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
- 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
- rental market bolstered by strong, continuous demand, rising rents, and growing populations
- workers gradually returning to cities and head offices to work will dry up apartment vacancies in urban areas
- rents in some major cities becoming too pricey for most tenants
- renters are searching out of state for new rentals for remote work
- more than half of renter households spend more than 30% of their income on housing each month
- largest gains in rentership is among renter households with annual incomes of +$75,000
- property owners want regular updates from their property manager on their rental properties
- jobs in property management are expected to grow 10% by 2026
- 75% of property managers manage single-family detached homes
- fastest-rising services for property management firms: rent collection, maintenance, cleaning, and property sales
- accounting, digital payments and communications are top technologies used by landlords and property managers
- 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.
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.
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.
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? – Discover what defines the business of managing property
- Management Tips – need some tips on managing tenants, or renting out your property?
- Education – how do I get trained, educated and licensed in property management?
- Jobs and Careers – need to find a job in property management?
- Definition of the Business – What is Property Management?
- The Software – review and compare the best software dedicated to management of property
- Property Manager Salaries – how much do property managers earn?
- Find Property Management Companies – need to find and hire a property management company?
- What do Property Managers Do? – What are property management services?
- Short Term Rental Management – Should I get into the Airbnb short term vacation market?
- What Software Do Landlords Use? – do landlords use different software?
- Property Management Accounting – What about accounting for property managers?
- Tenant Leases – what is a lease and how do I write a rental lease?
- Property Maintenance – how do you do maintenance of a rental unit?
- Tenant Screening Solutions – how do you screen tenants?
- How do Your setup Online Rent – how to setup online rent payment
- Tenant Advertising – How do I advertise my apartment for rent?
- What is a Property Management Platform?
- What are the Best Platform Features – What are the top features of property management platforms?
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.
Focus on the BIG 8 Features
Your new property management software will simplify all of these
Essential 8 Core tasks:
- accurate simple bookkeeping entries
- double-entry accounting and separate property income and expense tracking
- insightful property owner reporting
- tenant rent collection and online payments
- tenant communications
- maintenance requests and ticket management
- lease management and document management
- 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:
- you need a dedicated solution for managing your homes, condos and apartments
- your business is about clear communication and helpful service to your tenants
- you need to keep all your units and property accounts separate from your own
- you need a simplified solution with the 8 core services
- you need it to be affordable
- you need a support rep focused on your SMB landlord or property management tasks
- 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 Outlook | Business Models | Start Property Management Company | Start Rental Business | Property Management Apps | Property Management Companies | NARPM Convention | REALTOR Conference | Property Management Conference