Due to COVID-19, last Friday Major Properties made the decision to work remotely from home. This past week we have closed some escrows and also lost a few. Many clients have pressed the pause button, and buyers and sellers have agreed to wait out the current situation.
I have been getting many calls about what to do when tenants do not pay the rent. My suggestion is to consider that due to the total shut down of most businesses, these tenants will be fortunate to start back up once the crisis is over. But until then, you should consider working out deferrals, discounts, and outright waivers of the rent due. Of course, this is a personal business decision that you will have to make.
I have seen a few real estate market swings in my lifetime, and I have some fantastic stories I could share. But that is for another time. Today I will say to you that this COVID-19 emergency lockdown will pass. We will be back in business, a little leaner for sure. For now, we all need to take care of our families, help our friends who need it, and also be good neighbors. Calm is the new buzzword for today. I believe we will see a quicker end to this than we think.
I love Los Angeles and the people that make it what it is. From Big Bear to Beverly Hills, from the desert to the sea, we are blessed to live in an amazing place that is the envy of the world. I predict that when the Super Bowl is played in Inglewood in 2022, a Grand supercycle will carry us through the decade right to the Los Angeles Olympic Games of 2028 and beyond!
On behalf of the entire Major Properties’ team of staff, agents and their families, may you all stay safe, healthy, and peaceful.