February 06, 2018
Forecast 2018: Property Management Industry Trends
To remain competitive, businesses must anticipate market demand and stay apprised of what their competitors are doing. Across the country, property management professionals are planning the year ahead in an effort to keep ahead of the curve.
The question is, are you and your business ready for 2018? Do you know which trends and practices will dominate the next 12 months?
Our the Top Property Management Industry Trends for 2018:
Expect to see more property management firms embrace digitization and automation, with the goal of doing things better and faster. Historically, the property management industry has been slow to adapt, but recent years have seen a trend toward an increased rate of change, and that will continue into 2018. Property managers must find a way to leverage existing technologies; if they don’t, they risk being left in the digital dust.
Millennials Continue to Dominate
Millennials now greatly outnumber baby boomers, to the tune of more than 10 million. They represent a vital group of potential tenants, but they’re also a significant talent pool. Forward-looking property management firms looking to recruit and retain top talent will find ways to provide the workplace culture and resources that millennials demand. Flexibility, mobility and an on-the-go work-life scenario are top among those wants.
Continued Strong Condo Rental Market
According to PricewaterhouseCooper, the condominium sector is set to continue performing steadily. Condos in downtown cores appeal to young workers, who love the live-work-play lifestyle, as well as retiring baby boomers who are downsizing and looking to enjoy urban living without the upkeep of a single-family dwelling.
More Purpose-Built Rental Units
More purpose-built, condo-quality rental properties are popping up in cities like Montreal, Quebec, Halifax and Vancouver. These new multifamily rental buildings offer the same appeal as condos, with new amenities and central locations or locations close to public transit, but without the down payment and condo fees.
Property Managers Get Tough on Insurance
Many leases stipulate that tenants should, or must, have renters insurance to protect against loss or damage. But often, tenants fail to secure insurance or simply don’t renew it when their coverage expires, leaving themselves and their property managers at risk. Throughout 2018, more property management firms will offer tenant coverage as an add-on to their rent, and will secure technology-enabled reinforcement to better monitor resident insurance status. With the right software in place, tenants can easily sign up electronically for coverage when they fill in their lease. And property management firms can bolster their revenue with a competitive product while easily and accurately monitoring which renters have existing insurance.
The Property Vista Advantage
If you’re looking to keep up with property management trends, remain competitive and protect your revenue stream, Property Vista can help. Our cloud-based property management solutions will enable you stay on top of the latest technology, market to your desired audience, and streamline operations to improve recruitment and retention.
To learn more about our software solutions, sign up for your free account today or give us a call.