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Economic forecasts can seem as mysterious as reading tea leaves or interpreting the energy of a crystal ball. Hit or miss at best. Yet with several economists spotting a recession on the horizon, property managers may want to take precautions.
The U.S. Bureau of Labor Statistics kicked off the summer with a wave of bad news. Only 38,000 nonfarm jobs were created in the previous m
onth—122,000 fewer than many economists expected.
World economies are tottering on the brink of a slump. Washington Times points to the misallocation of credit as a catalyst for economic decline. Policies created by the Fed, Bank of Japan, and European Center bank subsidize government debt rather than funneling that support to job-generating small business. Additional financial, labor, and economic policies muddy up the economic waters. The end results may be stagnant or weakening economies throughout North America, Europe and Asia.
The bottom line: the next 12 months may bring another economic decline. JP Morgan cites the U.S. as a “medium-term recession risk.”
If there is a decline, it’s too early to determine its severity. Property managers can brace for impact of any caliber with these stabilizing tips:
- Be selective. Now is the time to be picky about your tenants. In depth screening processes will help property managers identify tenants who pose the least amount of risk.
- Collect now. Reconcile late payments and balance the books. Position the business in the best financial state possible and maintain that balance.
- Clean house. Replace problematic tenants with more reliable candidates while the market is still favorable.
- Appear occupied. If your space is currently vacant, outsiders should not be able to tell. Properties that show signs of neglect are a turn off for property hunters. In contrast, neglected properties are very appealing to criminals. Maintain the landscaping, including often-overlooked shrubs. Fix any exterior items in disrepair, no matter how small, such as blown-out bulbs or damaged fences. Pick up any remnants of mail that my trickle in from previous tenants and always keep the property’s best foot forward.
