As part of your planning and preparation for the year ahead, it can be helpful to get an idea of what things are expected to occur over the coming months. We’ve done some digging and come up with four specific trends that we believe will come to pass over the next year. So, without further ado, here’s what we can expect on the property management front in 2017.
A shift toward paperless.
Many property management companies have already taken the plunge, either partially or completely, to a paperless office. Not only is this better from an environmental standpoint, but it’s also a much more cost-effective way of doing business. Think about the money you could save if you didn’t have to buy paper or ink, or didn’t have the added expense of running energy-zapping equipment like printers and copy machines. In 2017, more companies will follow suit, so if you’re not yet on board, this could be your year.
Better technology will be a must.
Over the coming year, we will likely see greater demand for better, more enhanced and intuitive technology, both from an internal employee’s perspective as well as that of the tenants. For a team to be competitive, they need tools that will help them remain organized, eliminate repetitive, manual tasks and work as efficiently as possible. Likewise, residents will seek easier, more convenient ways to handle their day-to-day interactions, like the ability to access information, request maintenance and pay online.
This isn’t necessarily something new, as Millennials have been slowly but steadily taking over the rental market for a while now, but it’s worth mentioning since the number of younger residents looking for properties to rent or lease will continue to rise over the coming months. If you haven’t already done so, developing a marketing strategy that specifically targets this demographic is a wise thing to plan for 2017.
An increasingly mobile workforce.
Another recent shift alongside “going green” is the transition to a more flexible, mobile working style. Thanks to technology, it’s now possible for property management professionals to do their jobs whenever and wherever they feel they’re most productive. This has opened the doors to the ability to work remotely and even have distributed teams, which gives access to global talent at an even higher level. Meanwhile, morale goes up and expenses go down. Expect more companies to implement flexwork and remote working policies over the next year.
The property management industry is one that is ever-changing and constantly evolving. There has never been a more exciting time to be a part of what’s happening in our field. And by taking the above trends into account, you’ll be able to better position your firm to remain highly competitive and ultimately even more profitable in the coming New Year.
What do you believe will happen on the property management front in 2017? Please share your thoughts in the comments below.
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