Fire Burns My Apartment Building

Fire Burns My Apartment Building

fire_burns_my_apartment_buildingOne of my apartment buildings was partially burned creating a $1M insurance claim. In this video, you’re going to discover what you can learn from this experience so that when disaster strikes (that’s right, WHEN, no IF), you can be prepared. Here are the lessons learned from the fire that burned my apartment building:

 

Fire Burns My Apartment Building PodCast

Commercial_Property_Advisors_Podcast

Here is a summary of what you learned in the video above:

Fire Burns My Apartment Building

Teachable Moment: (1:20)

People

  • Your property management team

Process

  • Represents your day to day operations

Product

  •  The Property itself

Every highly successful, profitable piece of commercial real estate is based off of the 3 Ps

  • When you have a great team (People) running a great system with proper procedures (Process), combined with a nice looking property in a great area (Product) that is the formula of success.
  • If you have an undertrained team (People) poorly running a property (Process), with a property that is in a poor neighborhood and in poor condition (Product), then it will fail.

Focus on the 3 Ps when working in Commercial Real Estate

Comments

  1. Michael Morrison says:

    Thank you for the valuable information you shared with us. I’m sorry you ran into the problem with the fire. I’d like to hear more about it in detail. But, from what you shared today, I can take with me for a future reference.

  2. Rafael Gutierrez says:

    Thanks, Peter, for sharing with all of us your experience with your burning building. I do like to hear more details on the insurance response to this tragic moment: type of insurance, what to look for in it, what must be included in the policy in order for us to be reimburse and protected as owner,etc. If you have a video on this subject I would like to see it.

  3. Delma Robalino. says:

    Thanks Peter for share with us tremendous imformation. About your fire in your building .. That give to us more carefully in all. Hope heard from you next class. Thanks again , Bests Regards . Blessings, Delma Robalino.

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