To say 2020 has been a crazy year would be the understatement of the century. Nobody could have predicted the impact COVID-19 would have on individuals, real estate, and the economy as a whole. To sum it up, the only predictable thing about this year, is that it has been completely unpredictable!
While nothing could have truly prepared us for all that 2020 has brought, in this ever-changing, ever-surprising industry, we have developed an ability to roll with the punches and remain resilient, despite less than desirable circumstances.
As a company, we take pride in our ability to provide stable working conditions for our employees and subcontractors, and this is not a responsibility we take lightly. We have watched as local businesses have had to lay off employees and even close their doors, either temporarily or permanently. Thankfully, at Southern Legacy Homes, we’ve been able to keep everyone working, paid, and as busy as ever, but that doesn’t mean we haven’t felt the effects of COVID-19.
Our assistant worked from home for several weeks…
which was interesting, considering she’d only been
with our company since the beginning of the year!
With the uncertainty of the economy, lenders have become highly selective with the types of deals they can fund, the size of down payment on investor-type deals has tripled, and reimbursements that took 2-3 days to process now take 2-3 weeks.
What does this mean?
It means that we have had to tighten our buying criteria for new projects (read: minimal risk projects with high projected return on investment) and that we have to float a lot of cash between reimbursements to make sure all the bills and all of our workers are paid on time.
In addition to changing the way we buy, we’ve also altered the way we work. Our assistant worked from home for several weeks… which was interesting, considering she’d only been with our company since the beginning of the year!
On the job sites, Josh spread out each crew across different sites so that there would be plenty of room for social distancing. If the painters were in one location, the plumbers would be sent to work at another project, and so on.
It’s so easy to get bogged down in the negatives and inconveniences of a pandemic, but we’ll end on a positive note: the COVID-19 climate provided us at Southern Legacy Homes with time to regroup, reflect, and plan for an even brighter future.
We have some big things coming, and will be excited to share them with you!