Preparation can help REALTORS® and their clients recover from natural disasters, and that’s why the National Association of REALTORS® offers a brief video to assist in that process.
“Window to the Law: Disaster Guidance” was developed to help REALTOR® business owners reopen their businesses following a catastrophic event and so they can assist clients involved in pending transactions. According the U.S. Labor Department, 40 percent of businesses affected by natural disasters never reopen.
One important step REALTORS® can take in advance includes the development of a written business continuity plan with:
- electronic data and system recovery,
- payroll and other financial considerations,
- physical security of facilities and hardware,
- personal safety of staff members and licensees.
Another step after a disaster is helping clients involved in pending transactions. The plan, according to NAR, should include:
- reestablishing communication with clients,
- sellers asking financial institutions for certain information,
- buyers asking financial institutions for specific information,
- client asking attorneys questions regarding their purchase agreements.
Prepare for disasters now. Watch the video.