Its essential as a business to always stay ahead of the game. There’s a lot of competition in the property management business so keeping tabs on the latest trends is key. Here are 5 insights into upcoming trends for the year 2020 that every rental property management company should know.
It’s not time to avert attention away from Generation Z just yet! They still make up a prevalent amount of today’s tenant market and not only that, Generation Z is expected to grow over 45 million in the next decade. Think about it? Gen Z has lived their entire lives using technology and the internet. Before too long they will make up a huge part of the economy’s labor force and tenant base. As property managers its important to be equipped before this happens. Take the time now to update websites and look into how you can offer tech savvy solutions for renters. Things such as online payment systems, upgraded amenities such as outdoor heaters and fireplaces, high tech fitness facilities, free wifi and stations to charge tech devices will be what Gen Z will expect when looking into tenant spaces.
Statistics reveal that over 80% of renters believe that renting is more economical than owning a house. Being that most everyone wants to get the best for their buck, affordability is an important factor for future tenants. Rental prices have shown an increase but the demand for rental spaces is still high. This is a key factor to look at for property management owners. Seeing the fluctuations over the years helps property management owners best assess for future decisions. In 2019 there was an overall 11% increase in apartment demand and come 2020, the demand will be even higher.
We live in a different time. The way people used to go about business is no longer the expected traditional routines. People are self establishing themselves, no longer having to go through years of college to get necessary degrees. Technology and the internet have created opportunities that didn’t exist in the past. With property investment gaining more momentum, people are taking notice and those that are savvy are realizing that being a landlord is now a business. Operating as landlords without the help of off site management is a great step into property management. For more established, veteran companies this means more competition. If beginning real estate investors are looking to expand their portfolios by taking advantage of the financial potential real estate investment holds, property management companies need to keep their eyes open.
Property management companies are already seeing the necessary tech amenities tenants are expecting when renting a space. The digital world has made itself known. Capitalizing on new advancements will always be a plus for your property management company but for 2020, the biggest thing to look at is the demand for streamline access. If your still operating your payment system manually it’s time to catch up to speed. Your wasting valuable time. Automatic payment systems are the ideal way to process invoices and rental payments. Something not only your tenants will appreciate but so will you.
The other trend to look into for 2020 is new software for lead generation. Every business should always be looking into how to increase their lead base. Knowing data for your market is an essential aspect of operating a successful and thriving business. New software systems are constantly being produced so you’ll have no trouble finding what fits your needs. Your top five within seo search is always a good start.
Today it’s all about creativity. What makes you stand out amongst your competitors? Why will someone notice your company over someone else’s? Targeting new business will require restrategizing and coming up with new ways to get the face of your company out there. To start, your website is key. If your website isn’t dialed in your losing a lot of potential clientele. When renters are looking for potential spaces to rent, the first place they are going is the internet and the internet is going to lead them to your website. Having a website that visually appeals to onlookers is essential. Making sure that your website is easy to maneuver around is also key. It needs to be something that onlookers can find what they’re looking for easily and has contact information easily accessible. It’s said that if a website doesn’t grab the attention of its viewer in the first 10 seconds they will move on.
The other key to a good website is how well it’s promoted. A dead website isn’t going to gain attention so making sure your website is driving traffic is a make or break. This is a huge part of where creativity comes in. Driving traffic allows for creative freedoms but some of the trending ways websites are driving traffic is through blog posts that hit on topics related to the business. These can be anywhere from answering popular questions people may ask or topic related insights that gain a viewers attention and lead them to your site. Along with advertising, the key is to draw visitors attention and keep it there.
Future growth and success is something every company desires. Living in a tech advanced world means keeping up with all the latest and greatest and being ready to move on it.