The onset of the Covid-19 pandemic dealt a great blow to the global economy. Its impact was felt intensely across all different sectors, with many having to shut down completely. The real estate industry was not spared either, with realtors and most companies in the sector counting losses. Business was low with no clear picture of normalcy, making it worse for the sector’s players.
Fortunately, the world is gradually recuperating from the pandemic’s havoc, with great signs of stability in the coming years. Though the post-pandemic era has kicked off slowly, industry pundits are projecting a gradual but steady recovering phase.
Brosnan C. Hoban, a commercial real estate expert, is among the experts keeping a positive outlook for the industry’s future. While giving his perspective on the post-pandemic era, Brosnan expresses great optimism for the dynamic industry. To him, it might have been a year of uncertainty, with the industry surviving on mere speculations, but that’s what the situation mandated back then. Every other sector was also struggling during the economic shutdown, and the best they could do was to remain afloat.
The Chief Operating Officer of Hoban Realty says that it is essential for all entrepreneurs to stay positive, clear of any doubts at all times. The doubts bring in negativity, sweeping out all the positive energies that could drive you to success. The bigger global population is getting vaccinated, and Brosnan believes it’s only a matter of time before the industry kicks back into full swing.
According to Brosnan, every business occurrence, especially in hardships and uncertainty, provides a learning curve for entrepreneurs. Brosnan argues that commercial real estate was most affected, as the pandemic put great pressure on small businesses. Most of his tenants struggled to keep their businesses running, and they had to structure a way to help them stay afloat. Though it was a difficult phase, Brosnan says they managed to pull through thanks to their strategic approaches.
His key lesson from the pandemic moving forward is that people are more important than money. The experience helped him put things into perspective, and that’s why his businesses are up and running. The simple act of giving his tenants a discount made the difference. To Brosnan, this is the same mentality that everyone in the industry should have in the post-pandemic period.
The Forbes Business Council and Entrepreneur Leadership Network contributor urges realtors not only to prioritize their profits but also to have a client’s goodwill at heart.
With vast experience in commercial real estate, Brosnan is keen to expand into other industry sectors. He’s interested in expanding to the residential side of real estate, as that’s an area he views to have much potential. This will also enable him not only to expand in the industry but also to diversify his investment portfolio.
The pandemic served as an eye-opener to him, realizing that all his eggs were in one basket (commercial real estate) and that, to Brosnan, expansion and diversification are the way forward.
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