Happy New Year!
With a new year comes new key trends in the housing market. For many, 2020 brought changes that forced property managers and landlords to pivot and adjust their strategies. As we enter into 2021, the pandemic’s impact will continue to influence trends in the housing market.
The question is, “Which trends should you pay attention to the most”?
We’ve compiled a list of top trends to be on the lookout for in 2021 to ensure your property management plan is stable and ready to take on whatever 2021 has to offer!
Online Awareness and Presence
Now, more than ever before, your online reputation can make or break you. A strong online presence has been essential for property managers for many years, but recent shifts towards fully digitizing processes have made it an even more necessary focus. Online reputation should be managed through ratings, responding to reviews and local listings, website updates, and consistent social platform involvement.
2020 brought into the light just how much events can change the course of a business. From the pandemic to the 2020 election and shifts in technology usage (who’s tired of Zoom meetings!?), one of the most vital things to focus on in 2021 is incorporating as much automation as you can into your processes. Chatbots, automatic rent payments, website lead generation forms, and text/email reminders near key dates are just a few of the many ways to incorporate more automation into your marketing strategy. By increasing automation tactics, you can build additional skills and services on top of the automation for a fully stable and straightforward system.
Millennials and Generation Z’ers are becoming the leading members of the tenant market. Both generations are unique in that they grew up with technology – so they expect systems to offer high-tech solutions. Without having up-to-date technology flawlessly integrated into your processes, those tenants may consider you irrelevant, outdated, and backwards. That will cause many potential tenants to move on to a property manager or landlord who better fits their priorities and technology demands.
Rental Market Demands
Another way that 2020 has greatly influenced the housing market is the large shift of property managers and landlords looking for new opportunities outside of major US cities. This change in demand can be best seen in New York, where the number of rental listings in 2020 increased by a massive 166% in 2020. Other US cities are not far behind – and with that oversaturated urban market has come a migration of property managers and landlords to more suburban and small-town areas.
This shift in rental market demand is beneficial for tenants due to lower rental rates, and for landlords, for the new prospective markets. The economy even benefits from this shift by the additional infrastructure investments and new jobs outside of major cities.
Landlord and Resident Relations
For the first time in the history of tracking housing industry trends, nearly 45% of property managers named their residents as a top priority. Prior to 2020, the top priority trends always fell undergrowth, efficiency, and profitability. This shift that we are seeing towards the residents is new territory – but something that can be utilized to put your property on the map. 2020’s unique challenges brought about this change. It requires a significant increase in property managers’ communications with their tenants, adjusting to the changes in the economy, and working with tenants to ensure they don’t lose their housing.
The days of tenants never communicating with their landlords and vice versa are decreasing – and more and more tenants expect to meet and communicate with their landlords, whether that be in person or virtually.
These are just a few of the property management trends of 2021. If you want to learn more, are a landlord who is ready to take your property management to the next level, or are a future tenant on the hunt for your next home, connect with us today!