Over the past few years, the number of renters that reside in single-family rentals has surged, thanks to the recent global pandemic. This comes as no surprise to many people. In general, people prefer to move from their homes to new places more often after the pandemic. As a result, this has raised the level of demand for single-family rentals.
Besides the changes that the pandemic has initiated, this trend has ensured that owners are becoming more inclined to dabble in various investments. This has influenced manager-resident and manager-owner relationships. Property owners rely on managers to help them understand the plethora of restrictions and laws, as well as calm fears of losing income due to delinquent rents.
Similarly, these managers are also responsible for working closely with tenants to ensure that they are kept in their units even if there is income loss. After reeling from various unfavorable events across the globe, the economy is recovering steadily. As this happens, a lot of property management service trends that were common a couple of years ago will properly not fade with the headlines.
In this comprehensive guide, we will look into some relevant property management trends that will likely remain popular in 2023. So, don’t stop reading!
Demand Keeps Growing
The increasing growth of demand for both sales and rental services cannot be ignored. This is expected to increase further in 2023. For this reason, property managers will become more important, especially in terms of giving out maintenance advice, government-mandated statutes, and rent collection, among other unique responsibilities.
With this in mind, it is safe to affirm that landlords must employ the service of top property management companies if they wish to get a good value for their property.
Getting Better Amenities
As the need for more amenities rises, 2023 is a year that promises a trend of renting properties, which will increase significantly. Besides making use of higher amenities, better resources are becoming more important and highly demanded by tenants.
Furthermore, you will find many tenants that are willing to pay a certain amount of extra money for the provision of additional amenities, which could include high-speed internet, surroundings, and walk-in closets.
All property managers focus energy on reducing costs while boosting profit. Even though inflation will threaten to increase taxes, as well as other costs, cost reduction is non-negotiable. For this reason, property managers must ensure that they maintain profitability. They can only do this by paying close attention to the losses and associated expenses. This will help them run their business smoothly.
As the government becomes more involved in numerous projects, its rate of spending will only surge. To prevent the country from a financial crisis, they must maintain a positive cash flow by relying on the help of taxes.
This implies that the government also depends on property management to help them generate taxes. In this case, the property taxes are paid to the government and this amount will only rise in 2023. It will change the way people can gather revenue from property management services.
More Focus on Tenants
As stressed earlier, the importance of a manager-resident relationship cannot be neglected. This ensures that property managers can work better at focusing their efforts on the tenants, as well as the screening and advertising processes. For this reason, hiring managers with tenant expertise promises to be an important trend in 2023.
With this in mind, managers must promote better communication with the tenants while also acquainting themselves with their needs and how these can be satisfied. This is where attention must be focused for property managers.
In property management, participation in the labor market is reducing, thanks to the level of requirements for acquiring skilled staffing. This is still true even if there are people who have the prospect of becoming top property managers.
Job positions related to property management are well-paid and the use of technology is important. Yet, if the current trend is to be followed, the shortage of skilled workers will remain. However, by adopting better resources and connectivity, this challenge can be dealt with effectively.
An Increased Role as Adviser
Owners would want their property managers to offer them essential advice more often. This is because many new issues that relate to rental investments will emerge. This will not be restricted to investment and legal matters but challenges associated with generating value for tenants will also come up. Property owners can also come up with sound marketing strategies for their properties in a competitive market.
It should come as no surprise that owners of rental properties are more grateful to property managers that can offer their expertise when it comes to regulatory changes, market conditions, and other financial requirements. These property owners are looking for managers that can advise them on how to manage their residents and maintenance processes.
Technology and Automation
The influence of technological advancements can be felt across every sector of the economy – the real estate industry is no different. As stated earlier, the use of modern technology is essential for property management services. It is no strange news that technology these days has become more advanced than what we were exposed to decades ago.
For this reason, automation, cloud services, and internet-of-things devices have grown in popularity across the far reaches of the globe. Everyone loves technologies like this, including renters and property managers. This must be included and considered in property management.
The rise in the number of remote workers has been facilitated by technology. This form of employment also depends on automation. Remote workers working from home tend to reduce the cost of survival. To achieve this, advanced technology can prove significant.
Many factors, including technological advancements, promise to change the way property management services are offered. To provide the best quality of service for their tenants, rental owners and property managers must be acquainted with the numerous trends that are capable of shaping the way these services are provided.