- Act early and decisively, to ensure your business can continue to operate
- The steps you take now may directly determine how your business continues – don’t wait for external support
- Planning and adaptation may be key for continuity
Why you need to act now
While it’s still too soon to tell how significant the impacts of COVID-19 will be on the real estate industry, it’s already changing the way many businesses operate. At the time of writing, Core Logic has reported that upcoming auction activity has fallen substantially, with more than 50% of properties withdrawn, and auction clearance rates at their lowest ever levels.1 And with the federal government placing a moratorium on evictions, and forecasting that at least 1.7m Australians could soon be reliant on the Coronavirus Supplement,2 property management revenues may also be affected.
At times like these, amongst the tension and pressure of living in a period of rapid and uncertain change, adaptation and planning will be important steps to ensure continuity. While you can (and should consider) taking advantage of the support that governments, financial institutions and others have to offer, it’s also imperative to consider acting now, to ensure your business can continue operating efficiently as the situation unfolds.
In this guide, we’ve listed some of the issues you may wish to consider across five key areas of the business.