Use Caution
As 2016 winds down, what does the near future hold for property management? Current economic trends suggest that the best course of action may be watchful waiting as you carefully observe and evaluate today’s realities.
What’s In Store for Q4?
After close to eight years of low interest rates, the Fed has delayed a rate hike until at least December based on a number of recent events:
• In August, the U.S. economy had a modest job increase of only 151,000.
• Oil prices and equity markets took heavy hits from the sluggish Chinese economy, which is feared to be the harbinger of a full-blown financial crisis in that country.
• The turmoil of Brexit during the summer was followed by the uncertainly of maybe the wildest ever U.S. presidential campaign.
Add in the fact that car sales have begun to slip after more than five straight years of increases, all signs appear to be pointing to an economic slowdown.
On the Brink of Recession
The Institute of Supply Management (ISM) maintains a Purchasing Managers’ Index that measures the strength of the country’s manufacturing sector. During August the index dropped to 49.6, and a number below 50 is considered the onset of recession.
So what does this all mean for property management? Take stock of your business and make any technology upgrades needed to offer state-of-the-art services. Get feedback from clients so you can incorporate their preferences.
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