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6 Ways To Protect Your Investment During A Crisis

6 Ways To Protect Your Investment During A Crisis on morrissegroup.com

Today is the day to develop a sensible strategy

Stronger hurricanes. Tornadoes in areas of the country where they’ve never occurred. Terrorist attacks. Fires, floods, and earthquakes.

While it’s impossible to plan for every single crisis that can occur in this crazy day and age, it’s essential to plan for most of them. Very often, key preparations include many of the same items; so, when disaster strikes, property managers, owners, and investors will be prepared for a range of emergencies.

1. Compile important information

There are two types of information to gather: the physical and the personal.

  • Whether you’re the owner of a new structure or an older one, it’s important to understand the layout and systems within that building. That means knowing where the water shut-offs and gas mains are located, the various entrances and exits, stairwells and fire doors, electric panels, fire extinguishers and hoses, etc. At the same time, it’s important to make a list of names and numbers of people who need to be contacted to address any issues with these systems.
  • Another item at the top of the list is to compile a list of tenants and their contact numbers. If necessary, you may also want to have additional contact names for every tenant. Each tenant should also create similar lists of their employees, which can also be shared with you. These lists – names, numbers, and additional contact names and numbers – should be updated on a regular basis.

2. Develop relationships within the property and the community

As a building owner or manager, you’re now part of a community. As such, it’s imperative that you develop a relationship with some of the key members of that community, specifically the local police and fire departments.

One idea is to invite officials to your site and to take a tour. At that time, explain the security plans you’re creating and welcome any input they may have.

At the same time, tenants and their staff should know who you are before a crisis. Take time to listen to their concerns – say, poor lighting in the parking lot – and implement reasonable solutions. These are the same people who need to know and understand the security preparations you are establishing.

Now is the time to compile a list of trusted vendors, companies that can arrive after the all clear has been sounded to initiate clean up. You and your tenants want to return to business as usual as soon as possible.

3. Working with a security professional

Select a security firm and invite them for a consultation. This will often involve a tour of the facility to examine any weak spots, such as a propped open rear door, a poorly-lit stairwell, or a decoy security camera that fools no one.

It’s also a good idea to do a similar tour at night in order to make note of shadows cast by landscape lighting or shrubbery. These dark nooks invite trouble.

The security consultation – as well as with any discussions with local law enforcement – is also an opportunity to address procedural concerns. Among these items could be a stay-in-place plan to alert tenants that an active shooter is in the building; a lockdown procedure if there is a dangerous situation in the area; and an evacuation plan with tenants given a designated space outside of the building for their staff to meet. Here, attendance can be taken – and if anyone is unaccounted for, the authorities can be alerted.

Many security concerns can be addressed with technology. Some security services include 24-hour remote monitoring, motion-sensitive cameras, and even drones fitted with cameras to cover large areas, such as an industrial site. Do your research and ask questions.

4. The proof is in the details

Keep a detailed account of the particular crisis. This includes notes, names and numbers, a timeline, photographs, videos, voice recordings, tenant statements. These details will be important when lawyers and insurance representatives eventually get involved.

5. Media management

For some events, media will descend, opening up a new front in the management crisis. They may look for a statement from you or your representative – and the details you’ve gathered and preparatory steps you’ve taken will help you remain in control of the information gate.

6. Training

This is a lot to digest. When entering the CRE marketplace, many of these issues are items you thought you’d never have to consider. Your tenants feel the same way.

That’s why a safety and security plan, which will be distributed to your tenants and their staff, is only as good as the training people have. Ideally, training should begin at the top with you or a representative, who will then be able to instruct tenants. These tenants will then have the responsibility of training their own staff.

Morris Southeast Group provides comprehensive, professional property management that extends beyond the traditional functions of property management. We not only want to help you protect your investment, but we also want to ensure that your tenants are safe and secure.

We pride ourselves on a high degree of personal accountability associated with each relationship. For a free consultation or to learn more about our property management services, call Morris Southeast Group at 954.474.1776. You can also reach Ken Morris directly at 954.240.4400 or via email at kenmorris@morrissegroup.com.

Micro-Units Are A Big Deal:

Micro-Units Are A Big Deal on morrissegroup.com

And they’re coming to your city

In 1963, Walt Disney approached two of his staff songwriters, the Sherman Brothers, to come up with a catchy tune for the UNICEF exhibition in the upcoming New York World’s Fair. The result was “It’s A Small World (After All).” Little did Mr. Disney know that his song could easily be the soundtrack for today’s boom in tiny living.

Americans these days are obsessed with simplifying their lives. Television channels, like HGTV and DYI, are filled with shows celebrating tiny homes. In addition, YouTube has channels dedicated to tiny food and tilt shift photography, an effect that makes the big, wide world look like a child’s model train set. Even IKEA celebrates tiny living with displays of efficient living space in just a few hundred square feet.

Small neighborhoods, big prices

In recent years, there has been great interest – especially among aging Baby Boomers – to leave suburbia and return to city life. Developers responded by developing residential spaces above retail and commercial spaces, creating easily walk-able neighborhoods where people could live, work, and play.

Rents, though, outpaced salaries, and a younger workforce soon found themselves priced out of the urban opportunity. In cities like Miami, for example, living in an exciting urban neighborhood often requires multiple roommates and/or doubling up in bedrooms.

A big solution in a small package

It was only a matter of time before the tiny revolution made its way to the big city. Tiny homes, usually placed in rural or some suburban settings, could be adapted to urban life if they could be stacked on top of one another – in other words, the birth of the micro-unit building.

Cities across the country are in various stages of developing towers of micro-unit apartments. While some may see it as an attempt to jump on the tiny fad, for many urban neighborhoods, the micro-movement is seen as a chance to breathe new life into downtown centers. The size of the apartments forces residents to not collect stuff, but to experience city life.

  • New York City’s first micro-unit building is Carmel Place on the East Side. Studio apartments average between 260 to 360 square feet.
  • Seattle is said to have more micro-units than any other city in the country.
  • Miami’s entry into the micro-unit world is Moishe Mana Tower, a planned 49-story tower with 328 units planned for 200 N. Miami Avenue. Construction is slated to begin in 2018. Apartments are so small there’s no room for ovens, but there are plenty of built-ins and fold-aways to maximize space.

Are you a candidate for micro home management?

Living in a micro-unit is not for everyone. Most micro-dwellers are Millennials and younger, who are living alone and who have consciously chosen to trade space for affordable living in densely populated neighborhoods. Often, the micro-apartment is viewed as a stepping-stone for a specific life chapter, with residents staying for one to two years.

While many of the buildings feature amenities, such as communal full kitchens, gyms, and pools, they do not always have parking. The micro-unit towers are often located near public transportation so residents can easily commute or walk to their destination. Moishe Mana Tower, for example, will be close to public parking garages, but will also provide onsite bicycle parking.

At Morris Southeast Group, no real estate wish is too big or too small. Our team of professionals can help you find the right investment fit for your needs. For a free consultation, call us at 954.474.1776. You can also reach Ken Morris directly at 954.240.4400 or via email at kenmorris@morrissegroup.com.

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