What to expect when you least expect it
“What will happen to my Real Estate Agency if I die or am seriously injured?”
No one likes to think about what would happen if they died or are seriously injured. It’s just not in our DNA.
Yet we need to. Especially if you are Licensee in Charge of your Agency.
What happens if you or your team are seriously injured at work?
We all want to believe we are irreplaceable. Yet the lesson we try to teach our clients is to ensure everyone is replaceable. And by that we don’t mean to kick them to the curb when you are having a bad day.
It is for the longevity of the Agency.
Let’s look at Scenario #1
Your lead Property Manager is seriously injured and cannot return to work. You cannot make contact with them for the foreseeable future.
What were their responsibilities?
Who were their clients?
Where were they at?
What were their most pressing tasks at hand?
Scenario #2
As Licensee in Charge, you are seriously injured over the Christmas period.
What will happen to your business?
Who will be the Licence in Charge?
Who will pay Creditors and Landlords?
Commence freak out… or not.
As with many things this year, COVID has taught us that we must plan for the unexpected.
We must put contingency plans in place should something ever happen to ourselves or any of our staff.
Do like End of Month Angels do
As morbid as it sounds, if Jane was hit by a bus tomorrow, we have a contingency plan to ensure the business will operate as per normal.
How did we do it?
We made plans.
- Call your Accountant
- Engage a legal team
With your Accountant and Legal team, you can put a plan in place that will cover what will happen to your Agency in the case of death or serious illness or injury.
It will cover your staff, your dependents and anyone else associated with the business.
By putting this plan in place, you can rest easy knowing your hard work will continue on.
Start the process now and update as required on a regular basis.
Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 23 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.