🔺When to take drastic steps in your Real Estate Business

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Below are some scenarios when to take drastic steps in your real estate business:

1. Market collapse: If the market for properties collapses and cannot recover, it may be necessary to take drastic steps such as diversifying investments or closing the business.

2. Financial insolvency: If the business is financially insolvent and cannot recover, it may be necessary to take drastic steps such as selling assets or closing the business. 

Read also: 7 critical areas in real estate business 

3. Regulatory non-compliance: If the business is not meeting regulatory requirements and cannot comply, it may be necessary to take drastic steps such as closing the business.

4. Severe economic downturn: If a severe economic downturn affects the business and cannot be mitigated, it may be necessary to take drastic steps such as reducing staff or closing the business.

5. Property damage: If property damage is severe and cannot be repaired, it may be necessary to take drastic steps such as demolishing and rebuilding.

6. Unresolvable disputes: If disputes with clients, partners, or contractors are unresolvable, it may be necessary to take drastic steps such as terminating contracts or seeking legal action.

7. Reputation crisis: If the business’s reputation is severely damaged and cannot be recovered, it may be necessary to take drastic steps such as rebranding or closing the business.

8. Technological disruption: If technological disruption affects the business and cannot be mitigated, it may be necessary to take drastic steps such as adopting new technologies or closing the business.

9. Environmental damage: If the business is causing significant environmental damage and cannot be mitigated, it may be necessary to take drastic steps such as closing the business.

10. Staffing crisis: If staffing levels are severely depleted and cannot be resolved, it may be necessary to take drastic steps such as automating processes or closing the business.

11. Unmanageable debt: If debt levels are unmanageable and cannot be paid, it may be necessary to take drastic steps such as filing for bankruptcy or closing the business.

12. Partnership or investment issues: If partnership or investment issues are unresolvable, it may be necessary to take drastic steps such as dissolving partnerships or seeking new investors.

Read also: The power of foresight in real estate investing 

Note: Drastic steps should be taken only after careful consideration and exploration of alternative solutions.

🟣Dr Joseph Deji-Folutile

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