In property management, it is always helpful to have an idea of what the future holds in the way of industry trends. As a rental property investor, you should have planned and prepared for 2017 already. However, there are several trends that you should expect to see during the year and that could have an impact on your business goals for 2017.
The following is what property management authorities and experts are anticipating for the immediate future.
Many management companies and rental property investors will shift towards having paperless offices – Not only is this better for our environment, it is very cost-effective from a business standpoint. All you have to do is think about the massive savings you’ll experience from going paperless. For example, it will cut down on the amount of ink and paper that you need to purchase for copy machines and printers. Not only should you see more property management companies and individuals hopping on the paperless bandwagon, you should be one of them as well.
More millennials = more rental opportunities – Although this is nothing new, this demographic has been slowly gaining a firm grip on the rental market. The reality is that they will continue searching for rental and lease properties for the balance of 2017. It follows then that property management companies and their client-investors should be working on a property marketing strategy that targets this particular demographic.
The transition to a more flexible, mobile workforce – With increased technology in the industry, property management professionals are now able to work when and where they feel that they can be the most productive. This has created an opportunity to work more remotely, improve morale, and cut expenses. You can expect more management companies and their owner-investor clients to implement more flexible, mobile working policies during the balance of the year.
There will be a higher demand for technology – During this year and beyond, the industry is going to witness an increasing demand for better technology, specifically that which is more enhanced and intuitive. From a property management perspective as well as that of the tenant, they need specific tools that will eliminate manual, repetitive tasks and help them be better organized so that they are able to work more efficiently. Likewise, tenants will be searching for more convenient, easier ways to handle their interactions with the property management company.
The property management landscape is constantly evolving and ever-changing. To say the least, it has become an exciting yet highly competitive industry with more companies opening for business all the time. Consequently, property management companies and their clients have an opportunity for additional growth and profits. For the investor who has not yet partnered with a quality property management company, this may be the best time to take advantage of such a relationship.
Make the “SMART” Choice with Southwestern Management And Realty Team