DAWGS Vacant Property Security Protects Neighborhoods, Promotes Economic Development, and Mitigates Liability for Commercial and Residential Property Owners
“Vacant and abandoned properties, whether residential or commercial, create costly problems for cities. These properties are a drain on city budgets. They detract from the quality of life, as well as the economic opportunities, of those living around them. They are an impediment to individual neighborhood redevelopment and, ultimately, to the achievement of city-wide economic development goals.”
UNDERSTAND THE RISKS OF UNSECURED VACANT PROPERTY
Property owners that fail to secure vacant property leave it vulnerable to various risks, including:
Failing to secure the vacant property can lead to unauthorized individuals entering the premises. Trespassers may cause damage, engage in illegal activities, or even injure themselves on the property. The property owner could face legal consequences for not taking adequate measures to prevent trespassing incidents.
Theft and Vandalism
Without proper security measures, the vacant property becomes an easy target for thieves and vandals. The property owner may incur significant financial losses if valuable assets, equipment, or fixtures are stolen or damaged. Insurance companies will deny claims if determined that the property owner did not take reasonable steps to secure the premises.
In some jurisdictions, failing to secure a vacant property can result in squatters occupying the premises. Squatting laws can be complex, but property owners generally face difficulties removing unauthorized occupants if they can prove they have been residing on the property for a specific period. This can lead to prolonged legal battles, loss of rental income, and property damage.
The sad reality is that property crimes accounted for 71.4% of all reported criminal offenses in the United States in 2019, including theft, drug distribution, and vandalism. Securing vacant properties can significantly reduce the risk of these crimes and the associated financial losses, as stated by the FBI’s Uniform Crime Reporting (UCR) program.
LIABILITY GOES BEYOND SIMPLE PROPERTY DAMAGE
Property owners face liability that goes far beyond simple property damage and loss. They may also be liable for any resulting harm if an unauthorized individual gains access to the unsecured property and sustains injuries. Inadequate security measures can be considered negligence, potentially leading to costly lawsuits and legal settlements.
HOW ARE NEIGHBORHOODS AND CITIES IMPACTED BY VACANT PROPERTIES?
Vacant properties can have a significant impact on neighborhoods and cities, both economically and socially. They can reduce property values, increase crime rates, and create health and safety hazards. Additionally, they can be a burden on local governments, as they require resources for maintenance and upkeep.
To combat blight, cities are implementing various strategies.
One approach is to incentivize property owners to maintain their properties by offering tax breaks or other financial incentives.
Another is to increase code enforcement efforts to ensure that properties are up to code and safe for residents. Cities may also work with community organizations and nonprofits to rehabilitate or repurpose vacant properties for affordable housing or community spaces. Some cities have even implemented land banking programs, where they acquire and hold onto vacant properties until they can be sold or redeveloped.
CITIES AND MUNICIPALITIES STEPPING UP
In some cases, cities may have mechanisms in place to address vacant properties that are not being properly maintained by their owners.
One approach taken by some cities is to implement vacant property registration programs. These programs require owners of vacant properties to register them with the city and provide information about the property’s condition, ownership, and plans for future use. Registration fees are often imposed, and failure to comply with the registration requirements can result in penalties.
Cities may also have ordinances or bylaws that outline maintenance standards for properties within their jurisdiction. If a vacant property is found to be in a state of disrepair or poses a hazard to the community, the city may take action to address the issue. This can involve issuing citations or fines to the property owner, initiating legal proceedings, or in some cases, seizing the property. It’s important to note that the specific procedures and actions taken by cities regarding vacant properties can vary widely.
PROTECTING A VACANT PROPERTY PRESERVES EVERYONE’S INTERESTS
Investing and rehabbing vacant property is an investment in everyone.
Investment in a neighborhood and promoting economic revival has multiple benefits for both the community and the individuals involved. Here are some potential positive outcomes of economic revival and neighborhood investment:
Increased Property Values
As investment flows into a neighborhood, property values tend to rise. This benefits homeowners, as their property becomes more valuable, potentially leading to increased equity and wealth. It can also attract new residents and businesses to the area, further contributing to economic growth.
