Trends Shaping the Property Management Industry

Like most industries today, real estate agencies and companies are adopting digital solutions to improve business processes and stay in business during the pandemic. 

But that’s not all; property managers are taking further steps to ensure business growth. The reality is, the pandemic has affected many businesses, causing some of them to lay off some of their workforce, and even close down. 

As a result, this has led to a rise in unemployment, which consequently has led to other social and economic issues. As companies find ways to stay in business, property managers are doing the same and this has resulted in emerging trends in the property management industry. Here are some of the trends. 

Digital Transformation

Digital transformation is one of the key trends that is shaping the property management industry. Property managers are adopting remote working solutions during the pandemic as meeting clients in-person is no longer possible. 

This has resulted in new technology trends in the property management industry to emerge within a short period of time. 

Although property managers have been using property management software for communication, online payments, and lease signing, they have had to adopt other tech solutions to stay operational. 

Creating remote workspaces is one of them since many property managers have been forced to close their offices owing to the pandemic. Although it’s not easy to implement some of these solutions within a short space of time, they have become necessary for business continuity and growth. 

Improving renter experience

Most property managers have three priorities for their business: efficiency, profitability, and growth. However, these have changed a bit owing to the pandemic. 

Now, many of them are prioritizing renters because some of the pain points property managers are faced with revolves around tenants. The pandemic has not just changed how people work, it has also affected the workforce. Many people have found themselves jobless as companies try to stay afloat during this crisis. 

This has brought a strain on the property management industry as property managers also struggle to ensure that properties are rented and rents are paid. This has proven to be a greater challenge recently as more people are unable to pay their rent due to unemployment. 

Due to this, property managers have taken steps to accommodate tenants who are out of a job by working out payment plans that work for both the tenant and the owners. They have taken further steps to help out these tenants get financial aid. 

This emerging trend is not just helping property managers keep their clients above water, it is also assisting tenants to keep a roof over their heads in tough times. 

Finding innovative ways to grow

Property managers have come to see the value of digital solutions more than ever before. As the pandemic continues to create more problems, property managers are looking for innovative ways to grow. 

It’s only those that adopt new technologies that are more likely to grow their business than those that don’t. Besides that, more property managers are showing empathy towards their tenants, which is a huge opportunity to get more customers in the future. 

But, although property managers have changed the way they work to ensure business growth, many of them are not too keen on obtaining new property as long as their rental income is not stable. 

To ensure revenue growth, property managers are focusing on diversifying their revenue and lowering their operating costs. 

Improving marketing strategies

Property managers are implementing many different marketing strategies in an effort to get more customers. The focus is mainly on digital marketing and how property managers can leverage social media sites and other online communication channels to grow their business. 

It’s a cheaper alternative to other forms of advertising and in any case, the majority of their target audience can be found online. 

Improving client communication  

Property managers are taking advantage of communication channels to create healthy and productive engagements with their clients. 

As more property owners have come to rely on their properties for revenue, property managers have become more transparent about how they handle the owner’s properties and what extra services they are capable of providing during the pandemic. 

This has opened an avenue for transparent communication. Project managers know what is working and what’s not and providing this information to their clients, this reduces expectations and makes the situation more manageable. 

Conclusion 

Many property managers have come to see the value of using technology in their business operations. When properly implemented, it gives them a competitive edge and streamlines their work processes. Some smart property managers have also realized that forging strong relationships between themselves and their customers can contribute significantly to their business growth.