Are you ready to stay ahead of the curve in the property management realm? Do you know what property management trends and practices will dominate 2018?
If your answer is “no”, you may lag behind in the competitive world of real estate. With the property management industry changing at a rapid pace, it is essential to know and embrace the trends that are dominating the market.
You need to foresee market demand and stay aware of what your competitors are doing to grow as profitable property management businesses.
Your current business processes may have been working well up to this point, but that doesn’t mean it is going to be successful in 2018 and beyond. This is why a property manager needs to be aware of several coming trends that can shape their business.
Here are some emerging property management trends in 2018 that every property manger should embrace.
Advancement in technologies
The property management and real estate industry in Australia has been slow in adopting change. But in 2018, you are going to see more businesses embracing digitisation and automation to make things faster and easier. The trend of increased rate of change has influenced property managers to leverage existing technologies. According to the Multifamily report, this year technology is going to play a vital role in property management.
The risk of being left in the digital dust is forcing the property managers to incorporate some new and useful tech tools. Now, it just takes few minutes in vetting residents through property management software. You can quickly communicate with renters, coordinate and schedule tours, all in one centralised platform.
Investors and owners are now focusing more on controlling, reducing, and aggregating costs. In addition, they are looking for ways to make the most of ancillary income using sound processes. Creative revenue streams like alarm systems and door-to-door trash pickup can make a competitive advantage in 2018. So, to stay ahead of the game, property managers should consider parcel lockers to satisfy residents while also generating revenue.
As the world is now more drawn towards the eco-friendly environment, people are adopting a green lifestyle. So, choosing energy efficient appliances for a property can help you gain more attention. Little things like adding spaces for bicycle racks and gardens will show the tenants that you care for the environment. Coping with eco-friendly trends in property management will help you gain more millennial and Generation Z renters.
Millennials continue to dominate
All the forward looking property management agencies are now recruiting and retaining top talents that can provide resources that millennials demand. As the millennials represent a vital group of potential tenants in Australia, property managers are focusing more on meeting their needs.
Customer service is still king
Although operational practices are changing with the emerging trends, there is one thing that is not going to change. The guiding principle of customer service is still the same and won’t be changing anytime soon. If anything, there is more emphasis on service and how it can be improved through new technologies.
Understanding these property management trends will help you stay competitive and protect your revenue stream. So, as a property manager you should always be willing to look at the possible changes and new technologies with an open mind and analytical approach. Keeping up with the trends will help you to compete with other business owners and companies. Make use of online platforms like Bricks+Agent to keep a tab on potential and existing customers to see more revenue.