What Are the Biggest Unknown Risks in Real Estate?

On this episode of Weaver Beyond the Numbers, Real Estate Edition, Howard Altshuler, Partner-in-Charge, Real Estate Services for Weaver and Rob Nowak, Partner, Tax Services for Weaver were joined by Andy Freundlich, Partner, Assurance Services for Weaver for a lively discussion on risk assessment and management in real estate.

“This last year has been amazing for lots of reasons. We think about how unprepared we are for everything,” Freundlich said.

Certain risks are known when it comes to things like deferred maintenance or entitlement risk, but building managers, asset managers, developers and tenants also face unknown risks.

How do real estate stakeholders prepare for the unknown? What are the what-ifs that haven’t been accounted for, and how do we prepare for what comes next?

Altshuler suggests that complacency can play a part in not being properly prepared.

“Instead of thinking, ‘That could never happen,’ think ‘Well, that could happen, so how do we deal with it? Is it feasible?’” he said. “Is there enough benefit in the cost of preparing for risk? How do we assess the likelihood of risk?”

Planning for risks is an essential component of real estate, and having an internal committee brainstorming the “what-ifs” and how to respond to them is key to staying on top of risk management and protecting property from the unknown. That unknown could be anything from a cyberattack to a blackout or even a riot.

According to Freundlich, people are “always thinking about risk management.

“We’re thinking about insurance. We’re thinking about how we can be healthier. With risk management, you need a good group of advisors to deal with these issues.”

Looking at different scenarios to see what weaknesses there may be in risk management systems is an important aspect of the real estate business, and getting advice from experts is always a good place to begin.

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

blue collar
Building Efficient and Engaged Blue-Collar Workforces Begins with Leadership Rooted in Personal Development
November 20, 2024

According to a study by Deloitte and The Manufacturing Institute, over 2.1 million manufacturing jobs could remain unfilled by 2030 due to a lack of skilled talent. This workforce shortage reveals a critical gap in leadership within blue-collar industries. Without strong leadership to develop teams and foster growth, businesses face inefficiencies, low morale, and…

Read More
Paying it Forward: Empowering Career Migration Journeys | Sinead Carbery and Gillian Williams | EP05
Paying it Forward: Empowering Career Migration Journeys
November 20, 2024

On the latest episode of Care Anywhere: The Global Health Workforce Podcast, host Lea Sims sits down with Sinead Carberry, President of International Staffing Solutions, and Gillian Williams, MSN, BS, RN, Senior Director of Clinical Operations, both from AMN Healthcare. The episode delves into the complexities of global career mobility for healthcare professionals, with…

Read More
Healthcare access
Improving Healthcare Access Through Nontraditional Benefits and Discount Plans
November 19, 2024

Healthcare costs are rising steadily, while insurance benefits struggle to offer sufficient coverage, driving demand for practical solutions like nontraditional benefits and discount plans. As premiums rise and coverage limits remain stagnant, many individuals and employers seek alternative ways to manage costs and improve healthcare access. With chronic conditions on the rise, the stakes…

Read More
CSR with Kelem Butts
Leading the Change in Corporate Social Responsibility with Kelem Butts: Tackling Health & Educational Challenges in a Disrupted World
November 19, 2024

In an era where corporate social responsibility (CSR) strategies are rapidly evolving, adapting to new challenges is paramount. As digital transformation accelerates societal shifts, organizations like United Way of Metropolitan Dallas are at the forefront of addressing critical issues, from education to economic mobility. This episode of DisruptED dives into the dynamic world of…

Read More