The state report on the Property Management Industry of 2022 states that the number of tenants living in single-family rentals has been increasing steadily over the years. Not surprisingly, its increase has also been due to the escalation of the pandemic. Even after the pandemic ends, customers expect online and convenient services.
Below are some of the most important rental owners and resident service trends for property management company London 2022.
Rental owners see their property managers in a bigger role. Their work is beyond maintenance and rent collection. Property managers shifted to technology to help them centralize and personalized their management.
Many people look at these rentals as investment businesses. The number of investors has increased and owners are putting more value on property managers who can handle the rent and maintenance. They need new local market HMO specialists in London who know the best investment opportunities in the market. Property managers give advice to their clients that add great value to their properties.
Due to the pandemic, there is a need for knowledge of local markets and legislative developments. It is important to let your landlords and tenants know their current rights. But there are so many who don’t know. In the recent revival of rent control, various major cities have gained the attention of investors. They are looking for property managers to handle these laws and restrictions.
There are infinite rental investment issues that owner wants their property manager to act as an advisor. The advice is not only given on legal and investment matters but also adds value to current and prospective clients. You can also advise them to consider effective marketing strategies for them. According to 2022 reports, it has been seen that rental owners are happy with the work of property managers as they offer expertise in the local market conditions.
Property technology for Owners
Before the pandemic, digital property management tools were already making the work easy for property managers. This technology eases the work of the property managers as they have to report minute details on the sheet. This will also help them to keep a check on vacancy times, and turnover rates and thus make this technology more effective. This will help the owner to make the best decision for the property.
The Resident Side
Over the last two years, the relationship between the residents and the property managers has grown so much. In the meantime, property managers work closely with the residents who can not afford rent due to job loss or fewer working hours.
Maintenance and Repairs
Residents expect more immediate results regarding maintenance and repairs. Due to this pandemic, renters request more maintenance and repairs and expect more frequent communication with the property manager. The main challenge for property managers is labour shortages and supply chain issues.
Above that, the prices of supplies and materials are increased and it will continue into 2022. You have to make some tough decisions about how to deal with the expenses and how they will reflect in the rental property management fees in London.
In 2022, in-person tours will become impossible for property managers. So, they have to adopt new service trends that were already in the growth stage i.e. VIRTUAL TOURS. Now people are more aware of it and also get used to it so this trend will not be going away soon.
Property Technology for Residents
This new generation is already operating their business through mobile phones. Their shopping, rental requests, maintenance requests, payments etc. operated through phones. New software solutions are helping people to check their property and documents and set up personalized and automated processes.
Single-family property management in London has changed enormously over the last two years. The change occurs in terms of services and the demographics of both owners and residents. If you still don’t know about this, contact us to know what your renters and clients look for and adopt the changes that matter the most in your business.