The Lockdown Diary - Day 3

Published: 06/04/2020 By Patrick Henry

Acceptance, uncertainty and tough decisions. That pretty much sums up my day, with a critical look at how the coming weeks -if not months- are looking from a business standpoint, it is clear that things can’t simply just continue how they are whilst the environment changes around it. There will be no new sales over the coming weeks/months, new tenancy numbers will be slashed dramatically as tenants either ask to stay where they are or new tenants – understandably – don’t want to view properties or move home. I have cut all spending to the bare minimum, but even with the government’s pledge to scrap business rates for the coming year, the numbers still don’t stack up positively in the long run. I will have to furlough the team as a whole, and in doing so I will be able to make up the remaining 20% of their wages that the government won’t cover. This may seem generous but as we all live in London, the cost of living is high, and as Estate Agents, a proportion of wages is based on commission, which we clearly will not be earning a lot of.

It is another blow but at least I can protect my team and my colleagues.