Coronavirus: Preparing Your Real Estate Business
The coronavirus is here. How will you ensure your real estate business survives and thrives in the days ahead?
Spreading panic isn’t helpful to anyone. Yet, it is wise to stay informed and ready. The CDC has taken the bold move to warn that the coronavirus is likely to begin spreading through America on a local community basis. San Francisco has already declared a state of emergency That could begin affecting daily life and routines.
Preparation Is Key
Like any natural disaster, terror threat or economic downturn, it’s all about being prepared. Prepare for the worst, hope for the best and you’ll be much better off.
Rushing to build a great real estate business is fun. Yet, it is equally important to protect your gains. At least if you don’t want to have to start over from scratch again.
Have plans to keep your business going and revenue coming in, no matter what happens.
Make plans early, and be sure all of your teams, family, vendors and clients know what the procedures are.
Coronavirus: The Potential Side Effects
The number one responsibility of real estate business owners is really to make sure the business can keep on running. If you don’t, how long can you survive without any money coming in? What will the impact be on all of those around you?
The most obvious impact is you or your staff and loved ones getting sick. That means not being able to work. With no symptoms for 14 days, it is impossible for you or others to tell if they are infected until you’ve got it and spread it to all of those you interact with.
Other challenges could include travel restrictions, quarantines, contaminated properties, lack of desire to interact in person, and declining access to basics like groceries and medicine, as they are facing in other countries.
Then there are the financial challenges for all of the others who are not prepared. School and business closures could create significant financial challenges for homeowners, partners, tenants and others.
Ensuring Business Continuity: What To Do Now
Have A Good Online Business:
Make sure your website and online assets can handle all of your business over the internet remotely. Be sure you can flip, wholesale, manage teams, collect payments and complete real estate closings online.
Staffing:
Recruit extra staff to be on call now. Stay ahead of needs in case of sickness. For example, creating your marketing materials six months out, not at the last minute.
Protecting Others:
Disinfecting properties to give others confidence, keep teams, tenants, and buyers healthy and performing just seems like a smart move.
See the Opportunities:
Be ready to step in and help those struggling with strong and fair offers for their homes and properties.
