Listen to another great episode with industry leaders in real estate.

Mitigate the Risk of Being Sued in Real Estate with James Jenkins

In this 3 part series, James highlights how to not lose your butt in real estate when you get sued and mitigate the risk of being sued.

Leave a Review on Itunes!

Part 1

Things you will learn in this episode:

[00:01 – 05:00] Opening Segment

● Let’s bring James to the show
● James shares about his work and focuses on RiskWell

“The more complex your situation as a real estate investor, the more you need that advice.”

[05:01 – 15:49] Mitigate the Risk of Being Sued in Real Estate  
● James explains how asset insurance works for general consumers and how to find insurance with a suitable skill set for your assets
● James talks about the significance of finding a suitable and proper insurance company for professional real estate investors
● Insurance is a game where you get what you pay for
● James talks about various property exposure risks and policy exclusions
● If you know about any potential issue or a preexisting condition of your property in the front end, you should immediately take care of it
● James talks about two major checkboxes in the insurance company

[15:50 – 22:19] The Proactive Insurance Agent
● James shares an example of one of his client’s situation, where he had to educate the claim adjuster
● James breaks down the role of RiskWell insurance as the advisor and advocate
● Loop into your agent; before it gets too bad in the claim situation just reach out to you agent and ask for assistance

Part 2

Things you will learn in this episode:

[00:01 – 9:30] The Advisory Relationship

● James talks about bad service and claims in insurance
● A good risk management advisor is at the same level necessity as a CPA, bookkeeper, business attorney, etc
● Expect more from your advisor because you are not buying a product; you are securing an advisory relationship

“A risk manager will have a conversation that goes beyond selling an insurance policy.”

[09:31 – 21:51] Mitigation Techniques
● James talks about the distinction between an insurance agent and a risk manager
● Engaging with the other pieces of the advisory puzzle to make sure the deal goes the right way
● Utilize mitigation techniques to minimize and transfer as much of the risk from you
● Leverage some reality of the contract
● James talks about having the master tenant policy
● Dealing with your insurance in the front end is so much easier and costs you so much less hustle

Part 3

Things you will learn in this episode:

[00:01 – 05:00] Personal Hourly Values

● James talks about counting your hourly values
● It is a lot easier to conclude when you can successfully remove emotion and subjectivity from the conversation, to simply look at data and hard objective evidence
● Always ask yourself, is this the best possible way to use your time right now to deliver on your company’s objectives?

“Life is risky, so risk well!”

[05:01 – 13:59] The Importance of Efficiency
● James talks about creating highly specialized advice for his clients
● The benefits and efficiency of having one office that takes care of whatever your insurance needs
● James shares an example of one of his clients, who had four different insurance offices to one
● Happy people work harder
● Treat your tenants and clients as individuals by understanding what they need and their pain points

[14:00 – 22:30] Understanding the Bigger Picture of Your Clients

● James talks about his ways to understand his clients and give them advice based on their bigger picture
● In insurance, everything that you do in one piece of your portfolio impacts other things elsewhere in your portfolio
● James talks about the beauty of having a client relationship to understand their needs better
● There is no wrong answer in the risk management world; its just a matter of whether you want the lowest total cost of better cash flow
● How to connect with James
● Final words

You can connect with James on LinkedIn, Instagram, and Facebook.




Angel Williams Host
Reach out to Angel and find out how you can collaborate and come on the show!

LEAVE A RATING AND REVIEW: help someone who wants to explode their business growth by sharing this episode.


Listen on Apple Podcasts
Listen on Google Podcasts
Listen on Spotify

Be sure to follow us across all social media platforms and don’t forget to join our Facebook community!

©2021. The Academy Presents. All Rights Reserved.