News from the Chicago Chapter

The Year Ahead – Forecast On 2021

Posted by [email protected] on 09/28/2020 11:42 am  

 

 

Michelle Hunt, CPM®
IREM Chicago 2021 Secretary

With many uncertainties ahead in 2021, one of the biggest immediate challenges for property managers will be how to address new business now and in the near future. With the market in a state of flux, setting rents and leasing parameters will require a great deal of thought and analysis. Analyzing current market conditions and determining what will be the new normal will remain an unpredictable task.

This past year has taught me to have a flexible mindset, while at the same time, exerting professional efforts to meet the needs of the owner of the assets I manage. Each day requires property managers to evolve, to learn, to have the difficult conversations, and, especially, to listen.

Managers need to provide tenants platforms to express their concerns. This practice goes a long way, and at the end of the day, helps maintain positive tenant relationships. Effective and regular communication is a valuable tool to help managers get through the difficult situations we encounter..  

We all need to find an escape during this pandemic. For me, I didn’t have to go very far. My hobby during the quarantine has been beautifying the outdoor space in my backyard. With my 2020 vacation canceled, having somewhere to retreat was very important to me. And, I also escaped for a fine meal. My favorite restaurant is Pappadeux Seafood Kitchen in Westmont. I had an opportunity to dine on the patio in August. Although there was a limited menu, I still enjoyed myself!