Good morning!

As we approach the end of the year, I’m excited to look ahead to what’s coming in 2025. Our team has been busy preparing for the launch of our agency services in Q1, a project that’s been months in the making. It’s an exciting step forward, and I’m eager to see how it will elevate our work in the new year. More updates to come—stay tuned!

— Lucas Robinson, Founder & CEO at BudgetMailboxes.com

🎯 This Week’s Strategy:

• Crisis Management: Emergency Preparedness Plans

🤝 Boardroom Brief:

• Minneapolis Property Taxes Rise at a Slower Pace Compared to Other Major U.S. Cities

Strategy

🎯Crisis Management: Emergency Preparedness Plans

Emergencies can strike at any time, from natural disasters to unexpected facility failures. Having a robust Emergency Preparedness Plan (EPP) is crucial for property managers to ensure tenant safety, minimize damage, and maintain operational continuity. A well-thought-out plan not only reduces chaos during crises but also builds trust and confidence among tenants and stakeholders.

Implementing an Emergency Preparedness Plan

1. Identify Potential Risks
   Begin by conducting a risk assessment for each property. Identify possible scenarios such as fires, floods, earthquakes, power outages, or security threats. Tailor your plan to address the unique risks of your location and building type.

2. Develop Clear Procedures
   Create step-by-step protocols for each type of emergency, including:

   • Evacuation plans and routes

   • Communication protocols for tenants, staff, and emergency services

   • Procedures for shutting down utilities and securing the property

   Ensure these procedures are accessible, easy to understand, and aligned with local regulations.

3. Assemble an Emergency Kit
   Prepare emergency supply kits for your properties, including essentials like flashlights, first aid supplies, batteries, and communication devices. Regularly inspect and replenish these kits to keep them ready for use.

4. Train Your Team
   Provide training to your staff on emergency procedures, including conducting regular drills for scenarios like fire or earthquake evacuations. Ensure they understand their roles and responsibilities during an emergency.

5. Communicate with Tenants
   Share your emergency plan with tenants and provide them with resources such as evacuation maps and safety guidelines. Consider organizing tenant meetings or sending regular reminders to reinforce preparedness.

6. Test and Update Regularly
   Conduct annual reviews and tests of your Emergency Preparedness Plan. Update it to reflect new risks, tenant feedback, or changes in the property, such as new tenants or facilities.

Why It Matters

An Emergency Preparedness Plan is a proactive tool that protects lives and property while demonstrating professionalism and care. In today’s unpredictable environment, this strategy is essential for property managers to mitigate risks, maintain operations, and safeguard their reputation.

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🤝 Thanks to the BudgetMailboxes Team!

Looking for top-quality mailboxes, cluster boxes, or street lights? Let our expert team at BudgetMailboxes assist you. Contact us today to get started!

Boardroom Brief

Minneapolis Property Taxes Rise at a Slower Pace Compared to Other Major U.S. Cities

Property taxes in Minneapolis are rising, with a proposed levy increase of 8.1% for 2024, marking the largest hike since the mid-2000s. While this increase reflects inflation, higher city expenses, and the need for investments in police reform, a new Redfin report highlights that Minneapolis has seen slower property tax growth compared to most major U.S. cities since 2019. For builders and developers, understanding these tax trends is essential for budgeting and planning, especially as declining downtown property values and shifting revenue streams impact future investments. Stay informed on city budget decisions to navigate these changes effectively.

Game

🎉 Fun Finale: Play & Poll