Through it all, what stands out as critically important about owning investment real estate is having a risk management program that identifies and evaluates potential risks and, once identified, determines how to mitigate exposure to and manage those risks in the most efficient and effective way possible. And that is the focus of our Risk Management Services.  We read insurance policies carefully, even the small print so that we know what’s covered and what isn’t – before it’s too late.  We implement risk management inspections and survey your property for potential problems, particularly opportunities for “trip and falls.”  We conduct a risk assessment that examines threats, vulnerabilities, consequences, and countermeasures.

 Furthermore, we treat insurance costs as a controllable expense.  We pursue discounts on insurance whenever possible; for example, for having an emergency preparedness plan.  We shop the property & liability insurance market annually and when possible, we combine with other groups to achieve lower costs by spreading the risk.  We are mindful of when insurance renewals come due so that we secure competitive insurance bids months in advance of a property’s insurance expiration and renewal. We revisit deductibles regularly and increase them as appropriate.

The risk analysis helps us to determine the exposure to property damage but also helps us recommend and adopt measures to minimize lawsuits.  Hence, we make it easy for tenants to notify us about physical problems that develop within a unit, house, or building.  We respond to tenant complaints promptly so they don’t become opportunities for lawsuits (especially notices of water leaks or other sources of water, which could lead to lawsuits about mold).  We require tenants to sign appropriate disclosures and other lease riders as required by federal law. We train our staff regularly to help prevent harassment and discrimination suits and keep proper records of all repairs to the building and to individual units. In all cases, we follow the law – e.g., fair housing, handling of security deposits, recovering possession of a unit.

The unexpected will occur so we try to be prepared to address it when it does.  We have a central emergency call center to be able to get help where it is needed quickly.  We have a checklist for things to do during natural emergency situations which we provide to all our tenants.  We prepare an emergency preparedness plan for each house or multi-family building we manage, which we review and update regularly, train the staff on it, implement it when and if the time comes.  In the case of large multifamily buildings, we stage an emergency mock event – as a practice run, to see where the weaknesses are and hold live drills.  In the case of single units in a condominium community or high-rise, we make sure to review the Association’s plan and provide a copy to our tenants.

Need a service not listed.  Give us a call and let us know how we can be of service.  As a boutique real estate service providers we can meet your unique service needs.