This current episode deals with how this is effecting your business going forward? How is COVID-19 going to set a precedent going forward in your industry? Our panel of experts discuss what they are currently seeing within their respective industries. Furthermore they talk about how the precedents will effect the way business is done. Each member discusses their personal business challenges.
Our Vice President of commercial real estate starts off this weeks discussion topic. First he opens with a quote from the book “Rework”. The authors are the founders of 37 signals. Then he discusses how new clauses are being put into commercial leasing. Also about what is considered an “Act of God” in particular clauses. Now, the feeling is that these new clauses will go into effect in Atlanta commercial real estate. Right now we have not seen these only whispers of it. He feels this will create a new business challenge.
The Insurance Broker Owner
Now A.C. Moore shares his current business challenges and what he sees currently. Normally he focuses on personal touch within his industry. This of course has been a challenge in the current condition. However the current condition has created a lot of lazy people. By actually being present A.C. was able to create some new business.
Construction Loan Advisor
Mr. Silverman advises on jumbo commercial loans. Currently they are hearing that there will be a covid-19 clause in leases. Now he has already been instructed that these will be happening soon. Also what his industry business challenges are on how to pay ground leases. This is a major factor in the New York market where his company has a large presence. Also the major point is you will most likely see this clause no matter what end of a transaction you are on.
Cheryl is seeing a major business challenge that is being changed in her industry. What is currently happening is mainly with signatures. The process requires hand signatures on many documents in Georgia. Due to the current conditions they are relaxing the requirement on some document to allow for e-signatures. Furthermore in her industry they are offering certain packages in loans due to the pandemic.