Wholesaling Smarts When Terror Strikes: Ensuring Business Continuity
Nothing tests an investor’s wholesaling smarts and strategy like a major disaster. Are you prepared?
This week’s tragic bombing at the Boston Marathon and following poison letters have not only been sad and horrific but a tremendous wake up call for business owners and in particular real estate investors. It creates a natural amount of panic about personal safety and protecting family, but what about your business, wealth and income too?
Even if you weren’t affected this time around America has plenty of enemies. So what if your area is next? Are you covered?
Insurance provides little comfort for those holding properties and while individual properties can be replaced their loss will certain dent a portfolio and can put a pinch on income. Fortunately wholesaling real estate provides an automatic defense mechanism against many threats. If you are simply flipping properties you can’t get caught short as with those holding them.
However, even worse of a danger is the threat of disrupted income. Unless you can keep your business running and income coming in the door most will find it all begins falling apart a lot faster than they thought possible.
All it takes for many is for a month of marketing to be wasted, or a couple of anticipated closings not to happen and the bills stack up while money bleeds out and staff and partners run.
Worse, what if your office is destroyed, temporarily shut down or your files lost? Equipment is one thing. But data can be priceless. Utilizing offsite backups and cloud storage with Google Drive or Drop Box can make a world of difference during these times and when other more common natural disasters strike.
However, what is most important and tricky for most and where real wholesaling smarts come into play is keeping operations running, being able to take inbound calls, answer leads and continue to coordinate closings.
Diversifying your real estate wholesaling business to operate in different areas is a good move. But if all your staff is in one location or you relied only on a landline for your business phone service you could be in serious trouble while your better prepared competition moves in to scoop up your deals and dollars.
To protect your wholesaling business utilize virtual phone services and numbers that can be instantly rerouted in the face of an emergency and diversify the locations of your team members of at least have remote outsourced staff on call.
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