Where We Are Now: April 3, 2020
Work From Home — Day 19
Call Your Lender or Landlord, They’re Expecting Your Call
Not sure how to label this crisis just yet. It’s so massive from a health perspective and an economic perspective. Our government has come up with multiple “kitchen sinks” and they are throwing every one of them at the crisis. Speculation is that the total fiscal stimulus could approach $8 trillion. This is 36 percent of the 2019 GDP ($21.7 trillion).
What is your share? Not really a fair question, but with 350 million people in the United States, it’s $22,800 each. Life is not fair, but we are 100 percent all in this together.
In the 2008 to 2009 crisis, the first calls I made were to landlords and my mortgage lenders. When I made the calls, which I did very early in the crisis, I was afraid, maybe ashamed and 100 percent intimidated. What I found was our landlords and lenders were expecting the call. What? You were expecting my call?
This week, Brent Thomson, Patrick Barker and I have made several calls to PUI Landlords. Our message is simple. We are great tenants, have been for years and will be well into the future. Our business is being stress tested and we are wondering if we can work with you on rent deferment – not free rent – just a re-work for 60 – 90 days while the world goes through this crisis.
The responses are amazing. Landlords don’t exactly say “of course”, but they also are not at all surprised by the call. If you lease an apartment, condo or home call your landlord and have a conversation.
Yesterday, I had several calls with our real estate professionals surrounding mortgage relief. The stories and feedback were amazing. In two cases, both WFB, mortgage client’s login to their accounts, clicked 3 – 4 buttons and deferred three months mortgage payments with no questions asked. An on-line experience. I’d imagine many lenders are deploying similar deferment programs.
One of the professionals I spoke with today certainly does not need the relief, but like Compass Concierge, if a lender is relaxing payments and interest, let’s get some of that cash injected into our life.
Moral to this story reflects to instincts and confidence. You instinctively know to make these calls. The landlord or lender on the other side is 100% expecting your call.
Execute on your instincts and confidence and make it happen! Call your lender or landlord today.
If appropriate, let me know your story.
This is Where We Are Now.
Mark A McLaughlin
Work From Home — Day 19 — Closing Bell
Settling In – Heart Matters
Days run together. Hard to distinguish days of the week or weekend. It’s simply yesterday, today, and tomorrow. As we settle into Work From Home, tomorrow brings eternal hope.
I had two meaningful conversations today. One by email and one by voice.
First an exchange with Sean Solway (Kentfield, CA) about the “call your landlord” messaging I sent this morning. Sean’s family owns a 20,000 square foot commercial building in the San Francisco Bay Area. Earlier this week, they received a call from their tenant, here is Sean’s perspective:
“I got that call from the tenant yesterday. I, too, told him we were expecting his call. Tenant is a very nice guy, with four kids, and was very transparent about his efforts to seek relief from various programs, etc. We will likely be giving him a 90-day deferment. After all, we are in this together and everybody needs to make compromises and stick together through this.”
Bravo to Sean and his family for not only being able to do this but doing it! There are many with the capacity and not the heart. Sean’s family delivered on heart!
In a phone call with Christian Downer (Montclair, CA), we had a deep conversation about the role and sometimes burden of leadership. The conversation was preceded by this photo of letterhead that Christian developed for her clients. Love this visual of compassion! Thank you, Christian, for your heart!
Early in this Work From Home journey, I shared a perspective from the CEO of Korn Ferry that remains in the forefront of my mind. It’s about meeting people “where they are.” Mary, Craig, and Aaron all talked about this yesterday.
The world’s desire for community and conversation is insatiable. If you have not picked up the phone and called your clients, please make it a point to do so starting Monday. I, too, will be doing the same.
All posts about listening I have suggest that a compassionate, authentic call to clients – not about real estate – is welcome and appreciated.
For those of you that remember our relationship with John Burns Real Estate Consulting, we have re-subscribed to his services. I will spend my weekend diving deep and hopefully talking with John. Monday morning’s email will be about John’s perspective.
This is Where We Are Now.
Get some rest and enjoy tomorrow!
Mark A McLaughlin