On behalf of the entire DiSalle Real Estate team, we hope you, your family and loved ones are healthy and safe in light of the corona virus outbreak. Given last week's events and looking ahead to what we all must do to get through this episode together, I want to update you on our actions and market perspective as a company.
Since we were founded in 1972, we have weathered many ‘storms’ along the way. You can look to us as knowledgeable leader operating from a stable foundation. We have long been a part of this community and have always felt an obligation to “give back”. We always felt it be an honor to help out within the community to which we serve. Our founder- Dan DiSalle, Sr. was generous nearly to a fault- we have no intentions to stop supporting our community. From the outset of the spread of the corona virus (Covid-19), our priority has been the health and safety of our team, clients, partners and vendors. We have taken multiple measures to reduce risk through education, reduction of group meetings all the while, remaining connected. DiSalle Real Estate's management team throughout our 5 Northwest Ohio & SE Michigan locations has been communicating and taking action on the up-to-the-minute health-related developments impacting everyone inside and outside the company. While we are staying laser-focused on a "Health and Safety First" mission (Guidance for Sellers with Showings & Public Open Houses- Click here), we recognize our responsibility to help you decipher the overwhelming volume of incoming data and navigate through heightened uncertainty.We have long believed and perpetually invested in the power of information and technology. This foundation is enabling us to support business continuity for our agents, whom we know you rely on for help with your decision making in regards to real estate. The full economic impact of reduced personal consumption and commerce is unknown. This is undoubtedly daunting for all of us; however, it is critical to remember that the U.S. economy and particularly the banking system were in the best condition since WWII leading up to this unexpected shock.The unprecedentedly strong fundamentals of the real estate industry this late in an expansion is another factor to remember at a time of uncertainty. We simply do not have broad-based overbuilding nor over-leveraging, which have been the typical cracks in the foundation in previous cycles. By contrast, the stock market appeared overextended with record prices that were not substantiated by comparable earnings in the 12 months leading to up to virus outbreak.
These factors, combined with an accommodating Federal Reserve, record low interest rates and government intervention to further boost liquidity, appear to be forming a powerful shock absorber.
Looking ahead, it would be unwise not to expect a pull-back in space demand by varying degrees and by property type. Some, such as hotels and resorts, are already feeling the pain of the measures to limit virus contagion. However, we believe it would be equally unwise to shift to a worst-case scenario and pure fear-based execution. Depending on the length and depth of the measures needed to reduce community passing of the virus, we could see a rapid economic recovery on the other end of the current curve.
For nearly 50 years, long-term relationships and partnering with our clients through thick and thin have been our guiding principles and still drive our organization every day. We hope you view our resources and knowledge as an extension of yours and that you count on us to support you as you evaluate key strategies. We look forward to getting through this chapter together with health, safety and success.
We ask you to join in with us in making a donation to the United Way & the Cherry St. Mission if you are so inclined. We will start with a $500 donation to each as we know these organizations know how to deliver help to those most in need in our community. During this difficult time, we must reach out to help others.
Sincerely;
Daniel J. DiSalle, Jr.
President & Chairman
DiSalle Real Estate Co.
