Property management, like any other industry, is steered by the latest trends, and if you’re looking to see your business achieve or sustain its success in 2020, here is a list of the latest developments that will give you that edge you need to stand out. In the skyrocketing and highly-competitive property management field, you need to be able to anticipate what will be the “next big thing” in order to evolve, grow, and stay ahead of the game.
Technology is really becoming a vital aspect of property management these days, and numerous aspects of the industry are going digital as a means to streamline operations while making them easier and more efficient to utilize. From smart tech that allows landlords to automate and digitize many aspects of their management process – from rent collection to maintenance scheduling and more – to client portals that allow tenants and managers to quickly and effortlessly keep in touch, the choices available to property managers to catapult their operations into the future are vast.
Next up is demographics. Yes, millennials – people born from 1981 to 1996 – currently dominate today’s rental scene, but according to studies Generation Z – people born in the late 1990s and early 2000s – are expected to soon become the biggest tenant base in the near future. According to experts, Gen Z is forecast to grow in size from 8 million today to approximately 55 million over the course of the next ten years. This is not only a rapidly-growing demographic, but one that has spent their entire lives being on the cutting edge of tech; a trend whose importance we just covered above. Getting upgraded for post-modern tech needs – free wi-fi, charging and docking stations, key-less door entry, and more – is a great way to attract this key demographic.
Marketing is, and always has been, important. But in 2020 and going forward, it will take on a new level of importance as new Internet based marketing strategies continue to come to the forefront. Companies are experimenting with new marketing techniques as a way of expanding the scope of their businesses and gaining new clients, and the majority of these companies are once again turning to tech – a reoccurring theme in this article as well as business. Digital marketing will take on new meaning in the coming years; it’s cheaper, more effective, and reaches a far greater number of potential clients than outdated methods such as print. Blogs with regularly-updated content on topics pertaining to the property management industry are very effective in reaching new clients, reveal your knowledge and expertise also driving traffic to your website. We highly recommend you study SEO optimization for any content you post online in order to improve your placement in search engine results.
Property management software is also going to be big in 2020; we touched on this above in the paragraph outlining the growing importance of tech, but it bears repeating and expanding upon here. Numerous companies are now offering software packages designed to significantly streamline the day-to-day tasks of a property manager, automating many aspects of the job in order to make the operation more efficient and user-friendly overall, both for property managers and their clients and tenants. Maintenance, security, rent payments, tenant screening, and much more can be set to occur automatically, leaving the property manager more time to focus on other matters relating to their duties that ordinarily might be overlooked. However, that’s not all that property management software is good for; it’s also great for lead generation which is one of the most important aspects of growth for any property management business. Be sure to do some research on this one if you’re looking to grow.
In 2020 and onward, industry reports indicate that apartment rental demand will continue to remain at a high level; currently, in today’s economy, the vast majority of those looking for housing maintain that renting is more affordable than buying, and it is in this statistic that you’ll find ample potential to grow your property management business, especially in big cities such as Dallas/Fort Worth, Chicago, Houston, New York City, and Washington, D.C. To satisfy that demand, it’s important to stay on the cusp of trends, embrace new tech whenever possible, and keep track of rent prices to make sure you remain competitive in a busy market.