Welcome to the Managing Commercial Real Estate Risk Podcast with Jeremy Goodrich. This show is all about making great decisions and not being afraid to take big leaps. Today, we expand on our last episode about the 3 silos of risk and talk about the quadrants of risk. Think back at these quadrants when you make CRE decisions to be able to identify and manage the risk and you will exponentially increase the profits in your portfolio.
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“Systems are the foundation under how I mitigate the risk and how I find exponential growth in my journey.”
Today, we expand on our last episode and add one more significant risk factor.
- Physical risk.
This quadrant is related to the physical space in your CRE business. Focus on having a good insurance policy to quickly and effectively solve physical damage in your buildings.
- Relationship risk.
There’s risks to the relationship with your team, tenants, and service provider. Make sure to have solid contracts at the beginning of all your business partnerships to mitigate the risk later.
- External risk.
These are the things that are external to your business but have the highest level of effect on it. Market risks, taxes, the political environment, or high prices can all affect your success in real estate.
Systems are the foundation under how we mitigate the risk. This quadrant has 3 equally important subcategories.
Silence is death when it comes to business ownership so you have to be known in some way.
Sales is the process of closing the deal.
If you’re not delivering on your promises then everything falls apart in your business.
Create a strong business plan that contains all your systems and processes.
So as you look at your journey, what are the things that you feel the least confident in? What are the risks that seem the biggest when you look at that quadrant? Share it with us on our social media pages.
Mentioned in the show:
- Jeremy’s LinkedIn
- The REI Clarity Framework
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