Countless times over the last few months I have heard, “2010 can not come fast enough”. So now we are here. Now what? Is the worst economic climate that we have seen in many years over? Most of the industry professionals do not believe so, nor do I. In fact, the best predictions are not giving us a break prior to the third quarter of 2010.
In the meantime, tensions continue to rise and employees are ever fearful that they will be included in the next round of lay-offs. For those living paycheck to paycheck this can put strain on both personal and professional life.
The good news, if you can see the silver lining in all of this, is that you are a participant in an industry where there will always be a need. Housing is inevitable. It doesn’t mean that occupancy won’t ebb and flow, or that cash flow won’t be reduced as we ride this current roller coaster. However, now is the time where you must be on top of your game 110%. Gone are the days that you can come to work and pass off your job to someone else in your office.
Hiring supervisors are now looking to retain the best of the best; the manager who is marketing on a regular basis, the leasing superstar, the maintenance that is completed without call backs and complaints from the resident. Now is the time for honest business dealings. Putting your best foot forward each and everyday and to work as though you own the building you have been entrusted with.
Property investors have had to tighten their belts in order to sustain this shift in the market. They are expecting the same of the people they employ. You have continued to hear the term, “back to basics”. Never has this been so true. You must do everything in your control to retain your residents and stabilize the income. At the same time, expenses matter. Every small fee on those invoices really do add up. Are you taking the time to line item your invoices? Is each purchase an absolute necessity right now, or could it have waited for another month?
It really is time to turn those lemons into lemonade. It is time to push yourself and be the most desirable employee; the one who is giving their all each and every day and utilizing all of the tricks of the trade that we have been taught since we landed in the property management arena. With that in mind, there is no reason to fear. The work is there for the taking. How much do you want it, and how hard are you going to work to retain it?

Submitted By: Cammie Allie, CPM®, ARM®
President of Fortress Property Management
www.fortresspropertymgmt.com

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