The Impact of COVID-19

Few businesses have been immune to the pandemic. That holds true nationwide and also here in northeast Indiana. Business People talked with Charlotte Tompkins of Xplor Commercial to see how their business has adapted and is moving forward. Here’s the conversation:

Does your business operate in a different way than it did before the pandemic? If so, please tell us about the changes.

Xplor has tried to operate with the philosophy of, “business as usual,’ while follow all guidelines set forth by the CDC and the Governor to keep our clients and valued team members safe. We highly encourage wearing a mask, offer PPE when entering our office, and socially distance when meeting in our conference room.

If your employees are working remotely as a result of the pandemic, when will they come back to work? Or, will they?

We have been very flexible to accommodate everyone’s needs in their personal lives and productivity has remained at a high level. We do have one employee who is working remotely. Her family decided e-learning would be best this school year for health reasons. We hope to get her back in the office once the school year ends or if the overall landscape improves and becomes safe for children to return.

Did you lose business and, if so, has it recovered?

This question is yet to be answered in our opinion. Commercial real estate is a long term business where fruits of our labors do not have immediate effect. As with the rest of the country, our owners, clients, and proprietors simply extended close dates. There are many working parts to purchasing real estate that include the participation of title companies, lawyers, local government, and financial institutions. While companies were in lockdown and reorganizing how they were going to do business, the parties involved in active transactions were understanding for the delay in closing dates. Our industry has always adapted to the ups and downs that come with normal business cycles, so this, although very different in nature, feels very similar, but we won’t see the full effect for some time. Certain industries have had very little impact, while others have suffered severely.

Do you believe your business will survive the economic issues resulting from the pandemic?

Our business will definitely survive. Commercial real estate is an optimistic industry to be a part of and it is a matter of adapting to the environment. We are seeing national trends with how the CRE market is shifting to accommodate all of the mandates and are keeping an eye on the Fort Wayne market to be sure we are anticipating the market’s needs and evaluating opportunities for our clients.

Do you have any wisdom you would like to share with others who may be in the same situation as you?

From a commercial real estate standpoint, favor adaptability and flexibility as our economy evolves from the lessons of 2020.

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