What’s Trending in Property Management?
What will 2019 have in store for your property management business? How about booming revenue, added staff, new property management software, fantastic new, high rise futuristic condos to manage?
Here at ManageCasa, we know the future comes fast and anything is possible. 2019 is on our doorstep.
A new number to give us a little nudge to be mindful about what’s changed, and what is just ahead. There are predictions of many property managers going out of business by 2020, swept away by technology and inefficiency, not by local market trouble. And then there’s a few who expecting a record breaking year, because after all the rental market is good.
Hopefully, the ManageCasa blog will help you understand these trends, discover the best solutions including property management apps, new smart devices, or adopt property accounting software that makes your job easy. Please bookmark and stay up do date!
2019 Is All About Tenants Feeling Good
The biggest trend this year will be for landlords and property managers to get to know their tenants, i.e, the new big demographic groups: those 18 to 38 and what they want. They are the lion’s share of the US rental market now.
Developers and landlords are delivering more more choice and services, and tenants have big expectations of developments and property managers.
New software and apps could help you communicate, engage, delivery, streamline and capture analytics so you know what’s going on. Property management software is responding to all the trends happening.
The Top 7 2019 Trends
1. Occupancy Rates Will Fall, and Vacancies Go Up.
You might not have had issues with vacancy for a while, yet with new construction units showing up, and with existing home sales increasing, it’s certain you’ll be seeing some of your tenants leave in 2019.
2. Rent Price Growth is Slowing
For most regions, price growth has flatlined, with more new construction rentals coming on market,. So if you’re counting on raising rents to generate more profit, 2019 is the year you get disappointed.
3. Interest Rates Keep Rising
With higher financing costs and cost of living increases, you’ll need to streamline operations and get your staff to do more, and quickly. Simple, uncomplicated software saves the day.
4. Automation Adoption
Automating using property management automation software is all the rage, and this trend is only going to increase. From efficient bookkeeping and accounting right down to individual properties and units, to trouble free, reliable rent collection, bill payment, and maintenance contractor management, you’ll be doing more with less stress.
5. Even Smarter Marketing
You never had much of a need for high powered marketing and tenant recruitment. But the best tenants are harder to reach now. You’ll need to get the jump on new opportunities, and be write better rental ads to attract the specific demographic that’s renting these days.
6. Millennials and Gen Z’s are Top New Prospects
Gen Z’s seem to be trying to find a replacement for Facebook. Mysterious social media platforms such as Wechat or Instagram might be one of your new tools in 2019. And Facebook won’t go away as a place to reach renters or build your development’s brand image. Young people are more sensitive to your brand image than you think (smartphone friendly, eco-conscious, social conscience?). Time to get relevant to them.
7. More Perks and Amenities
The days of offering no perks are pretty well gone considering how high rents are. And with vacancies rising, you’ll need to incentivize your promotions to attract and retain. If your units aren’t anything special, 2019 could be a year of costly vacancies and lease terminations.
However, amenities/benefits aren’t the essence of what they need. They want to feel good, with self-esteem about their lives. Deal with this, and you might slow down a stampede out of your properties. Learn more about keeping your tenants happy and offering the amenities and benefits renters want today.
Of course, you have a unique property profile. Those in New York will see different circumstances those in Toronto, Vancouver, Las Vegas, Phoenix, Los Angeles, or San Francisco. Read up on the 2019 that Australian property managers are facing.
Check out ManageCasa professional property management platform. Meet the demands of 2019 and beyond and optimize your cash flow and ROI.
See also: Selecting Maintenance Contractors | What is Proptech? | Tenant Screening | Improve Cash Flow | Cloud Software for Property Managers | Property Accounting Software | Property Management Leads | Furnished Apartments | What Renters Want | How to Make Tenants Happy | Property Accounting Software | Best Cities to Buy Rental Properties | Property Management Leads | Toronto Rental Market | Vancouver Rental Market | Oakland Housing Market 2019 | San Francisco Housing Report | Phoenix Housing Market | Las Vegas Housing Market | Property Management Company | Property Management Apps | Landlord Apps Apple | 2019 Rental Housing Market | What is Proptech? | Tenant Screening | Improve Property Cash Flow | Cloud Property Management Solution