Hurricane Proofing Your Real Estate Business
by blogger1
on Tuesday, 28 August 2012
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Are you protected?
Hurricane Isaac is a powerful wake up call for real estate investors everywhere to get prepared and protect their investments and income from disasters. Unfortunately most completely miss the most important part of hurricane proofing their real estate investment businesses and miss out on the opportunity to come out on top…
4 Tips to Go From Sitting Duck to Local Market Domination
1. It’s Never too Early to Prepare
As we’ve seen with hurricane Isaac whether the weather is really that unpredictable or politics influences the media in predicting the track of severe storms you can’t wait until you are staring down the eye of a hurricane to get ready. It is better to be safe than sorry and if you are over prepared it’ll save you cash and time next year.
2. Planning
We all know what failing to plan leads to, yet so few real estate investing companies have an actual plan to follow when a hurricane looms (and don’t forget earthquakes, tornadoes or terrorist attacks too). Having a written plan means no need to panic, simplified coordination of crews to secure properties before and after storms, preventing staff panic and having a reserve fund so you aren’t caught short.
3. It’s All about Income
There may be nothing real estate investors can do to prevent a disaster causing property damage but that isn’t even the real threat. The real threat is stalling cash flow. Can your business survive 8 weeks with no revenues? You can bounce back from property damage if you can keep cash flowing but if you have nothing in your company could be permanently crippled in almost no time. Have phone lines which can instantly be forwarded elsewhere, have remote staff on call, have all files stored in the cloud and know where you will go to stay connected via the web.
4. Seizing Opportunity
While it may not be nice to profit from the downfall of others the days after a hurricane are the ideal time to swoop in and capture your competitors market share, deals, lenders, tenants and buyers if they weren’t prepared and aren’t operational. It’s time to emerge top or flop; which will you be?
Note: This is also the ideal time to be using transactional funding for flipping houses so that you aren’t caught with dead weight inventory due to storm damage and can scoop up great deals and turn them before your competition gets back on their feet.
Hurricane Isaac is a powerful wake up call for real estate investors everywhere to get prepared and protect their investments and income from disasters. Unfortunately most completely miss the most important part of hurricane proofing their real estate investment businesses and miss out on the opportunity to come out on top…
4 Tips to Go From Sitting Duck to Local Market Domination
1. It’s Never too Early to Prepare
As we’ve seen with hurricane Isaac whether the weather is really that unpredictable or politics influences the media in predicting the track of severe storms you can’t wait until you are staring down the eye of a hurricane to get ready. It is better to be safe than sorry and if you are over prepared it’ll save you cash and time next year.
2. Planning
We all know what failing to plan leads to, yet so few real estate investing companies have an actual plan to follow when a hurricane looms (and don’t forget earthquakes, tornadoes or terrorist attacks too). Having a written plan means no need to panic, simplified coordination of crews to secure properties before and after storms, preventing staff panic and having a reserve fund so you aren’t caught short.
3. It’s All about Income
There may be nothing real estate investors can do to prevent a disaster causing property damage but that isn’t even the real threat. The real threat is stalling cash flow. Can your business survive 8 weeks with no revenues? You can bounce back from property damage if you can keep cash flowing but if you have nothing in your company could be permanently crippled in almost no time. Have phone lines which can instantly be forwarded elsewhere, have remote staff on call, have all files stored in the cloud and know where you will go to stay connected via the web.
4. Seizing Opportunity
While it may not be nice to profit from the downfall of others the days after a hurricane are the ideal time to swoop in and capture your competitors market share, deals, lenders, tenants and buyers if they weren’t prepared and aren’t operational. It’s time to emerge top or flop; which will you be?
Note: This is also the ideal time to be using transactional funding for flipping houses so that you aren’t caught with dead weight inventory due to storm damage and can scoop up great deals and turn them before your competition gets back on their feet.
