Delivering excellent service happens when you put yourself in someone else’s shoes. That’s what our property manager, Eric Rehm does for all our tenants and vendors at each Recentric property. He ultimately considers what experience each practitioner is trying to offer their own patients and seeks to help them deliver that level of service.
Meet Recentric Property Manager, Eric Rehm
With over 15 years in property management in Aspen/Snowmass, Summit County and the Denver Metro area, Eric knows the value and importance of vendor relationships. He is proactive in seeking out the best vendors to care for our Recentric properties and builds trustworthy relationships with each of them. He magically nails that balance of quality and cost. He finds the best resources at the best price point, in order to keep our own operating costs low for our investors. He gets to know the contractors of each vendor, so that he has a direct line to the resources he needs. He respects the relationship and puts himself in their shoes, never calling out favors unless it is important.
No two days ever look the same for Eric. Between all our properties, he could be managing landscaping updates, checking pressure systems, talking to insurance companies, or getting to know a new tenant. While Recentric makes great efforts to be proactive with preventative maintenance, some issues are just unpredictable – like four feet of snow in one morning in Denver which caused snow plow delays, freezes, and leaks. Eric Rehm went above and beyond that day, after just flying in from LA and independently purchased a shovel from Home Depot to clear the walkways and parking lots himself!
Keeping High Standards For Vendors and Quality Service
Eric knows that the experience at each property represents the Recentric brand, which is high quality, professional, and authentic. Everything from the curb appeal of the exterior building to the cleanliness of the bathrooms need to show class and thoughtfulness for the tenant and their patients. Because Eric is naturally able to put himself in someone else’s shoes, he delivers the type of experience that he would prefer, while making others feel appreciated and cared for.
It’s time to go on the record and make some predictions about the future of 2021. You may not like some of these predictions, and as a matter of full disclosure, this is not investment advice.
It’s merely my experience and knowledge with financial and real estate markets and also my visceral subconscious feeling about the way the year will unfold. Here we go!
The US Dollar will weaken significantly over the course of 2021.
Currently, the Dollar Index which is a measure of the US dollar compared to six other foreign currencies is at 89.73, according to the DXY index. To give you some perspective, the dollar hit an all-time low back in July 2008 at 72.64. The headwinds are growing for the US dollar in the form of a looser monetary policy by the Federal Reserve, a growing US trade deficit which essentially exports our weakened US dollar for imported goods, and an out of control fiscally irresponsible Federal Government. Recently, the US dollar was down 1% against the Chinese yuan. This is the biggest drop on the first trading day of the year in over 30 years, according to Peter Schiff.
The Stock Market will make a major correction.
By keeping interest rates low for years to come, the Federal Reserve has pushed investors who require yield on their investments into the stock market. This is the problem with fiat currencies, as they encourage wild swings in the markets. This is evidenced by the recent IPO of Door Dash, which went public on 12/9/2020 and valued the company at $72 billion which is more than the value of Chipotle Mexican Grill and Domino’s Pizza combined!
Commercial Real Estate as an asset class will be negatively impacted.by the weakness in retail and office as a result of the government shutdowns on businesses.
According to Yelp, from March 1st to August 31st, nearly 100,000 business listed on Yelp closed permanently, which is an average of 500 per day. Additionally, according to PERE, a private equity real estate publication, there are major signs of foreclosure requests from special servicers for CMBS debt in hospitality and retail which is forecast to spread over to office and multi-family. “We’ve seen an explosion in the percentage of loans going into special servicing over the last six to seven months.” concurs Manus Clancy, senior managing director at Trepp.
There are signs of stormy economic weather ahead. So, consult with your financial adviser and educate yourself on what steps to take now, in the event 2021 ends up becoming an uncertain year.
We know 2020 was a really tough year for a lot of people, but only time will tell if 2021 will be any better.