This is a busy time of year for property managers: are you ready for it? Even the most seasoned managers have something to learn as new trends and habits among renters emerge, so make sure that you note common desires of your renter demographic in order to have the most appealing property to offer, whatever kind it may be. Employ some of these modern property management tips so that you can stay competitive in a fast-changing market.
Upgrade Your Business with Modern Property Management
“As an industry with one of the slowest adoption rates of technology, renters are keen to the tech trend, and online convenience can make or break a signed lease.” Don’t be left in the dark by holding out on updating your technologies, both those that you use for your own work and those within the units or building in general. People like to feel as if they are a part of the current era, so modern property management success can be attributed in part to implementing these tech solutions. This means including rental listings on popular sites, responding quickly to tenants’ or renters’ concerns or questions, and efficiently filing and attending to necessary maintenance issues in the building. All of this can be done electronically and, in fact, this is the quickest and easiest method.
If people are looking at your property online, they’re then making the decision whether or not this is the location for them. If you have unclear, dark, unattractive, or limited images of the space uploaded, then many will pass over your offering for one that they can see and judge initially that way. Additionally, they’re likely to look up reviews of the building if they are serious about it and can be put off by negative or even neutral feedback. Show it off as much as possible, which might be considering “fluffing” the place for a photoshoot so that your pictures will be as alluring as possible, whether you’re renting office or apartment space.
Modern property management means knowing the facts and figures. For example, within the residential property market, your prices have a larger or smaller effect depending on the largest demographic. It’s been revealed that, lately, those in the 55-64 age bracket are getting back into renting, for one reason or another, and they are also considered to be most “sensitive” to price. Perhaps surprisingly, millennials are more willing to shell out additional funds and will spend most of their paycheck on their living space. Consider both of these factors when reassessing your property status and market your space accordingly.
Another concern on the rise, particularly among younger people, is green power and energy efficiency, so this is another huge part of modern property management. These changes will help to draw in “renters who want to go green [while also] reduces the cost of owning, operating, and managing rental units” for you. There are few drawbacks to making these changes, all things considered, as long as you do some research ahead of time to see what is permitted in the building by local laws. Some of it may not be feasible, such as solar panels on or near all types of properties, but you can make smaller changes, such as adding energy-efficient appliances.
What are some other additions or adjustments that you can install to reduce your property’s carbon footprint? To accomplish this while also making your renters more comfortable, consider “weather stripping [to seal] doors and windows so that air does not leak out.” Say goodbye to drafty apartments and boiling offices with this simple and inexpensive installation. “Programmable thermostats” and updated light bulbs can also aid in boosting the value of your building, cutting costs, and attracting residents just by making these minor adjustments.
Modern property management, as with all iterations of property management, is about catering to the needs of your potential and current renters. These needs may change depending on the demographic, area, and year, so make sure to stay on top of the trends. If you try and make use of these kinds of information, you’ll see before too long the positive effect that it can have on your business. One such change is the updating of your property management software. Many managers are still using spreadsheets and programs such as Excel to manage data, but there are easier and quicker ways so that you can focus on other parts of your work. Consider SKYLINE or Budgetrac, both offered by Anton Systems, which can help to give your business a boost. These versatile and powerful products make it easier than ever for you to stay on top of your responsibilities and to thrill everyone you work with.