During this interim November election, I came to the realization that new beginnings start with new leadership. The nature of the “great unwashed” is that when things get tough and stay tough for a long time, the masses wait around for CHANGE. With change comes the inertia of a renewed sense of purposes and a chance for reinvention and, hopefully, better times. Elections are new beginnings.
Now, you ask, how does this apply to real estate and real estate management?
It applies because we are almost at “election” time in the real estate world. Many respected market forecasters, or at least those with a decent track record (MIT Center for Real Estate, National Multi Housing Council , NAIOP, PricewaterhouseCoopers and the Urban Land Institute) all see the prospect for near-term opportunity once the markets hit bottom. See: “The Bottom is Near!” Predict CRE Forecasters. Bottoming out will loose a deluge of loan workouts, write downs, defaults and foreclosures – the all important value reset will occur – all of which will bring a strong influx of ready-to-buy investors who are cash rich because they have managed their money well. This new leadership will begin to pour money back into the market place to ensure a strong return on their investment, but not like they did in the old days. With these new leaders will come new technological change as owners manage properties more efficiently with modern interent ready tools that maximize value – a valuable lesson learned by the savvy owners and managers in this instructive downturn. For more, see www.buildingengines.com