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Protecting Your Assets From Theft

No longer satisfied with stealing lumber, concrete and windows, thieves are increasingly looking inside newly constructed homes for items like stoves, dishwashers and consumer electronics. Police reports similar to this, "On November 14, 2005 at 4:45 a.m. Deputy Smith responded to ABC Street in XYZ Township to investigate a reported burglary to a house under construction. A wall oven, refrigerator and cook top was reported stolen from the house. XYZ Township continues to investigate this case" are appearing in the media far too often in communities across America.

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The news doesn't get any brighter. First, thefts of items like those aforementioned are rarely recovered. Second, thefts equate to rising security and insurance costs, plus re-scheduling concerns and a loss of manpower hours costing builders big dollars. In fact, the National Association of Home Builders (NAHB) reports that builders lose about $4 billion annually to construction theft. Third, builders, therefore, are forced to pass on costs to buyers that are a by-product of theft. The NAHB estimates that builders add about 1.5 percent to the price of an average new dwelling to offset theft related losses.

Here are a few tips to keep property safe inside -- and outside the new homes.

  • Install adequate night lighting. Surveys show that a well-lit site is a deterrent to crime, and it also acts an indicator to local law enforcement that their support is being actively encouraged. Make certain the lights can be spotted during the daytime, so would-be thieves think otherwise about casing the area.

  • Create a security plan that includes access control features. Wire fencing around the entire site or storage area trailers, "keep out," "violators will be prosecuted," and other related signage and a 24/7 onsite human presence should be a part of any successful security plan.

  • Remove keys, and disable, all motorized equipment left unattended onsite.

  • Keep mum about spare keys left onsite. Many thefts occur by hired help.

  • Make one person responsible for inventory and for signing for deliveries.

  • Etch serial numbers on all onsite materials and equipment. That way, if equipment is stolen and recovered in another town or state, a positive identification can be made as the supplemental records serve to act as proof of ownership.

  • Utilize technology. Install a tracking system, like LoJack, which has proven success protecting heavy equipment on construction sites, or a cost-effective alarm system, one that is prominent and could be seen by all who enter. Seek law enforcement advice before spending money on an alarm system.

  • Seek input from employees. Nobody better can help spot safety concerns and potential trouble areas or identify those who may be pilfering on the job.

  • Prosecute to send a message that stealing will not be tolerated. Spread the word that someone caught stealing will be fired immediately and that further legal action may be taken.

Builders, to protect their assets, both from a financial and reputation perspective, must be proactive in combating theft. By taking the aforementioned steps, a builder can significantly decrease the potential for theft. These suggestions will not keep the professional thief from pilfering equipment, raw materials and other costly items. What they will do, however, is significantly deter the unskilled thief who is simply out to make a few dollars.

Published: December 28, 2005

Use of this article without permission is a violation of federal copyright laws.




Peter L. Mosca is president and founder of BAK Communications, Inc. He has over 22 years of communications and media consulting experience, serving a variety of nonprofit organizations, including the CCIM Institute and the REALTOR Association on all three levels – national, state and local. He is the Spokesperson Trainer for the CCIM's Jay Levine Academy and trains hundreds of residential REALTORS nationwide to be effective industry spokespeople. He is consistently ranked as "excellent" by about 90% of those who attend his presentations.

While his principal consulting focuses are public speaking and media relations development and content delivery and management, Peter is also the host of the Voice America Network's weekly radio program, "Income Property Investment Talk," a one-hour program that brings the powerhouses of commercial and residential real estate to property investors every Wednesday at 11 a.m. EST.

Peter is married 17 years to his wife Barbara. They have two children: Ashley, 15 and Kelli, 12. Hence, the name BAK Communications, Inc.




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