The onset of this current recession was swift and although its arrival was not without warning, its impact has been far more severe than expected.
The majority of property managers across the country have to be concerned about how the recession will impact on their business in the year ahead. However, the fact that demand for residential property continues through the economic turmoil – albeit at a far lower level than previously – is giving some cause for optimism.
My own feeling is that this demand will increase over coming months, but property managers will need to tread carefully as the recession brings with it a whole new set of operating conditions.
Owner occupiers have their own struggles with obtaining a mortgage, as well as selling existing property. For buy to let investors, attracting tenants who have the finances available to pay for their tenancy is becoming a key issue, as is the need to keep costs to a minimum to maximise the margins which are being squeezed by the recession.
At the same time, the risk ratio is being heightened further as recent figures show an upturn in mortgages being granted since the onset of the recession.
Whilst property managers strive to maintain the properties during these difficult financial times, they are also being faced with increasing compliancy and legislative issues, which can be extremely labour intensive, although necessary in a sector which should be tightly regulated.
We are the lucky few, to a certain extent, as we are less susceptible to economic change than some others in the property sector. However, our tasks are made much harder to perform when our customers have genuine money worries.
The result of all this is that those property managers who have the vision, skills and flexibility to adapt to the recession are the ones that are going to reap continued success.

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