Economic revival often leads to job creation and employment opportunities within the neighborhood. New businesses opening or existing businesses expanding can provide jobs for local residents, reducing unemployment rates and improving economic stability.
Improved Infrastructure and Amenities
Increased investment in a neighborhood can result in improvements to infrastructure, such as roads, parks, public transportation, and community facilities. These enhancements enhance the quality of life for residents and make the neighborhood more attractive to potential investors, businesses, and residents.
Business Development and Entrepreneurship
A revitalized neighborhood can foster a favorable environment for new businesses to emerge. Entrepreneurs may be drawn to the area, taking advantage of lower costs and opportunities for growth. This can lead to a diverse range of local businesses and services, catering to the needs and preferences of the community.
Community Engagement and Social Cohesion
Neighborhood investment often encourages community engagement and fosters a sense of pride and ownership among residents. Revitalization projects can bring people together, promote collaboration, and strengthen social ties. This can lead to a more vibrant and connected community.
Crime Reduction and Safety Improvements
Economic revival can have a positive impact on crime rates and overall safety in a neighborhood. Increased economic activity and community engagement can deter criminal behavior and contribute to a safer environment for residents, businesses, and visitors.
Enhanced Quality of Life
A revitalized neighborhood typically offers improved amenities, increased access to services, and a more vibrant local economy. These factors contribute to an enhanced quality of life for residents, providing greater convenience, entertainment options, and a sense of pride in their community.
Overall, vacant property security goes hand-in-hand with economic revival. Neighborhood investment has the potential to create a positive cycle of growth, benefiting residents, businesses, and the broader community. However, it’s important to ensure that such revitalization efforts are inclusive and considerate of the existing community’s needs and interests to avoid issues like gentrification and displacement.
THE DIRECT FINANCIAL BENEFITS OF SECURING VACANT PROPERTY WITH DAWGS
DAWGS is the leading provider of Vacant Property Security solutions – offering a range of steel door and window guards designed to secure and protect vacant properties.
DAWGS Vacant Property Security was founded to address the growing problem of municipalities’ legal liability surrounding vacant buildings. As increased crime and vandalism continue to plague neglected areas, cities and counties are held responsible for failing to manage the properties in their jurisdiction. Securing vacant properties is necessary to mitigate risks such as vandalism, theft, and unauthorized access.
There are significant financial benefits that can be achieved by securing vacant property with DAWGS; these include:
Avoiding Costly Repairs
Implementing DAWGS equipment, such as door and window guards, can act as a strong deterrent against vandalism and break-ins. Property owners can save on repair and replacement costs by preventing or minimizing property damage, potentially amounting to thousands or millions of dollars.
Mitigation of Legal Costs
Property owners can minimize legal risks and associated costs by prioritizing property security. This includes avoiding lawsuits, legal settlements, and potential fines or penalties imposed by regulatory authorities.
Preservation of Investment Property Value
Neglected properties can quickly deteriorate, leading to a decline in the building’s market value and negatively impacting the surrounding neighborhood. Property owners and investors can maintain its value by proactively securing the vacant property with DAWGS equipment, making it more attractive to potential buyers or tenants.
Insurance Premium Reductions
Many insurance companies offer reduced premiums for vacant properties with robust security measures. By investing in DAWGS equipment and implementing comprehensive security protocols, property owners can negotiate lower insurance premiums, resulting in long-term cost savings.
Reduced Legal Liability
Property owners are responsible for injuries sustained by unauthorized individuals who gain access to their unsecured premises. According to the National Safety Council, businesses can face legal expenses and settlements ranging from $30,000 to $60,000 per claim due to premises liability claims. Proper security measures reduce the risk of such incidents and the resulting legal liabilities.
To protect their assets, preserve property value, and avoid costly legal implications associated with neglected property security, property owners should invest in comprehensive security solutions like DAWGS Vacant Property Security. By doing so, municipalities can enjoy substantial savings while mitigating legal risks.