As the commercial real estate market continues to evolve, real estate firms go through difficulties, as real estate agent Nick Millican comments. For example, after the COVID-19 pandemic attack, businesses shut down, and some struggled to get on their feet after the pandemic. One of the directly affected businesses is the real estate sector. A fall in price is also a threat to the firms.

According to standard news, prices have dropped by four percent this year. According to Nick Millican, a real Estate Chief Executive Officer (CEO), investors should devise ways to survive the crisis. Some of the solutions are;


1. Having a Good Financial Plan

Investors should always have the best financial plans during times of crisis. Nick Millican asserts that Loans should be avoided at this time as property prices can reduce drastically and turn a profitable investment into a liability. Investors should also ensure enough cash flow to sustain the investment for at least three months.


2. Experienced Leadership

Nick Millican, who is a CEO in the real estate business, is a perfect example of an experienced leader. Having worked in various investment firms, such as the United Kingdom investment program, he has gathered a lot of experience over time. Investors should consider having such people leading their firms, Nick Millican furthermore suggests. The leader should be customer-friendly and trustworthy to the investor.


3. Avoid New Investments During Crisis

Such times come with unpredictable price fluctuations as demand for property is usually low. Based on Nick Millican’s perceptions, new investments in such a time can lead to huge losses and turn your investment into a liability. Therefore, maintaining a real estate investment is always a collective effort from the investors and the managers. Always gather ideas to keep clients’ trust and show commitment towards serving them.