President's Page

We’re in for a rough ride. One of the things I enjoy doing is whitewater rafting and canoeing. I know my abilities and assess them before I plan a trip or ever get in a boat for the trip down stream. I make sure I have the proper equipment, a plan of how I’m going to run the course and most importantly, a “Plan B” when everything I expected goes south and I must act quickly.

In case you did not already anticipate it, there is a property management analogy here. If you know where fuel prices, the election, governmental policy and the value of the dollar are headed, have a nice trip. You don’t need any advice. But, if you are like most of us, we’re in the boat with the bow headed into the rapid, paddling like a fleeing duck.

Yes, it’s the economy. Middle Tennessee is fortunate to weather economic turmoil, but we are not immune. With the possible exceptions of the healthcare and government sectors of real estate, the very near future will see increased pressure on vacancies, rents, expenses and new development. In addition, our owners may not be from our city, our state and very likely not even our country. What you knew yesterday about property management is yesterday’s float trip on the Harpeth River…welcome to Niagara Falls.

Nervous?? Calm down, you have the equipment to handle this. You have been trained by the best and the brightest to be the best and the brightest. You wouldn’t have that ARM® or CPM® pin on if you hadn’t already proved that, you just need to apply what you know and adapt it to the conditions at hand. Think to yourself, if I was the owner of a multi-million dollar asset and am faced with a rough economy, do I want someone managing my property whose credential is IMP (I Manage Property) or CPM/ARM?

All rough rivers reach calm shores, and this economic turmoil will eventually stabilize. The U.S. economy is a tough ole’ bird and if we don’t panic, we’ll be just fine.

This is my last president’s newsletter to you and I want to thank you for your support during my term. I also want to thank the Chapter Staff, the Executive Committee, the Committee members and all the volunteers and sponsors for their encouragement and hard work. I know Rae Stewart, the incoming president can count on you to continue to make the Greater Nashville Chapter the GreatEST Nashville Chapter ever. See ya’ down river.

Richard Wright CPM®
2007 - 2008 President