The Biggest Trends In Florida Property Management We Should Pay Attention To
Property management is a booming industry across the United States. It’s worth billions of dollars and there are new companies trying to make a name for themselves every year. Florida property management is constantly evolving and new trends are continuously shaping this effervescent industry. Every business owner has to know the top trends dominating the industry in order to stay ahead of the game.
Let’s take a look at the main trends we’ve seen this year and are also expected to be visible next year:
Technology is changing the whole economy as we speak, and the same is true when it comes to Florida property management. Agents, landlords, investors, and property managers are all trying to implement new technology features into their projects and plans. The cloud sharing features make communication among tenants, managers and owners much easier, smart technology amenities change how we manage real estate portfolios and how clients interact with the properties. Tech plays an immensely important role these days, with important improvements in the years to come. Here are a few things to pay attention to:
- Landlord Communication and Interaction
- Social Communities
- Energy Conservation
Automation is, by far, the most important technological feature in property management, according to Florida commercial real estate brokers. Automation allows electronic payments, efficient management of portfolios and real-time communication. Brokers who still process invoicing and payments manually are losing a lot of time and will find automation a major advantage in the years to come. Also, automation can help with payment confirmation, paperwork and documentation management, as well as tax, insurance and maintenance management. Practically, every aspect of property management can be automatized.
The Demographic Shift
Now, millennials are the main market for rental properties and most projects are aimed at them. These future trends show that Generation Z will be the new clients of rental properties. The data confirms this – Generation Z is expected to rise from 8 million people to almost 55 million people, in just a decade. Gen Z is also accustomed to technology, so the shift will be double-edged – both technology and the demographics of the market will change. When these people will become the new customers, Florida commercial real estate brokers need to adapt to their preferences and standards. This means focusing on new tech and features, like:
- Free Wi-fi In All Real Estate Properties
- Secure Online Payments
- Docking and Charging Stations
- High-Tech Fitness Centers
- Keyless Door Entry
- Outdoor Fireplaces and Heaters For Increased Comfort
There Will Be New Players On The Market
The real estate market remains one of the most attractive ones for investors. This translates into a lot of new investors coming every year. Established Florida property management companies have to be prepared and learn how to adapt to these new investors permanently.
Being a rental property owner means running a company, and managers have to be serious and professional when doing business. While beginner real estate investors may not fully know the intricate details of this market, their stamina and competitive nature can make them serious adversaries for already established companies. Simply put, before you know it, there’s a new competition – and they are good. Always pay attention to new players on the market, especially in a growing real estate environment.
Marketing Trends In Property Management
The property management world has already been influenced by modern marketing strategies, and this trend is expected to evolve during the next decade. Marketing is all about getting new clients, and new marketing strategies are always trying to get more visibility, expand the customer base and help the public understand these types of services. Digital marketing, for instance, is the backbone of these new marketing strategies. Digital marketing is cheaper, is quicker, and more effective than traditional marketing — and it works!
Property management companies spend a large chunk of their budgets on digital marketing, including blogging, video content, infographics, social media marketing, email marketing and various other types of new media marketing. The world is changing and the property management business has to be a part of the trend.
Lead Generation – Developed By Software
Leads are the backbone of any real estate business – every Florida commercial real estate broker will tell you that. Leads have always been important in real estate, but during the next decade, most of it will be done by specialized lead generation software. There are tens of tools designed just for that – to bring property managers the leads they need in order to grow their business.
Modern property management businesses are based on data. The information you gather about the market, the properties and the potential clients are what will make your business successful in the future. The software helps property managers decide which property is a good investment, how to manage the portfolio and how to make sure they are creating the right portfolio for their clients.
Apartment rental will still be high
The population in the United States is growing and Florida is no exception. The booming economy, the warm weather, and the immense possibilities make Florida one of the most attractive states in the country. When you also take into consideration that 80 percent of renters still believe renting is more affordable than owning, the rental market seems to be very lucrative. And it is, and it is expected to be even more lucrative in the future. People are looking for apartments to rent more than ever. In fact, there is an estimated 11 percent increase in demand for rental apartments every year. Even though this demand causes a spike in rental prices, the demand is still there and will grow in the future. This is particularly true in more attractive areas of the state, like Miami, Orlando, Tampa and Fort Lauderdale. Apartment construction is also booming, to meet the growing demand, so we are expecting to see important changes in this sector.
As stated previously, in order to remain successful in these developing times, remaining focused on the trends and implementing these changes will help you stay ahead of the curve. Consider these trends and see which one works for you.