Today I was on a call with an incredible guest speaker, who is a Chiropractor that had to close his doors due to the current COVID-19 situation. Since then, within the last 4 weeks give or take, he has totally pivoted his business into another field all together – dog training online! This is an incredible example of how we need to shift out businesses to adapt to the current market situation we are all in.
Real estate is no different in Calgary, Edmonton or other markets regarding real estate investing – we have had to shift a lot of things in our current strategy. We were ramping up with live events in Calgary, Edmonton, Vancouver was also in the plans – all that had to pivot to an online format. Flipping houses in Calgary is now a very risky proposition as well something we did regularly. For sale strategies will carry a much higher risk profile for the foreseeable future. We feel that buy and hold strategies, or buy reno and hold will be lower risk in Alberta real estate and other markets as well.
What does it take to pivot your business that quick like to good doctor? MINDSET – a positive opportunity seeking mindset, paired with good quality INFLUENCES in your life right now. I have been working with mentors of mine on a daily basis to get ideas strategies and tactics to come out of the situation even stronger than ever. I know there are challenges, we are facing some for sure – there are things that you can do in your real estate business, or other business to find a way to server your customers in a different way than you have before.
This is a time for us to come together as a community both inside/outside real estate to support and help each other on this side and the other side of the pandemic. It is inspiring to see someone totally change their business around like that, was it hard? YES! Was it easy? NO! There are challenges aplenty when you look to pivot your business, have tenants that aren’t paying (which they should there is assistance for almost everyone from the government right now), and you have to work with customers differently than you have before – but it is POSSIBLE, that is the first step of a iron clad mindset. Know that it is possible even though you may not know how!.
We are here to help and server and support the community any way that we can, our door is open and we will be having regular events online to provide resources, community, assistance, look forward to what comes next.
When faced with a challenge, ask yourself how can I?
To your success,
-Respect The Hustle