As we close out the first month of the new year and look ahead for what 2019 has to offer, many real estate professionals, investors, property managers and others who like to keep up with the market may be wondering what trends will we see this year. When it comes to property management, as our culture evolves, so do trends in the property management market.
Let’s look at the various trends we will be keeping an eye out for in 2019, and how they can amp-up your success in the new year.
In 2019 it will be incredibly pivotal to retain management that is long-term and consistent. This creates the capability for management to get to know the property and its tenants and provide the best possible results. With rental rates projected to plateau in 2019-2020, it will be key for management to maintain peak operating performances, mitigate vacancies and control expenses so investors and landlords can see maximum returns.
Our society is becoming more and more technologically advanced. Utilizing technology to create efficiencies and maximize a property’s performance. Allowing tenants to utilize technology to lessen human error allows for properties to run more smoothly and successfully. Additionally, studies show that tenants prefer mobile communication. Using these technological tactics will create happier tenants which in turn, produces longevity and fewer vacancies.
One trend that will be eye-catching this year is the usage of amenities and how they are provided, managed and maintained. Good management will listen to tenants on what amenities they want and need. If a yoga room or a third-space is a preferred amenity amongst tenants, a good property manager will look into converting an underutilized amenity, like an outdated racquetball court into one that will be used. Additionally, modern amenities such as Wi-Fi and solid signal are to be expected by tenants to be provided and maintained by management.
It will be important to employ a management company that does not have a “one size fits all” mentality. Managers that take the overall nature of tenants, landlords, property type, location, and other specifics into consideration to provide a custom experience will prosper.
5. On-Site Management
As we do become more technology-based as a society, some buildings become more digital. However, it is good to maintain an on-site property manager. Tenants like to have a friendly face and accessible person on-site to manage and maintain the property. Off-site companies just do not give tenants the same peace of mind.
As the United States becomes even more diverse, it is important that your property manager embraces and includes all types of culture, specifically those in the immediate area of your property. For multifamily investors and landlords, non-natives are more likely to rent than buy, so having a manager who speaks different languages can be key.
Of course, trends in property management are constantly evolving, however, these are some sure-fire trends to keep an eye on this year for optimal property management success.