With property prices skyrocketing nationwide over the last several years — especially in my hometown of New York City — it’s only logical for real estate professionals to begin shoring up protections for the inevitable downturn. Don’t call it pessimism; over the past several decades, the down times in real estate have always come in response to unprecedented rises, and it’s only natural that recent drops are indicative of a larger, nationwide slump in the housing market.

While it hasn’t swung the rest of the economy, the real estate business is in a decline cycle at the moment. While there’s no reason for real estate operators to panic, adequately addressing a down market is an essential part of business survival. Without a plan in place, you may find yourself out of work before the next boom happens.

Having learned much during previous downturns in 2001 and 2008, I can safely say my group is prepared for what’s about to come. If you aren’t so certain you’ve got the right plan in place, these and other proven strategies can prove incredibly valuable for ensuring that dips in the market won’t have your real estate business taking a dive.

Avoid doing anything rash …

First of all, the bad news of a recession is a tempting reason to act quickly, but acting rashly is nearly always a mistake. The phrase “patience is a virtue” should be engraved in every real estate manager’s desk as a constant reminder. In an industry that’s shown such incredible volatility, acting too fast often yields worse results than stepping back and letting things shake out before making your next move. When the downturn hits, you should be waiting for opportunities to present themselves rather than making purchases of shaky provenance just so you can say you did something. By keeping capital available, you’ll maintain the necessary readiness for the moment when worthy properties arrive at the market at a…