When things don’t go the way I expect them I am a true believer in holding oneself accountable. I often ask myself, “what is the lesson I learned and how would I do it differently” I am also a positive person. Having said that I have been thinking a lot lately about the current economy and how it will change us.
Lessons Learned:
1. Priorities will get reset to what is really important in our lives - family, friends, nature - mostly free stuff
2. People will save more and think about how they spend their money
3. People will reevaluate what they Need vs.Want and hopefully this can be a teaching moment for kids
4. Instead of chasing the job, the promotions, why not chase the ball with the kids
5. Communities are developing, friendship, and support groups
6. The best things in life are free
7. Movie night with friends is more fun than at a theatre anyway
How does this impact Property Mgt ?
Well, I have had tenants come in and ask to downsize so they save money on rent. I have had owners (empty nesters) move into rentals and rent the big empty house. I know families are moving in together.
On Foreclosures, I still approve applicants. Afterall, they still need a place to rent. How I qualify them is if all credit is current except for the house it tells me they are responsible but had to make the difficult choice to let the house go. If all bills are delinquent then they aren’t approved.
I truly believe our nation will be better for having gone through this tough time. I believe there will be a renewed sense of community, helping one another, cherishing what we have versus what we don’t have and rebuilding our relationships which before got scheduled on the blackberry.