Safeguarding against the unforeseen isn’t just about being quick on your feet, it’s about always being one step ahead. According to the National Centers for Environmental Information, as of 2023, the United States underwent 28 natural disasters related to climate, each costing the economy about $1 billion!
As you can see, the threat of unexpected damage is very real in our country. As a property manager, understanding potential problems and hazards helps you take measures to mitigate or avoid them altogether. Being proactive is key in keeping investments safe, tenants secure, and your reputation intact.
There are many risks that your property may face on a daily basis, and some of these are avoidable, while others are not.
Natural Disasters: Depending on where you’re located you might have to deal with floods, earthquakes, hurricanes, tornados, wildfires or severe weather conditions such as a blizzard or heatwave.
Fire Incidents: Fires can be caused by anything from electrical faults to tenant negligence.
Security Threats: Theft, vandalism or more serious criminal activities could impact properties.
Equipment Failures: Machines like elevators, boilers, air conditioning units and other mechanical systems can fail unexpectedly. People may get stranded, and in some cases there may be danger to their life.
Tenant-related Incidents: Conflict and physical aggression among tenants poses a threat to the safety of property and other residents.
Public Health Emergencies: Events such as pandemics can significantly impact property management and real estate operations.
Utility Outages Loss of electricity, water ,gas or internet services can happen without warning.
Each crisis may need different response but all share this — they make it difficult for businesses to get back on track if they’re caught off guard .
Getting Ahead of It
Taking the first step is crucial because it’ll save you money as a property manager as well as keep residents happy! Having strong relationships with local officials is needed in order to take preemptive action. After all they know more than anyone else.
Connecting with government agencies
Knowing people who work for the government helps a lot when things go wrong unexpectedly. Make it a point to establish these connections, because it will give your business an edge. Government officials, for example would come through during flood emergencies by suggesting evacuation efforts and giving property managers real-time updates on water levels.
Partnering With Emergency Services
Having a strong connection with emergency services helps property managers stay informed on how to maneuver during a crisis. It also makes it easier for them to do their job well! Building a bond with these services guarantees that tenants will be safe and there will be fewer injuries during an earthquake, for example.
Practical Preparations for Crisis Prevention
Comprehensive Emergency Plans
Your emergency response plan must leave no stone unturned when it comes to details and should be accessible to everyone involved. You don’t know who’ll need it most or where they’ll find it so just make sure they can access the plan easily- either as an electronic document or a hard copy manual.
Regular Safety Audits
Problems need fixing before they get out of hand and send people scrambling for safety. Regular safety checks keep everything running smoothly while also keeping residents safe. Conduct regular rehearsals of how to implement these safety procedures, so that the staff is well trained and doesn’t hesitate to take action when the occasion arises.
Crisis Alerts and Communications Utilizing Technology
Technology has a role to play in not just responding to crises, but also estimating their impact beforehand. For example, Polorecka and colleagues (2021) published a paper about a software that allows virtual modelling of situations involving leakage of certain chemicals in a building, and estimating its health impact.
When catastrophe strikes, we get it, things are chaotic. But if you have the technology available to keep people informed and safe — why not use it?
Early Warning and Emergency Alert Systems
Early warning systems have a weather service and geology monitoring mechanism. It can issue warnings on natural calamities such as floods, hurricanes or earthquakes thus enabling property managers to take necessary precautions and communicate to the tenants.
Communication Platforms
Robust communication systems are crucial during disasters. Saroj and Pal (2020) studied how communication and reporting of natural disasters on social media helps in crisis management. This can be done through different mass notification tools such as mobile apps, SMS, email, automated calling systems among others to send messages related to evacuation orders, status updates or safety instructions for all those concerned in the affected areas.
Security and Surveillance Systems
Security technology including CCTV cameras, access control systems, alarm systems etc., is needed. It ensures buildings are watched in real time for any suspicious activities that may indicate levels of insecurity or crime rates.
