How a Real Estate Agent Protects His Income from the Pandemic and Recession
We welcome Danny Singson back to shoot a part II of the episode on Real Estate.
Danny: What’s up, Matt? A pleasure to be on the show. It’s crazy how part II is going to be similar but in totally different times.
Matt: Well, I think we’re proving those times that you are now considered an essential business by your Governor.
Danny: Yeah, let me just touch on that real quick. The governor announced that this is a state quarantine and all businesses are to be closed except essential businesses. And so since we are governed by the Department of Finance and Insurance, our insurance commissioner, put out a notice, state-wise as well, that we are considered an essential business for the US economy.
Matt: So, essentially what you are saying is that there are no realtors, even if they could, doing open houses right now and showing property and getting deals done. If you would be a realtor right now, how would you be feeling right now?
Danny: I would honestly be pretty panicked. Maybe asking “what next?”. We live in a transparent world and as a realtor, you can no longer give the perception of busyness to attract more clients. In current times, everyone knows that real estate deals are not happening. Not only are the sellers affected by the buyers are affected as well. Nobody wants people to come to their house to check out their property in current times. There is literally a state mandate that you need to practice social distancing.
So, I am really happy to be in business with you. I am also so happy that we have been given the green light by the US government. So, what a world to be in right now.
Matt: So, what you are telling me is that, as an insurance professional, your business is booming? Like, you are busier now than ever?
Danny: Yeah! It is Saturday and it’s 3:40 pm and I’ve been running and gunning since 8:30 this morning. To be honest, I haven’t even eaten yet. I haven’t even finished this jug of water. I’m just telling you that it is booming. And I’m not talking in a condescending tone. Times have changed. Times have really changed.
My broker, a great friend of mine, owns Remax Investments, and is in business with me. He is scrambling right now to take his exam in the insurance industry. That’s because, number one, he knows he is leaving money on the table. And number two is, he’s ramping down as well because he has to vacate his office. So, quite honestly, things have changed.
I am not talking to anyone disparagingly in the real estate sector. However, you have to adapt, overcome, and you really have to see how is the business of money, you could talk about real estate but you could also be versatile and you could choose!