Top Property Management Trends

Top Trends for Property Managers in 2022


In the past few years, the property management industry has adapted in response to the ongoing pandemic and growing tenant expectations.

 

Property managers have requested, among other features, the need for seamless communication tools and resources to provide more support to owners and tenants alike. As such, the need for quick communication across all channels has been a big trend. This is followed by using property management tools to automate redundant processes such as accounting and portfolio management. Another emerging trend is to provide tenants with more amenities as property managers and landlords work hard to retain quality tenants.


Keep reading to unravel the biggest property management trends in 2022.

 

Communication

It has been a tumultuous time for tenants and landlords alike - and property managers are all too aware of this. This has led to more emphasis on tools that could simplify communication between landlords and tenants alike, enabling better management. The use of software makes this easy as property managers can easily review all communications. This includes access to chat histories, emails, and even text conversations. They can also organize lease agreements, references, and applications. This trend of staying connected with tenants and landlords will continue deep into 2022 and beyond.


The Use of Property Management Technology

This recurring theme across most industries may surprise anyone new to property management. Most property managers need to use software to automate various parts of their business, such as accounting and communication once their portfolios grow large enough. Technology can free property managers to focus on customer-centric services such as preventive maintenance and communication with tenants.

 

In addition to the simplification of redundant processes, property management tools have enabled data analytics to gain insights into a rental unit’s financial viability.


Simplification of Recurring Processes

Property management software has simplified the leasing process and reduced the amount of time and energy that teams often devote to this area. They have now set up online rental listings and rental applications completed using an app. Lease signing is also handled with a software tool (while taking into account the law of the land).

 

Other emerging technologies include virtual showings as interested prospects tour a rental unit from the comforts of their home. If they like what they see, they can schedule an appointment for an in-person visit.


The Use of Rental Incentives

Even though the market is widely regarded as a ‘landlord’s market, it has been getting more difficult to secure high-quality tenants. This is especially true in urban housing markets, and rental incentives can effectively draw in tenants.

 

Some property managers may use incentives such as gift cards to nearby restaurants, free laundry day, or even a one-month-free rent.

 

Longer Leases

For most people, homeownership may not be possible in the near future. These renters mostly consist of professional tenants seeking more housing security beyond six months or even 12 months. This ties in with the last point because finding and retaining quality tenants is more beneficial to landlords, so they will be more open to signing in longer lease agreements.


Services Over Amenities

A 2022 survey by Buildium found that tenants care less about physical amenities such as swimming pools and gyms and more about customer satisfaction and seamless communication. This means they value faster response times to maintenance calls and services over everything else.

 

These services include:

●    Instantly responding to requests and being available round the clock

●    Connecting via online mobile platforms, live chat, and SMS

●    Preventive maintenance services


The Most Important Trend for Property Managers in 2022

Property managers have their work cut out for them as the housing market gets even more crowded and tenant expectations climb. To wrap up, our advice to landlords and property managers alike is to introduce technology into their processes and improve communication with tenants.

 

Let us know if we missed any important property management trends for 2022, and we might update this space with more information.

 

If you haven’t hired a property manager already, click here to learn more about our services and how an experienced property manager can share some of your burdens.

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