Over the years, the real estate industry has generated steady incomes, with huge returns on investments. However, this drastically changed after what started as a health crisis scaled to a global pandemic, impacting the economy. The most significant part of 2020 experienced a massive economic melt-down as most economic activities came to a halt. Various sectors of the economy suffered severe recessions, with real estate being one highly affected industry.
Though not every market has managed to cope with the effect of COVID regulations, the majority are gradually recovering with great signs of making a full comeback. There is a fast-growing renewed spirit of optimism in the post-pandemic real estate sector. However, what’s important for the industry moving forward is to adopt and embrace necessary changes from the pandemic period.
Brosnan C. Hoban, a commercial real estate expert and Forbes Business Council Member, says that the pandemic was a challenging moment for every sector and a learning phase for entrepreneurs. Brosnan is a successful entrepreneur in commercial real estate, a greatly affected sector.
Most of Brosnan’s clients are restaurants, which were among the first businesses to shut down. According to him, their tenants struggled to keep their doors open, and they had to move and act swiftly to help them stay afloat. Brosnan says they worked with tenants by giving them monthly discounts on rent to push them through. He acknowledges it was a difficult phase, but they still managed to get through it, and now things are working out for both parties.
The pandemic might have been a challenging period for the Pittsburgh-based realtor, but the challenges have been a tremendous lesson on how the sector can adapt to continue thriving. His key lesson moving forward is that profits should never supersede people. To Brosnan, people are more important than money. His advice is that it’s essential you factor in your client’s interests while still pursuing your profit-making goals.
It might be challenging to execute, but Brosnan views it as the only way out. His advice is to learn how to be adaptable and flexible to align your goals with the ever-changing real estate market. He says that the pandemic opened his eyes, showing him the need to work out a survival strategy for him and his clients. Seeing businesses struggle to stay open helped him put things into perspective, hence the swift actions. His clients really appreciated his gesture, and Brosnan is proud of himself and how he handled it.
Though Brosnan is well-established in the commercial real estate sector, the pandemic helped him realize the importance of diversification in businesses. All his major investments eggs are in the same basket: commercial real estate. That’s why he was pushed to the limits when the pandemic struck. Brosnan now views it wise to expand and branch out to other sectors within the industry.
His plans include venturing into residential properties in the near future. Brosnan remains entirely optimistic that the industry will soon recover fully and get back to normalcy. To him, it’s important that he stays positive and clear of any doubts or negativity.
Members of the editorial and news staff of the Daily Caller were not involved in the creation of this content.
