Welcome to the Managing Commercial Real Estate Risk Podcast, where we believe that if you identify, understand, and manage the risk in your journey, you will exponentially increase the profits in your portfolio. In today’s solo episode, we start to categorize risk and talk about the 3 silos of risk. This will help you understand risk more and make your decision-making faster and more efficient.
Join us and learn more about managing CRE risks and unleashing your profits at shineinsurance.com/managing-commercial-real-estate-risk!
“The quicker we can silo information, the better we can understand it quickly.”
If you’ve been listening to the solo episodes, you’re starting to experience a foundation under which the Managing Commercial Real Estate Risk process works. It’s all about decision-making and mindset.
So today, we share with you the 3 silos of risk to help you make decisions quicker and more effectively.
This silo is related to the physical space in your CRE business, such as your apartment complex, office, retail space, etc.
Many things can damage these physical spaces from fires to floods, so you have to make a decision on how to manage these scenarios.
Don’t just assume that nothing will happen, have a good insurance policy.
- Contracts and relationships.
If you think about the relationships you have in commercial real estate, they are almost all based on contracts.
Contracts have power in a couple of ways. They establish healthy relationships and they can also solve the problem at the time something bad happens.
Focus on creating solid contracts at the beginning of all your business partnerships to mitigate the risk later.
These are the things that are external to your business but affect it, such as inflation, taxes, the political environment, etc. You can’t control these factors after the point of purchase.
To mitigate external risk try to educate yourself about the market you’re in as much as possible.
Did we miss anything? Is there a silo that exists and we didn’t mention? Hit the socials, let us know about it, and we’ll be sure to address it in a future episode!
Mentioned in the show:
- Jeremy’s LinkedIn
- The REI Clarity Framework
Need an instant insurance ballpark for your next Multifamily deal?! Answer 9 simple questions and we’ll give you a sense of what insurance should be. Visit us here for everything you need to know: https://www.shineinsurance.com/ballpark/
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Until the next time, We truly appreciate you listening.
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