If you have been a title business owner for any length of time, you probably feel like you have a master’s degree in crisis management.
What hasn’t been thrown your way in the past few years? Think firestorms on the west coast and hurricanes on the east coast, or pandemics and cybercrime invaders. And now we are faced with the as yet unknown long-term impact of Russia’s invasion of Ukraine, forcing business owners once again to pivot and defend against an onslaught of uncertainty amidst the shifting sands of a world economy that – like it or not – has a trickle-down effect on our economy and on the real estate market.
Businesses who support the buying and selling of real estate may be better prepared than many to weather the ups and downs of a fickle market. The cyclical nature of the real estate industry is legend. And a certain amount of stoic persistence in these situations often wins the day.
But being prepared for something more than the normal ups and downs of the market is more challenging. Who, for instance, could have predicted the effect a pandemic would have on the real estate market? People fled the cities for the suburbs. Businesses shuttered their offices and sent people home to work at their kitchen tables. Such an unexpected shift is far more difficult to prepare for.
Borrowing from the language of the seafaring captains, here are some things to consider in navigating our newest world crisis – and other challenges that may come your way:
Make Sure Your Business Is Seaworthy
It’s important to invest now in your company to make sure it can weather a coming storm. That could mean evaluating and updating security measures and cybersecurity training within your company to guard against phishing, hacking and ransomware. Or it could mean investing in automation to free up your staff to handle the more challenging issues that always arise in a crisis.
The pandemic was an important lesson in this department. Lots of man hours were devoted to rethinking how to manage remote closings, rebuilding offices for social distancing, and moving people to a work-from-home environment. And yet, the daily treadmill of business had to be managed. Building efficiencies in now will protect your employees valuable time when the inevitable crisis arises.
Also, take a look at your processes to make sure you are taking advantage of services such as Electronic EMD Delivery or Remote Online Notarization (RON) Closings to provide your staff and customers more flexibility and greater efficiency.
Study the Path and Strength of the Storm
Keep a weather eye out to any sea change that might be impacting the industry. Make it a regular practice to peruse the data, whether it is what is happening in the stock market or updated transaction trends from real estate and lending organizations. Follow any trends that may impact your business.
Keep a Steady Hand on the Helm
As the leader of a company, you know there is no more important role for you in the face of a crisis then steady, confident and compassionate leadership.
We don’t need to fear change, but we do need to accept its inevitability and be prepared to engage our teams to work together to plan and execute in an effective way to meet a crisis.
Have Lifeboats and Flares at the Ready
One of the chief advantages of working with a seasoned consulting and services provider like AMD is having access to proven experience and numerous, scalable resources. Having a ready-made network available to tap into as needed can be a life-saver when the most unexpected of changes happen.
And finally, sometimes you just have to stay focused on what your company does best and do it superlatively to master the winds of change. There’s a lot to be said for preparation, but an equal measure of trust must be given to your ability to persist against strong odds.