Although the Covid-19 Pandemic has hit many businesses and sectors across the globe, some industries continue to thrive. Despite the many setbacks in place, the property management sector is one of those to stay afloat and sustain its growth.
It is stated that the global property management market is forecasted to grow £20 billion by 2026. What has facilitated this growth so exponentially is the money invested into research and development, as well as, technological advancements.
Many investors, landlords and property managers are making a conscious effort to capitalise and implement technological trends into the market. One of the ways that this is executed is through creating an online property management software that streamlines the process for landlords. For example, at SMARTHOST we have created for all landlords a personal dashboard to be able to access reports, live updates and income tracking.
Secondly, another way in which the world of tech can be enacted is through mobile apps.
This is a fantastic method to not only simplify the process for both landlords and tenants but also can be simultaneously used as a communication tool between property management companies and their clients; much like how we aim to use the SMARTHOST mobile app.
Another increasing trend that has snowballed since lockdown measures have been put in place are the concept of virtual tours and viewings. Not only is the whole impression given to clients in using augmented reality or 3D online tours extremely impressive and futuristic but it also saves a lot of time. Especially during difficult periods such as the Covid outbreak, we have prioritized our clients’ safety and comfort and using virtual viewings has provided them with the flexibility they seek.
One of the ways in which the rental sector and property industry has continued to prosper is through adapting to new changes in order to unlock opportunities. This has been done in various aspects such as exploring different markets, creating stronger strategies, seeking to find more cash-flow positive properties as well as remaining competitive. All of these factors combined have paved the way to increase revenues across many businesses operating within the market.
Not only is it crucial to produce effective ways to increase profits but it is just as important to reduce costs where you can. Some trends within the property management market that illustrate this, has been shifting to using technology and automating some operational tasks, cancelling unused services or sourcing cheaper alternatives without sacrificing quality and cutting overhead costs.
On the other hand, at the forefront of every business is those that carry out the work and are behind all the success. Hiring competent and experienced employees is highly important as these are the people who represent your brand and affect your growth. Whether you outsource certain services such as maintenance works or your staff are all in-house, establishing a hardworking and positive work culture is just as critical as all the points mentioned prior.
There is no doubt that rental properties are continually in demand, especially with shifting demographics such as, millennials and Gen-Z –ers, who are investing into the rental market to find a place of their own. It is here that property managers must reform their management style to meet the requirements, demands and expectations of their clients. Whether it be through updating the way your process works or improving your amenities.
At SMARTHOST we fully comprehend, that although renting or selling may be a physical exchange, our research and experience proves that the future is to be digital. Therefore, it is explicit that those who adopt and reshape their management and business will have a much higher competitive advantage to those who don’t.