Is your real estate investing business disaster proof?
Regardless of where you invest in real estate and what your main real estate investing strategy is, disasters can happen and there may be little you can do to protect your properties 110%. However, you are 100% in control of ensuring your income and cash flow never stops.
Property damage can be fixed but going too long without an influx of cash can quickly cripple real estate investors. As long as you can keep the money coming in and can keep doing deals you can disaster proof your business against anything nature throws your way.
3 Critical Steps to Disaster-Proofing Your Cash Flow
1. Stay Mobile
Hurricanes, tornadoes, earthquakes and terrorist attacks can all take down power and connectivity for lengthy periods of time. Make sure you as an investor are never down by staying mobile. Have backup phones solutions and internet connections as well as devices and know where you can go in an emergency to stay wired in. Don’t hesitate to get up and go either or face getting caught in the crowd. It’s much better to get out in advance and treat yourself or family to a few days away than risking weeks of downtime.
2. Keep Your Team Connected
Everyone on your team should also know procedures for operating remotely in an emergency. Can they use Skype as a second phone option, how will they stay in contact with you and how can they keep things rolling if you are out of contact for a couple days? If you are already using outsourced teams for your real estate investing business recognize that any of them could be independently affected by a disaster too. Have backups. Have pre-screened VAs who can step in on the fly, have some evergreen content which can continue to be published if writers are offline and know a call center you can rely on to handle leads if others are cut off.
3. Don’t Miss a Beat
If you are not already running your real estate investing business in the cloud to save money and boost profit margins you need to be doing it to enable seamless operations in emergencies. This includes cloud file storage like Google Drive, collaboration platforms like Basecamp and easy to re-route business phone lines. Make sure you let the public and your partners know you are still up and operational too.