Investing in something new might seem a little scary today, given the times we live in, but for businesspeople, life has always been a gamble of sorts. Even with the COVID-19 pandemic, established entrepreneurs, as well as would-be entrepreneurs, are bending over backward, trying to come up with something new and innovative to boost the economy and make money. Entrepreneurs like Charles Wells, a real estate agent, are the cornerstone of society. He talks about the impact of COVID-19 on the real estate industry.
“Investments are going to take a dip initially, but once the slag is over, the best bet is to go nuts and buy properties that are in a good location and selling cheaper,” says Wells. The demand for land in cities without a large urban population – tier II and tier III cities – will increase. “On the plus side, people are now moving to more isolated areas on the outskirts of a city. Any housing development projects outside city limits stand to gain a lot in the post-COVID-19 period,” says Wells. Houses built a reasonable distance apart from each other will most probably sell at a higher rate from now on, compared to apartments and row houses. “This can be the right time for real estate companies and builders to branch out and plan for social distancing. Incorporating more precautions and safety protocols in the projects can help sell a lot more building,” adds Wells.
Charles Wells runs a real estate firm that he began in 2014. He remodels houses and builds homes to be placed on the market, and he also adds refurbished houses to his estate rental portfolio after selling them. Investing in himself was no easy task; he was now answerable to many corporate companies who had sponsored him. “Hard work was only the beginning. I had to learn on the go. I now have a background in Six Sigma. My work is streamlined with no clutter,” says Wells. There have been many setbacks in Wells’ life, like the fraud he had to face when someone cheated him out of USD 120k.
Wells nearly had a breakdown and was in depression for almost six months. But such obstacles come and go, and Wells is confident that, as a people pleaser, the relentless consistency he works with can help him reach the stars.