December 2022 CAI-NJ

PREDICTIONS... from page 41.

Until now, borrowing was fairly cheap but with rising interest rates it is becom ing a more expensive option. Conclusion Although our industry leaders seem to have a gloomy forecast for next year, it is important to discuss and plan for it rather than ignore it. Also, while 2023 may be another challenging year, the outlook for the future is not completely dire. We leave you with this closing prediction by Mr. Salyani: However, all this said, I still believe the long-term future is bright. This is not the first time we have been through an economic downturn, and it will certain ly not be the last. As more and more communities are built, I think we will see huge strides in technology that will help boards and management. New accounting software and other appli cations being developed will provide real-time information for boards to use as they navigate the complexities of this industry. In addition, new laws are being passed to ensure accountability. Things are not as simple as they used to be, and boards will need to understand that they must keep pace to make sure their communities retain their value. Now, more than ever, it is important that boards have the right professionals to guide them in setting short and long-term goals for their associations. I am also excited to see the younger generations be more involved in this industry. They bring fresh ideas and methods that are changing the way we do things. It is certainly not business as usual and that’s a good thing. n

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