When you talk about the property management sector in the current scenario, there have been several trends and changes that this industry has seen. The most pleasant of these trends has been the adoption of technology at a much larger scale than anybody could have expected. Also, there has been a very noticeable shift in the priorities of landlords, property managers, and real estate developers recently. But let’s not sum it all up in these few lines. The following section talks about these trends in a little detail. Let’s discuss:
1. Did Somebody Mention Background Checks?
Yes. Background checks do happen but they are a lot more efficient and digitized compared to what the procedures used to be up until a few years ago. Companies involved in the business of real estate development and rental accommodations have simplified background checks significantly. The trend is of appointing specialized professionals to perform background check activities and the process has been sped up by multiples. The amount and complexity of manual paperwork have been diminished immensely. Digital signatures have replaced traditional signatures. All the information relating to a potential tenant is compiled in a single folder that is easily accessible through a streamlined software tool.
2. Effective Leadership Has Become A Priority
The biggest trend catching up across the industry is managers and landlords becoming much more aware of what they need to do to keep their long-term tenants and residents happy. They want to make sure that the property they are managing looks good and feels absolutely extravagant. They have understood that it is important to become a little more diligent about how the properties are being taken care of by their representatives and the managers and leaders that they have appointed to function on their behalf. So the one trend that is visible these days is that the top management has taken the leadership and the upkeep of the properties back into its hands. This is a positive sign and most definitely something that is going to help this industry grow even further.
3. Digitization At Its All-Time High
The digitization of the property management industry is at its all-time high. It was after the 2020 lockdown that property managers started to incline a lot more toward digital platforms and internet-based applications. Conducting face-to-face meetings and interviews with potential tenants had become very difficult. Also, staffing needs remained a priority because conducting interviews was again a challenge. In 2022, close to 30% of property managers that were surveyed were in the favor of some sort of property management software for landlords and technicians as well. These tools don’t just keep professional property managers connected with tenants but also property owners in the loop along with several repairmen, handymen, and other technicians. So, this was something that was imminent and the way it got adopted across the entire industry was surprising as well as a massive leap forward.
4. Increased Regulations All Across The World
Governments of major economies all across the world have increased the number of regulations and requirements, especially in the property management sector. It was all after the pandemic and the strictness that has been implemented works to make it a highly secure industry for every player. Also, it aims to consolidate the market and makes it very difficult for any party to breach the contract that they have signed.
5. The Tenant Is The King
Another major development that has taken place is the change of attitude and perspective of top-tier management across the industry. The real estate sector along with the rental business segment has understood that the tenant is not going to compromise on the quality of life. Every potential tenant that you wish to screen has numerous options at his disposal. If you are not able to make him happy by keeping your property in a spectacular condition and giving him the facilities that he wants, he is going to look for other options. The competition has increased significantly. The activities and operations of rental businesses have started focusing a lot more on not just property upkeep but on enhancing its aesthetics and beautification as well. The game has become all about impressing the tenant and not harassing him through complicated and rigorous background checks.
The real estate industry and the property management sector continue to evolve. The changes, trends, and new ideas that are being introduced into this sector are here to stay at least for a while. If you want to succeed in this industry, it is better to keep yourself updated on every development.