It’s been just over a month since the Bridge team moved to our at-home work environments in order to be a part of the global solution to containing the spread of COVID-19. We’ve all learned a lot in that time — as a society, a business, a team, and individuals. I wanted to take a moment to give you an update, as promised, on how we are continuing to address the current conditions and serve our clients amidst the pandemic.

Our Team

As I mentioned, our team has moved to working from home. Thankfully, as a business, this is something we were already set up to do. We had the right technology in place, as well as a consistent meeting structure which has allowed us to seamlessly transition with minimal hiccups. 

 

As construction has been deemed essential business, we do have our project managers and estimators out in the field. We have strict social distancing policies in place to ensure they are prioritizing the health and safety of anyone they interact with in the field: no physical contact of any kind and remaining six feet apart. Each of them has also been provided with a mask and hand sanitizer to further ensure they are part of the solution, not the problem.

Our Deals

We continue to actively buy and sell turnkey properties with the help of our incredible partners in the lending and title industries. In both instances, our partners have adapted to the new environment incredibly quickly and allowed us to hold deals together and continue providing investment properties to our clients. The addition of virtual notaries has allowed us to close deals in any circumstances where clients may be unable to get to an open title company to sign paperwork.

Our Properties

This seems to be the area of most concern for the clients I speak with. So far, our property management partner reports that though tours have slowed, applications to rent continue to come in. We suspect the COVID-19 environment has limited the showings to only serious prospective tenants. Thus, we continue to see properties lease at predicted rent rates, as we were before this pandemic.

Our Market

We certainly can’t predict the future. And we aren’t going to pretend that we can. But, here’s what we do know:

  1. Outside of the 2008 financial crisis, which was an outlier as far as recessions go, real estate markets are generally more stable than other investment markets and show an overarching upward trend in spite of recessions.
  2. Real estate markets are cyclical, so some amount of a recession was expected and is now priming the market for the next phase: recovery.
  3. The Midwest is known for seeing even less fluctuation in real estate markets than coastal markets.The Market Report for March 2020 published by the Kansas City Association of Realtors offers plenty of evidence of a healthy market in Kansas City:
      • Closed sales were up 3.2% YOY change
      • Median sales price was $208,500, up 6.9% from March 2019
      • Inventory was 4,381 last month which is down 22.7% YOY change
      • Average Days on Market (DOM) was 43, up 17.3% (Increase is negative)
  4. Investors who have accessed wealth and freedom through real estate have one thing in common… they owned the real estate.

Finally

No matter what the conditions, we are committed to continuing to serve our clients by providing incredible properties for them to invest in because we know that if you’re serious about achieving your goals through real estate, you’ll be as focused as we are on acquiring it. 

 

We will keep monitoring the market and making good decisions to ensure you’re getting what we’ve promised to provide our clients here at Bridge: wealth and freedom through real estate. Real estate investing is a long-term play, and we aren’t going anywhere. If anything, COVID-19 has shown us how adaptable we are and how committed we are to helping our clients achieve the financial freedom they desire in ANY circumstance.

 

If you haven’t had a chance to connect with our team and put a game plan in place for your future investing, CLICK HERE. Fill out the discovery form and book a call with us. We’d love to help.