2019 has been a year full of changes and the housing sector, in particular, is one area that has greatly felt the alteration in trends. The year has given way to a new way of doing things, where home seekers prefer to rent later in life now more than in the past. This is because housing prices have been steadily increasing, making it out for reach for most people.
What this means for Home Owners and Property Managers
This has resulted in socioeconomic factors such as the affordable housing shortage that is already being experienced in several states. In an effort to counter the rising housing prices, some state governments are trying to control the maximum rent that real estate investors can charge tenants.
Property managers also find themselves in a dilemma since several real estate markets are being filled up by newly built units that remain vacant for a long time.
All this is happening as more and more rental owners consider selling their homes in order to take advantage of the rising property prices. This has left property managers at risk since their portfolios are now steadily shrinking.
According to a recent study on the state of the housing market, it was reported that 1 out 5 property managers claimed that portfolio loss was a major concern. Furthermore, it is likely to get even worse with the years.
Interestingly, the majority of property managers are hoping that their revenues will grow within the next two year. As a result, they put up strict market goals prior to the oncoming years. These managers are hoping to attract new tenants with better techniques. It’s no longer going to be business as usual as more property owners compete for tenants in a market where prices are not very friendly.
This means that developers have to prove that their property is worth what the customer is paying for. The truth of the matter is that property owners will need to up their game by giving renters and owners high-quality customer services in order to withstand the competition and fill up their houses fast. This means that they’ll have to do away with the one-size-fits-all approach that’s proving to be ineffective.
Unlike in the past where home seekers wanted a spacious house in a safe neighborhood, and with all the necessary amenities, nowadays tenants are very particular about what they want. Home seekers want something that represents their values, wants, and needs. Any house can have multiple bedrooms, but it takes a special home to satisfy the client.
Homeowners are learning that if they want their tenants to be loyal and stay with them for a long time, they have to pay attention to their needs. If the tenant is worried about security, the home owner should look for a quick solution and involve the tenant in the decision making.
The market trends in 2019 look interesting because more reviews show that there’s an increase in demand for more service offerings and customer demographic understanding. Homeowners and renters will have to do more than just hand over the house keys or claim their rent money every month if they want to survive in the market.
Other than investing in the necessary technological tools to streamline business operations, property managers will need to act as facilitators of positive interactions among owners, vendors, staff members, and residents. A good example of this interaction would involve owner portals that allow owners to access business metrics and further personal property information.
Moreover, renters would also appreciate to be given a chance to both pay rent and communicate with their property managers online. No matter what the case may be, the trend in 2019 is an indication that the real estate industry is vastly changing and requires property managers to establish a connection with technology enabled and empathy-driven customer service. In short, the future calls for a more intimate approach with customers in order to maintain a positive portfolio.
The recent housing trends show that the property market is also evolving to keep up with changing times. Nowadays, house seekers prefer a more personalized approach when dealing with homeowners. They want their needs to be heard and taken care of.