The real estate industry is no stranger to adversity. From putting out daily fires in the business, to putting out actual fires on properties, I’m certain that no scenario – no matter how extreme – easily surprises company leaders.
Yet, amidst these turbulent environments, many organizations continue to overlook the advantages of formalized security, disaster recovery and crisis management plans. Even the smallest threats facing your business, whether natural, human-based, or technology-driven, can quickly snowball into a major catastrophe.
According to the Claims Journal article “57% of Real Estate Companies Lack Business Continuity/Disaster Recovery Plans,” findings from an IndustryEdge and Travelers survey allude to the lack of preparedness when it comes to maintaining daily business operations in times of catastrophe. In the survey, 43 percent of the 200 real estate industry professionals did not consider natural disasters to be an important business issue.
A key quote per the article from said Deb Denker, real estate industry manager, Travelers commercial accounts. “To survive the increasing number and severity of disasters, real estate owners and managers need a strategic business continuity plan to help minimize downtime, organize a response and deploy the resources needed for a prompt recovery.”
It is one thing to acknowledge the need for proper policies and protocol, and yet another to execute. Extra time, resources and the assembly of trusted network of team support, both internal and external, all come into play. Fortunately, there are resources at your fingertips, whether you’re reviewing and enhancing your current plans or starting new ones for your organization.
BOMA International offers its Security & Emergency Preparedness Resource Center and Guidebook: The Property Professional’s Resource for Developing Emergency Plans for Natural and Human-Based Threats. These resources serve as the industry’s most up-to-date guide to help property professionals prepare for and respond to a broad range of potential threats. The guidebook walks the user step-by-step through the four phases of emergency management—mitigation, preparedness, response and recovery—to help ensure tenant safety and building security during emergency situations.
The Disaster Recovery Journal offers a comprehensive Best Practices Resource free of charge on its website, vetted and presented by its editorial advisory board committee. In equal importance to your planning is the team you assemble, working in your corner in your times of greatest need. From Risk Management, to HR and IT, to Legal and Public Relations/Communications and more, every role needs clearly identified and defined. Followed by training, rollout and continual review, it is a marathon and not a sprint; but taking the first step will make a world of difference when the unexpected occurs.
Oswald’s Real Estate Practice currently insures over 90 million square feet of commercial space, and over 85 thousand units nationwide. We work with Real Estate Developers, Owners, and Operators of all real estate asset classes to structure risk management and insurance programs that uniquely meet your needs and help support company initiatives. Our Real Estate Team comprises of over 25 professionals offering varying degrees of expertise towards risk management consulting that goes above and beyond brokerage. Please contact us about our complimentary benchmark analysis of your current program.
To learn more, contact me direct:
John Mark Tichar