{"id":15831,"date":"2016-10-27T05:00:34","date_gmt":"2016-10-27T12:00:34","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=15831"},"modified":"2020-12-24T10:20:39","modified_gmt":"2020-12-24T18:20:39","slug":"bracing-for-impact","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/bracing-for-impact\/","title":{"rendered":"Bracing for Impact"},"content":{"rendered":"<p>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.<\/p>\n<p>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<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-15832\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/07\/recessionproofing-300x200.jpg\" alt=\"recessionproofing\" width=\"300\" height=\"200\" \/>onth\u2014122,000 fewer than many economists expected.<\/p>\n<p>World economies are tottering on the brink of a slump. <a href=\"http:\/\/www.washingtontimes.com\/news\/2016\/jan\/18\/richard-rahn-the-recession-of-2016\/\" target=\"_blank\" rel=\"noopener noreferrer\">Washington Times<\/a> 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.<\/p>\n<p>The bottom line: the next 12 months may bring another economic decline. JP Morgan cites the U.S. as a \u201cmedium-term recession risk.\u201d<\/p>\n<p>If there is a decline, it\u2019s too early to determine its severity. Property managers can brace for impact of any caliber with these stabilizing tips:<\/p>\n<ul>\n<li><strong>Be selective.<\/strong> 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.<\/li>\n<\/ul>\n<ul>\n<li><strong>Collect now.<\/strong> Reconcile late payments and balance the books. Position the business in the best financial state possible and maintain that balance.<\/li>\n<\/ul>\n<ul>\n<li><strong>Clean house.<\/strong> Replace problematic tenants with more reliable candidates while the market is still favorable.<\/li>\n<\/ul>\n<ul>\n<li><strong>Appear occupied.<\/strong> 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\u2019s best foot forward.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":440,"featured_media":15832,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[157,426,29,134,244],"class_list":["post-15831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-economy","tag-housing","tag-multifamily","tag-real-estate","tag-recession"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"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\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bracing for Impact\" \/>\n<meta property=\"og:description\" content=\"Economic forecasts can seem as mysterious as reading tea leaves or interpreting the energy of a crystal ball. Hit or miss at best. 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