Top Trends Driving Property Management
Covid 19 has brought or accelerated changes in the industry in 2020, but that might pale to what’s in store for us in 2021. The election, battle with the virus plague, work at home, migration from the cities, and intense demands for online services will force managers to search for modern solutions.
Although many feel a vaccine will solve the pandemic crisis, experts point out that vaccines may not be any more effective than widely available flu vaccines.
This disease may affect property managers and landlords for years to come. We should take note of current news and trends and what reports are telling us about the industry going forward. You’ll discover that modern property management software actually responds to the top tenant demands and owner demands that Covid 19 is accelerating.
Top Trends Reported this Summer:
- class A multifamily vacancies rocketing with rents nose diving
- 23,000 more apartments opened in the first half of 2020 with net absorption down 75% (Marcus & Milchap 2020 report)
- 68% of New York and San Francisco renters looking out of state for new rentals
- half of renter households spend more than 30% of their income on housing each month
- largest gains in rentership have been among renter households with annual incomes of $75,000
- 78% of owners want regular updates from their property manager on their rental properties
- 72% of renters feel that it’s very important that their property manager is easy to get ahold of
- jobs in property management are expected to grow 10% by 2026
- single-family rentals growing while apartment rentals falling
- 75% of property managers manage single family detached homes
- fastest rising services for property management firms: rent collection, maintenance, cleaning, and property sales
- accounting, payments and communications top technologies used
- 40% of renters are now reviewing their leases
- 27% of renters plan to move in the next 12 months
- 42% of renters would like to pay their rent with credit or debit cards
- 73% of renters in 2020 say safety is their top priority
More Renters Are Affordability Challenged
Unemployment and economic trends are pushing more of the renter pool into poverty, even as rents rise in markets outside of urban areas.
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 2021.
Vacancy Rates Dropping
In the west in particular, the trend to lower vacancy rates will continue given the lack of rental housing supply. As renters move away from urban areas they will find even less availability at their destination. As mortgage rates rise, more buyers will be forced to rent in the coming years. This supports a strong market for landlords and property managers. Rent prices will likely rise faster in most regions, except the downtown districts (e.g., Manhattan and San Francisco).
What do Tenants Want in 2020?
Tenants are gaining the upper hand in many markets, even market where the rents are rising. As we detail in our post “What do Tenants Want?“, tenants seek happiness and comfort. 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 and 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.
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 service delivery is key to building a successful property management company.
Learn All About Property Management
Landlords and property managers who haven’t gravitated to more efficient tools in response to this year’s big changes, should keep reading to discover your path to property management success.
The top goals of efficiency, scaling up, and profitability are generating more stress for managers. The right solution is automation software, particularly given social distancing, legal compliance, and tenant first management needs which dominate the new landscape in 2020 and 2021.
The demands on landlords and property managers to learn, grow, and adapt using technology won’t subside soon. Good management solutions can protect managers from challenges that will certainly be coming in 2021.
If you’re new to the business of property management, you’ll find, as others have, a fascinating range of property management blog posts that cover the full gamut of this high growth business. Considering property management as your next career? Salaries and job openings are excellent. Dig into property management now and find out more.
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 Residential property management service – 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
Book a Demo of ManageCasa now to discover more great features!
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Further reading: Property Management Software | Do I Need a Property Management Company? | How to Hire a Property Management Company | Property Management Service | Property Management Companies | Property Management Chicago | Property Management Los Angeles | Property Management Hawaii | Property Management Denver | Miami Property Management | Boston Property Management | Phoenix Property Management | Property Management Software Comparison | Property Maintenance | Property Management Apps