Tomorrow is Black Friday. The significance is huge for retailers and for the economy in general. How much people will shop of Black Friday supposedly will ultimately measure consumer confidence. Will people spend money this Christmas or are they too afraid. It is almost like: will the lemmings run into the sea or back into the hills? It is that scientific.

It seems to me that consumer confidence has adjusted a few rungs lower on the scale for everyone in the past few years. It is much harder these days to part anyone from their money. People will buy but they spend lots more time comparing like products. They are looking for value like never before. I have to say I think twice now before getting my wallet out. I have to be compelled to buy!

What does that mean for landords? We have to show the value like never before: neighborhood, amenities, style, cleanliness, allowing pets, outdoor space etc. If I don’t have something rented yet I keeping polishing and adding value it until it rents.

I have not had to lower my rents or offer incentives. In fact, prospective tenants tell me that my places are a good value. A couple of years ago that in itself would have resulted in a signed lease. Now I might show 5 or 6 people who think the place is absolutely perfect but need to be doubly sure so they keep looking. Lack of consumer confidence.

Fortunately I live near my rentals. It is no big deal for me to pop by an show the place. To use my time wisely I send people for drive by viewings, I qualify them heavily and I adjust my expectations. I don’t get discouraged anymore if it takes a while. I know it just takes longer for people to decide. Period.

That is OK. I’m in it for the long haul.