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Property Management

mayo 02, 2022

Property Management

Your challenges may only increase as 2023 nears which is why automated and professional grade solutions are the right choice.

Increasingly, property managers are responsible for mixed use properties and taking on new types of rental assets. Isn’t it nice to scale up, not worry, and maintain total control of your wide range of clients or properties? It is the new SaaS software that’s making it all possible.

Now as we arise from the pandemic amidst higher costs of doing business, we need to find clever ways to manage assets, staff, contractors, tenants and community association members.

SaaS Software Comes to the Rescue

The story of 2023 will be digital work empowerment. Modern, cloud-based and SaaS software solutions are giving property managers the service, financial, accounting, and responsiveness they need. And tenants are receiving the type of tenant experience they demand too. 2022 is departing with a new year of opportunity ahead for acquiring more owners and properties, and showing them your firm is the best management firm available.

Top Statistical Trends of 2022

  1. single house rentals continued to be in demand from Millennials who can’t afford to buy but who are beginning their families — and in 2023, they will look to rent
  2. rental market bolstered by strong, continuous demand, rising rents, and growing populations
  3. workers gradually returning to cities and head offices to work will dry up apartment vacancies in urban areas
  4. rents in some major cities becoming too pricey for most tenants
  5. renters are searching out of state for new rentals for remote work
  6. more than half of renter households spend more than 30% of their income on housing each month
  7. largest gains in rentership is among renter households with annual incomes of +$75,000
  8. property owners want regular updates from their property manager on their rental properties
  9. jobs in property management are expected to grow 10% by 2026
  10. 75% of property managers manage single-family detached homes
  11. fastest-rising services for property management firms: rent collection, maintenance, cleaning, and property sales
  12. accounting, digital payments and communications are top technologies used by landlords and property managers
  13. renters are now reviewing their leases to negotiate or seek cheaper rents

More Renters Are Affordability-Challenged

Rents are becoming unaffordable for many renters creating stress, friction, higher workloads for landlords.  Tenant churn and turnover costs may become a factor in 2023, especially if unemployment rises, as is expected.

Screenshot courtesy of Statista

Average Rent Prices Trending Higher Now

As Zumper reports, rents are rising in the US (and in the UK, Canada, Australia and Germany too), making affordability the top issue coming in 2022. Seeking cheaper rent will become a top past time this summer.

Rent prices last 12 months.

Screenshot courtesy of Zumper. Rent prices last 12 months.

Vacancy Rates Dropping

In 2022, the Southern US region is seeing the strongest drops in vacancies. Wide open immigration added to companies moving to low tax/low regulation states along with the oil industry boom has meant low vacancy. The other 3 regions are surprisingly seeing rising vacancy rates.

Property managers and landlords will be tasked with trying to hang onto those tenants.

As mortgage rates rise, more buyers will be forced to rent in the coming years and financing costs for owners will become an issue going forward.

Rental Vacancy Rate Trends. Screenshot courtesy of Statista.

What do Tenants Want in 2022?

As we detail in our post «What do Tenants Want?«, tenants will seek happiness and comfort, at an affordable price in 2022.  Happiness is all about positive experiences. Tenants want to know they made a good choice to live in your rental unit. If they turn sour, they want to break the lease and leave.

Tenants want more than a walled cubicle.  They view their rental home as more as a source of rejuvenation and a place that’s relevant to their work, family life and social life. And they also believe digital devices and software are essential to that comfortable style. The words digital and amenities might be more fused.

Tenants want good communications and to be informed, ease of contact and fast response, safety, streamlined rent payments, and affirmation that they’ve chosen well. All of these benefits are in the control of property managers. Mastering communications and service delivery is key to building a successful property management company.

ManageCasa’s Learning Resources

Get up to speed on how modern property management is performed. Discover the tasks, services, apps, and automation tools property managers use now. Demo the ManageCasa Platform to see for yourself.

Typical Inquiries About Property Management:

 

What is Property Management Software? The perfect system for managing all aspects of your rental property business.

The Ideal Solution for Landlords or Property Managers

An ideal property management software solution for you should make it affordable to manage a lesser number of properties yet scale up as you grow. A lot of your daily work revolves around paperwork, processing applications, writing leases, managing payments, communicating with tenants, and ensuring accounting and reporting are accurate.

Keep those core needs focused in your mind as you find your ideal solution right here on ManageCasa.

Don’t be distracted by promotional videos, blogs, social posts, marketing pages, or pop-ups that promise benefits you don’t need. That’s a garden path well worn.

Focus on the BIG 8 Features

Your new property management software will simplify all of these

Essential 8 Core tasks:

  1. accurate simple bookkeeping entries
  2. double-entry accounting and separate property income and expense tracking
  3. insightful property owner reporting
  4. tenant rent collection and online payments
  5. tenant communications
  6. maintenance requests and ticket management
  7. lease management and document management
  8. insightful accurate financial reports

Upgrade how you Manage Your Rental Properties

Once you’re assured you have the best, core service features, you can take a look at scalability and new ways to create service revenue. Using new cloud-based solutions is inexpensive, scalable, and opens the door to expanded functionality, services, and revenue generating opportunities.

Can a small to mid-sized property management software be scalable and cloud-powered, and deliver the 8 core services? ManageCasa does. So, you don’t need to go through the stress of using an enterprise solution and working with support reps who know you’re not generating tens of thousands of dollars for them.

7 Factors to Focus on in Your Solution Platform Trials:

  1. you need a dedicated solution for managing your homes, condos and apartments
  2. your business is about clear communication and helpful service to your tenants
  3. you need to keep all your units and property accounts separate from your own
  4. you need a simplified solution with the 8 core services
  5. you need it to be affordable
  6. you need a support rep focused on your SMB landlord or property management tasks
  7. you don’t want a solution that tries to take over your business — you just want to streamline your work and get things done

Check Out ManageCasa’s Residential property management solution  – perfect for progressive landlords and small property management companies.

⦁ advertise your vacancy more cost-effectively via your ManageCasa client website
⦁ let renters pay their rent online
⦁ automate late fees
⦁ do tenant screening and background checks
⦁ create and manage leases online and integrate with accounting
⦁ online maintenance requests, tickets, and reporting

 

Further reading: Property Management Software | Rental Property Accounting | HOA Management Software | Housing Market Forecast | 2022 Rental Market OutlookBusiness Models | Start Property Management Company | Start Rental Business | Property Management AppsProperty Management Companies | NARPM Convention | REALTOR Conference | Property Management Conference

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