It’s time for businesses to think ahead about their business strategy for 2022. As times change, the property management industry is constantly evolving. Property management companies have more tech-forward operating space. The technology is operating at an exponential growth rate.
The impact of exponential growth has far-reaching effects on the industry. It is important to stay aware of the implications so that you can position your company in a better place and also push it further in 2022.
Below are the top five Property Management Industry Trends for 2022:
1) Applying integrate-able Property Technology
Pandemic has pushed all the industries into a virtual and tech-enabled space. Property management companies in London are forced to create and apply property technology to automate manual processes. It facilitates a more remote lifestyle. Companies having no solid infrastructure or technology to facilitate higher service levels fall behind the curve.
On the other hand, management companies use Protech software and platforms without integration to let them speak to each other and merge data. It creates an organizational mess of data that is far from each other.
Creating data in too many places makes it impossible to keep updated data. Also, it is impossible to align the data across the platforms, and properly understand and analyze it to make perfect property strategy decisions.
2) Creative solution to overcome the labor shortage
In 2021, it was the main problem to handle labor shortage to handle maintenance work orders. You can optimize the time spent on maintenance requests in three ways:
– Proactively troubleshoot every single maintenance request over the phone to remove any needless dispatching of vendors.
During emergencies, we organize a video-based call where residents can easily tell their problems. Our streamlined process helps in resolving or de-escalating 30% of all the work orders that come through.
– We make payments to the vendor immediately so that they do the job on a priority basis.
– We execute a process to minimize the time a vendor spends waiting for approval of higher cost estimates.
3) Service-Focused Amenities are more in-demands among residents
Actually, residents do not care much about physical amenities. They care more about higher service levels and quick communications. It means a quick response time to maintenance calls and more available services to get connected immediately.
Every amenity shows that their London property management services care about their living experience and exceptional expectations of it. Service-focused amenities are widely adopted in multifamily spaces and now move into single-family places to settle and redefine what comes with renting a home.
4) Single-family market will continue consolidating
Because of the pandemic, a lot of venture capital money is being invested in the single-family market. It is because of the breadth of opportunity this sector has accelerated. Residents have adopted remote culture and thus there is less demand for living in a city close to work.
There is more demand for living in a larger single-family home where the rent is cost-effective. Companies having a lot of money find a lot of opportunities for a huge return on investment in the single-family space in the long run so that they can acquire small single-family management companies.
5) Build-to-rent concepts will be applied at exceeding rates
The build-to-rent concept comprised of the development of single-family homes and not with the intention to sell. But they are specifically used as rental properties that are managed professionally. If you capitalize on this trend, it will be a growing development of build-to-rent communities that will become a better commonplace in 2023.
The property manager in London always knows about these trends to stay ahead of the competition. This field is constantly evolving. Thus, trends also change with time.