Maintenance and Inspection Software
Maintenance software makes it possible to monitor the condition of the premises continuously through IoT sensors. In this way advanced notice can be given through setting notifications even before equipment like the HVAC system or elevators breaks down, thus reducing delay in repairs.
Building Information Modeling (BIM)
At the time of an emergency, the BIM software gives a snapshot of real estate developers’ owned properties. It shows a view of their layout while guiding first responders on how to navigate in such situations. It helps in emergency response and evacuation plans.
Risk Assessment Tools
These are analytic tools that assist property managers evaluate risk when comparing hazards localized data sets with past incidents historical information and vulnerability levels hence better informed mitigation decisions relating to prevention measures therefore increasing decisiveness.
Cloud Computing and Data Backup
During disaster onsite systems crashing online based services should offer confidence to management teams because vital information regarding effective property management e.g. tenant details, still remain accessible from offsite locations. One less thing to worry about in the time of crisis!
Resource Management Tools
Efficient resource management during emergencies may involve things like emergency supplies staff or equipment. This can be done by using inventory management systems to track availability and their location in real time.
Tenant Collaboration Platforms
An example of this is a community approach to dealing with crisis, such as creating social media groups, forums or tenant apps. These residents can report problems, share information or volunteer to help each other or management.
Remote Working Solutions
Virtual office tools & software can enable property managers coordinate their crisis response from distant locations when they cannot be physically present in the office. Business continuity is assured through video conferencing, project management apps, collaborative platforms etc.
Payment and Financial Management Systems
During economic/financial crises rent deferrals payment plans as well financial assistance programs are supported by online payment system and financial management tools available to property managers. These tools sustain cash flows while tenants’ financial challenges are attended to.
Insurance Management Applications
Insurance management applications include digital tools like insurance policy data. Electronic data could fasten the claims processing because managements would easily get their policy details, submit claims files, and upload evidence, hence facilitating recovery in such cases.
Let’s take a look at these case studies that show how putting in some effort before things go south can save lives. Hurricane Katrina was one of the deadliest hurricanes ever to hit the United States. It flooded more than 80% of New Orleans and destroyed more than 800,000 housing units in total before it was all over.
Be prepared for the next crisis by taking these lessons from Hurricane Katrina into account:
1. Establish connections with government agencies and emergency services:
By building relationships with key stakeholders, property managers can ensure they receive timely updates on crisis management strategies and guidance during emergencies.
2. Partner with community organizations:
Collaborating with local organizations can provide valuable resources and support during a crisis. This network can help property managers meet the needs of their tenants and minimize the impact of a crisis.
3. Develop comprehensive emergency plans:
Property managers should create detailed emergency procedures and plans that are regularly updated and rehearsed. This ensures that all relevant parties are aware of their roles and responsibilities during a crisis.
4. Conduct regular safety audits:
Regular safety audits help identify potential hazards and ensure that the property is up to code. This proactive approach can prevent crises from occurring or escalating.
5. Employ technology to make crises less…crisis-y:
Technology is so advanced these days, there’s no excuse for not using it to let everyone know what’s going on when disaster strikes. If you’ve ever been prepared for anything in your life then you know how much better off you already were just by being prepared. Be like that here too — stay ready so tenants and properties stay safe.
Proactive Crisis Management Is Imperative
It was a very scary time back in 2005 when Hurricane Katrina approached the Gulf Coast. A lot was learned about crisis management from that devastating experience and it became clear just how important it is.
Property managers who put together emergency plans and established relationships with the government, local community organizations, and emergency services were much better off when disaster struck.
When property managers prepared for this event they would have known that hurricanes are a big risk factor in coastal areas. Doing so allowed them to create an extensive plan specifically for them. This plan would show details on things like: evacuation strategies, methods to communicate with tenants, ways to protect their property, and what to do after the hurricane passes.
In every situation, there are some things that you can control, and some things that you can’t. Very often, we lament over how things went south, when it wasn’t really our fault. At the same time, we turn a blind eye to the things we can do in the present to prevent something similar in the future. This is your chance to read and prepare for any unforeseen calamity that could befall your property and business, good luck!
