News from the Chicago Chapter

The Year Ahead – Forecast On 2021

Posted by [email protected] on 10/06/2020 12:00 am  


Ian Novak, CPM®, PCAM
IREM Chicago 2021 Treasurer


My primary focus is the residential industry. The biggest challenges that this asset class (specifically the condominium market) currently face are higher than normal insurance premiums, staff coverage, maintaining cleanliness and preventative maintenance expectations. Plus, there is the need to forecast for additional costs in order to keep amenities open. In the next year, there is a fear that delinquency rates, which have remained steady, may increase sharply.

Change management skills are paramount in this changing environment. It is a journey that requires constant repetitive communication with fellow associates, clients, vendors, and other stakeholders so that everyone is on the same page. It also requires understanding that each of our journeys through change is different.

We react to change differently, but at the end we all will eventually come to the same place. Understanding is key.

To get a break from the demands of my job, I have a simple solution. My 7 year old and I love hiking in the forest preserves. We recently hiked at the Skokie Lagoons and got “lost” in the woods while checking out the turtles, hawks and other wildlife while telling each other “stories.” It was a needed escape, and one that I will always cherish!