Does your real estate business have a plan to ensure business continuity?
Having a business continuity plan is critical to the ongoing success of all real estate related businesses from real estate investing companies to brokerages, especially as we are fast heading into hurricane season again with expectations of an extremely active year.
Whether you are a real estate investor or broker, being prepared is about far more than protecting individual properties or listings. The biggest threat is interruption of income.
Fortunately with the right real estate business education, strategy, forward planning and thanks to new technology you can defend your income and future wealth from virtually any disaster.
Here are six tips for ensuring business continuity for real estate CEOs, agents and investors:
- Diversify where you invest and conduct business by engaging multiple markets.
- Diversify where your staff is located.
- Have cash reserves. (And not all in the same bank account or institution)
- Utilize cloud storage for all files, leads lists, and other data. (And have hard backups)
- Use flexible phone systems that can instantly be rerouted. (Think Skype, toll free numbers, and Google Voice)
- Choose partners and vendors that adopt similar safe guards. (As you’ll need them to be able to continue to move your deals through to closing)
In addition to this list, make sure you have phone numbers for attorneys, insurance companies and other important contacts in your emergency kit.
Let everyone know that you are still up and running ASAP via SMS, phone, social and your blog so that they don’t get scared, cancel and head to the competition. Have a plan, be prepared and you’ll guarantee your ongoing success no matter what is thrown at you!
