Meet our expert: Lillian Lofty, Partner, Kenya

How has the pandemic affected your clients/the sectors your clients are active in and what steps are they taking to secure success in the post-pandemic business environment?

A combination of pandemic-driven job cuts and a reduction in wages have resulted in banks and other lending institutions reporting increased mortgage default. In addition, debt restructurings are more commonplace in respect to corporate customers.

Commercial property landlords have been compelled to take a pragmatic approach and offer concessions or reduce rents, or even permit tenants to surrender premises. 

In the property world, it is a cash buyers’ market as banks and financial institutions are being extremely conservative in their approach to their lending activity in this sector.

The construction industry has been affected adversely by increasing costs of materials, financial constraints and delays in issuance of permits due to the inefficiencies caused by COVID-19 mitigation measures put in place in government offices, necessitating their closure from time to time.

In order to secure success in the post-pandemic real estate environment, sellers are now willing to reduce their prices and offer better payment terms for better market reception.

What advice do you have for those using video call technologies? What have you learned from this phenomenon over the last year?

Dealing with video call technology has got me thinking that Murphy’s law should be updated to state, “Anything that can go wrong will go wrong when you most need it to go right!” I would advise anyone using video call technology to ensure that there is a backup source for both electricity and the internet. There is nothing as bad as dealing with call termination or buffering when you or your client are in the midst of communication.

On a lighter note, for those with children and who are working from home, please ensure the children do not know that you are home or keep them occupied well away from your call to avoid interruptions.

What is the best piece of advice you’ve ever been given?

To be patient and explain matters to a client as I would wish another professional person to respond to questions posed to them by my parents.