ask them to keep you in mind if they can’t afford new real estate at the moment. Even if these connections don’t lead to deals right away, you have put effort into new business relationships and demonstrated your concern for people ahead of profits.

Do Your Research

You probably have an unprecedented amount of free time these days. While you should take advantage of it to bond with your family and learn new skills, you should also use it to deepen your understanding of commercial real estate. Research the ways that the housing market has responded to past times of crisis such as wars and recessions. Investigate uninhabited properties in your area and get to know the agents or companies who own them. If you’ve been thinking about expanding to a new area, learn about that field’s history and rules. Some people are overwhelmed by spreadsheets of data and lists of sales records. If this describes you, explore the different apps and websites that help analyze data for you.

While you can’t run your business the way you normally would during the pandemic, this time does not have to be wasted. If you take these steps, you’ll increase your chances of success in commercial real estate both during and after these hard times.