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Property Management Trends That You Can’t Ignore in 2018

By Jamie Richardson | August 31, 2018

Not all industries move at the same pace, and not all of them are taken to the top like drifting logs on a strong river. Trends will always be a part of progress and as advancements in each industry are made, they tend to affect other industries. The introduction of new technology amplifies the innovation already happening.

In the real estate business, property managers are among the most sought-after professionals. It’s simple. Some people would rather pay others to manage their properties for them. And as with all professions, knowing what’s trending in your industry could mean the difference between resounding success and mediocrity.

So, as a property manager, what are these trends that you should be aware of? Read on to find out where to get your next edge:

Customer Service Remains Paramount

The first trend shouldn’t exactly be referred to as a “trend” as this one never changes. However, the technology does change, and that means providing customer service always means keeping up. By providing good customer service in the way that works best for your customers, on the latest platforms, you are able to build strong relationships with your clients and this leads to long relationships and word-of-mouth business.

Millennial Market Domination

Knowing your target market allows you to make decisions based on what your target market wants and needs. In this instance, knowing what millennials look for in a home helps you to tailor the properties under your care to match their preferences. This is significant because of the fact that majority of the buyers in the market are, you guessed it, millennials.

Eco-friendly amenities

Another trend that you should be aware of is that your clients, the millennials, are more inclined towards eco-friendly amenities. They prefer homes that comes with energy-saving features. Solar panels, water-saving systems, and the like are currently hot in the market.

Technology Adoption

As previously covered, industries actually have an interplay with each other. The tech industry has been crazy about virtual and augmented reality, and it’s right to be so. This technology has the potential to revolutionize the real estate business whether it’s in the form of being able to literally visualize the finished product of your project or to give your would-be buyers a virtual tour of your property.

This has the potential to greatly minimize the margin for error, as well as reduce costs (for correcting errors) and time required to complete a project.

Smart Home Security

Security will always be an aspect of home buying that everyone is going to consider. But by today’s standards, the basic door lock isn’t going to cut it. The current target market is heavily inclined towards technology. With that in mind, not only is the concept of the smart home very appealing to them, they also expect to have the security systems to match.

A few examples of smart home security would include doorbell-triggered front door cameras, remote-lock systems and surveillance systems that send notifications directly to your mobile devices. The principle behind the need for an up-to-date security system is that technology advances for both consumers and the unscrupulous people who hope to make use technology to their advantage.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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