What is the primary purpose of risk management in property ownership?

The primary purpose of risk management in property ownership is to control risks associated with property ownership. This involves identifying, assessing, and prioritizing risks that could negatively impact the property or its operations. Effective risk management strategies help property owners mitigate potential hazards, such as liability claims, property damage, or financial losses, thereby protecting their investment and ensuring the safety of tenants and visitors. By focusing on managing and minimizing risks, property owners can create a more stable and secure environment, which is crucial for the long-term success of their property.

While increasing market value, reducing property taxes, or enhancing community relations may be benefits that arise from effective risk management, they are not the primary goals. The essence of risk management is to proactively address risks to safeguard the property and its value, making it a critical component of responsible property ownership.