How to maximize value in a down economy: Long-term ptshps. can reduce risks and expenses

In today's economy, the pressure to cut costs has never been more intense for the already hard-hit real estate industry. Most businesses are hyper-focused on getting the best deal - but at what cost? When property owners or agents opt for the lowest priced security service, they may end up paying the ultimate price by putting their real estate investments and liability at risk. Buying low-priced contracts from large companies overly focused on acquisitions to build revenue can, at best, lead to service interruptions from management changes and staff changes or, at worst, result in low-quality client service. Long-term Commitment Murdoch Security Group's core philosophy is to invest money in long-term alliances, not in acquisitions, and not only through the company's group partnership model. When local security providers join the Murdoch Security Group, clients continue to receive the same high-quality service delivered from the management team they have come to know and trust. Long-term relationships with trusted vendors also allow Murdoch to create customized service solutions for clients. These alliances with like-minded companies give Murdoch the flexibility to respond to clients' changing protection needs. In the commercial real estate sector, for example, reputable and respected cleaning companies contract with Murdoch to not only protect their investment, but also to ensure customers receive maximum value at a more cost-efficient price. Ongoing relationships with leading technology firms give clients more options through cost-efficient packages that combine electronic surveillance with on-site guard services, which can decrease the overall budget without sacrificing service quality. Making Partnerships Work The value of strategic partnerships comes from a shared vision for success. Murdoch maximizes relationships by: * Investing in long-term client relationships, not acquisitions * Partnering with local security firm owners who remain vested in service delivery * Choosing service providers based on a like-minded philosophy of customer service Before contracting with a low-cost security provider, ask - and get answers to - the following questions: * Does the company have a customer-based view of protection needs? True security partnerships come from procedures developed from an "outside-in" perspective. A customer-based approach empowers firms to deliver a superior service experience tailored and personalized to each client. * Does the company guarantee value plus quality by actively encouraging client feedback? Low price can mean low quality. Security firms should be in the business of continuous quality improvement, eager to hear client feedback and quick to respond when corrective actions are needed. * Does the company have a proven track record? Economic turmoil is not the time to contract with a newly established security firm. * Is the company nimble, flexible and ready with go-live solutions? Sudden shifts in market conditions might require more, or fewer, services. Firms that are unable to easily adapt to changing conditions can leave businesses unprotected. William Vassell is chairman and CEO of Murdoch Security Group, Stamford, Conn.