Rental property trends change with time, and property managers need to be aware of both current and future trends. With the new year just around the corner, new trends in the rental market are likely to appear in 2019. Property managers need to be aware of the problems customers are facing and how technology is taking over traditional ways of doing business.
Property owners and investors need your knowledge
Property owners and investors are not experts and may not be aware of current and upcoming trends. They don’t know about the latest technology or apps, so its essential that property managers are across new technologies that will improve client experience and help improve work efficiency. As a property manager, you need to understand the current and future trends in this space, as clients will rely on your leadership direction.
Use of technology to streamline workflows
In 2018, we saw a lot of disruption in the Australian real estate industry. Technology has proven its worth, and in 2019 we will see PropTech start to improve the property management market through solutions such as portfolio, maintenance and repairs management and stakeholder communications. In 2019, customers will be using more apps for communicating when it comes to their properties.
Housing and rental prices
The housing and rental prices in the US are already high and are expected to rise in 2019. The cries for high rental prices are likely to get louder in the future. The investors will have to spend more to create and make money from rental properties.
The growth in construction trends can also impact the rental properties and potential for making money. The large multifamily buildings are already in trend due to the rising demand for them. The financing costs, wages, utilities cost and operating costs are also likely to rise in the year 2019 that can have a negative impact on your income from these properties.
With more and more investors realizing the potential of income from rental properties, the demand for buying the same is expected to increase. Many people who see growth in rental properties may launch their property management business in 2019. The competition in this business will also increase, forcing the property managers to think new ways to stay profitable.
Need for specialisation
With the growth for licensing requirements, government regulations, lender rules, insurance requirements, and environmental constraints, the property managers need to specialize in an area. The specialization in their fields will offer them a business advantage and help them obtain a license for the same.
These are the few rental property trends that are expected to come in 2019. However, there are many new trends that the property managers may see in future that depends on the market conditions. The property management businesses will need to adjust their plans and strategies to make money and stay successful.
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