3 Property Management Trends Heading into 2020
Owning a successful property management company requires staying up to date with industry trends. Due to population growth in many areas throughout the country, especially in Southwest Florida, apartments and condos remain an extremely popular housing option. Multifamily communities offer many attributes that ordinary single-family homes don’t, and we’ll explain what those things are later on in this blog.
Just like any business that wants to dominate their local market, Reed Property Management is developing a strategy that we look to execute in the new year. In this blog, we’ll discuss the top 3 trends heading into 2020, things that tenants are looking for in a rental home and how they can impact overall retention and success rate.
Of course, affordability is a huge factor in determining if a tenant stays or leaves, but that’s not always something a property management team has a lot of control over. But a property management team does have control over the QUALITY of the service they are providing their tenants. In a new survey, 31% of people who recently moved out of their apartment or condo did so because of poor management.
Ensuring your tenants are satisfied not only enhances your reputation within the community, but allows you to retain quality tenants that pay rent on time and keep the space clean.
Earlier I stated apartment and condominium communities offer things for a more affordable rate with better amenities than many single-family homes. Many multifamily home communities provide a pool, workout facility and a park for either children or pets. If you were to rent a single-family home with those amenities, the price would be too high for many individuals. Amenities are proving to be important to renters now more than ever, making multifamily homes a very popular option for the modern-day renter.
In-unit amenities are also immensely important to retaining tenants. Since home ownership keeps presenting seemingly never-ending challenges, renters expect basic features such as a:
- Garbage disposal
- Washer and Dryer
So basically, gone are the days of successfully renting out both single-family and multifamily spaces without these amenities.
Easy Mobile Resident Portal Access
Our society has reached the point where if you can’t complete something on a mobile device, you may as well not do it at all… sad but true. That goes for resident portals. If your tenants can’t easily make a maintenance request or pay rent from their phones, that’s a problem. 81% of all residents say it’s very important for them to have the option to access their renter’s portal from their phone.
Reed Property Management
Reed Property Management takes great pride in keeping up with industry trends and doing everything we can to provide exceptional service for investment property owners and their tenants.
If you’re looking for someone to manage your seasonal rental, call Reed Property Management!