DAWGS team of vacant property specialists has long promoted the benefits of steel over alternative materials when it comes to securing vacant property. A survey conducted by DAWGS validated their position, that steel is the preferred material used by vacant property owners and manager to secure their properties. The survey also highlighted concerns vacant property stakeholders face if a property is not property secured.
The goal of the survey was to poll investors, owners, rehabbers, asset managers and sellers of vacant property to understand the issues they face when securing a vacant property in economically distressed areas. The survey also provided insight into the preferred method/material used to secure vacant properties in economically distressed areas.The survey revealed that when securing vacant property in economically distressed areas, hands down, steel is the preferred material over plastic clear boarding and plywood:
The top vacant property security concerns were different for realtors, for owners and for investors. Realtors top concern was safety when showing a property. For rehabbers, the main concern was theft of materials or tools from the job site. Investors and asset managers were concerned about the liability of fire or crime at the property. The aggregate of security concerns for all respondents listed liability of fire or crime at the property as the top concern:
|Liability of fire or crime at property||75%|
|Copper theft from property||71%|
|Theft of materials from job site||68%|
|Squatters or drug use in property||68%|
|Realtor safety when showing property||57%|
|Perception of foreclosure’s impact on other property value||50%|
|Allowing passersby to look inside property while under construction||50%|
Where all respondents did agree – was that steel is their material of choice used to secure vacant properties. Steel was revealed as the best choice to mitigate the risks and security concerns associated with securing vacant properties in economically distressed neighborhoods.
For anyone who works with vacant property in economically distressed areas, property managers, asset managers, rehabbers or realtors, the material used to secure and protect their property interests really does matters. It is clear from the DAWGS vacant property security survey that steel is the material of choice.