There are several reasons why it is important to protect your real estate assets. Real estate is often a significant investment, and protecting it can help ensure that you maintain its value. Additionally, protecting your real estate assets can help prevent damage or loss due to natural disasters, vandalism, or other unforeseen events.
Why should I?
It can also help protect you from legal liabilities, such as if someone is injured on your property. Furthermore, protecting your real estate assets can give you peace of mind and allow you to focus on other aspects of your life. In this blog, we go into some of the specific ways you can protect your commercial real estate assets.
There are several ways to protect your commercial real estate assets:
Conduct regular property inspections to identify and address any potential issues, such as structural damage or maintenance needs. A property inspection typically includes a visual examination of the property’s major systems and components, such as the roof, foundation, electrical and plumbing systems, heating and cooling systems, and appliances. The inspector will also check for any signs of pests or other issues that could affect the property’s value or livability.
Purchase property insurance to protect against losses from natural disasters, theft, and other risks. In a recent LinkedIn Live, Risk Tolerance 101: Commercial Tenant Insurance, we discussed the importance of carrying the proper insurance for your commercial real estate portfolio. Learn more by visiting our YouTube channel.
Security and Emergency Planning
Implement security measures, such as surveillance cameras and alarm systems, to deter criminal activity and protect against theft.
Some common security measures that can be used in commercial real estate include:
- Physical security: This includes measures such as locks, alarms, cameras, and access control systems to secure the property and prevent unauthorized access.
- Fire safety: This includes measures such as smoke detectors, fire alarms, and sprinkler systems to detect and suppress fires.
- Emergency planning: This includes measures such as emergency response plans, evacuation procedures, and emergency lighting to ensure the safety of tenants and visitors in the event of an emergency.
- Lighting: Adequate lighting can deter criminals and provide a safer environment for tenants and visitors.
- Guarding service: Some commercial properties might hire security guards to monitor the property and provide a physical presence to deter crime.
Clear Policies in Your Lease
Establish clear policies and procedures for tenants, such as guidelines for maintenance and repairs, to minimize the risk of damage to the property. Have a well-drafted lease agreement that covers all the possible scenarios and have a good tenant screening process in place to minimize the risk of default or nonpayment.
Keep accurate and up-to-date records of all financial transactions and property-related documents to help defend against legal disputes. Property management software like STRATAFOLIO offers unlimited file and photo storage so you can stay organized and prepared should you ever need to access documents for any of your current or former properties.
Consider hiring a professional property manager to handle day-to-day operations and ensure the property is well-maintained and compliant with local laws and regulations. Be sure to tell your property manager about STRATAFOLIO and how we are the solution to make their lives easier!
Protecting your assets is just a part of managing commercial real estate properties. STRATAFOLIO is here to help you manage the rest. Contact us today for a personalized demonstration with our team.