Posted on May 4, 2020
Responding To The COVID-19 Crisis: LPA Reaffirms The Importance Of Principle-Centered Commercial Real Estate Valuation Services As Well As Its Responsibility To Its Employees, Clients, And The Greater Southwestern Community
Much has changed in the last two months. We’ve all had become conversant with social distancing etiquette, strike a new balance between home and work life, and cope with the fact that some business, while it may feel urgent, does not qualify as essential.
Adjusting to the shifting circumstances surrounding COVID-19 hasn’t always been easy. Most days, silver linings are in short supply. Here at LPA, however, we’ve tried to keep our vision trained on the North Star that’s guided us since our founding: our Core Values.
In the process, we’ve come to appreciate all over again just how much our people’s commitment to Excellence, Teamwork, Integrity, Selfless Service, Family, and Innovation allows us to deliver commercial real estate valuations of impeccable quality. But we’ve also had to stretch ourselves to ensure that these Core Values remain as meaningful and purposeful as possible.
In short, the past two months have been a learning experience. As we look to the near future and, like millions of other Texans, plan on returning to our offices, we’d like to impart the lessons we’ve learned from our time in quarantine. We believe the best way to do that is to share with our Insights readership the recent revisions we’ve made to our Core Values, as well as some examples of how we’ve put them into action.
In the face of COVID-19, we’re working hard to achieve Excellence. We’re obtaining the most up-to-date market data to produce the most credible, actionable valuations for our clients. In such a rapidly changing environment, this is a tall order. We’re up to the challenge!
At LPA, Teamwork is paramount. Each of our Teams is holding multiple meetings each week via phone, email, and video chat. Additionally, our Management Team is holding two video chat meetings every week to ensure that the entire staff remains at the forefront of everything happening in the our industry.
This Core Value is front and center in our profession! We’re boldly yet humbly developing opinions of value for our clients to assist them in making the most well-informed decisions. During these uncertain times, unwavering Integrity is priceless.
LPA has established a fund to match donations made by our Team members to the COVID-19 charity of their choice. At the outset of the quarantine, LPA supported local restaurants by buying lunch for our staff and their families to be delivered to their homes.
100 percent of LPA’s current staff is currently working from home full-time. We acknowledge that each Team member has their own family structure and familial obligations to meet. During this time (and through the coming weeks and months), LPA will be accommodating the individual needs of each Team Member and will do what is required from an organizational standpoint to protect both they and their families.
LPA has launched a COVID-19 Market Survey. This tool will allow our Team members to combine data crowdsourced from market participants with information entered by a diverse cohort of CRE valuation users. Our goal with this project is to gauge (to the best of our ability) the real-time impact COVID-19 is having on CRE values. If you would like to participate in this survey, please visit https://fm.lowerypa.com/covid-19-survey/#/.
As always, thank you to our Team members for all their hard work and dedication, and to our clients for their continued support. We’re all in this together — and, together, we will overcome whatever challenges remain.