WHAT PROFESSIONAL PROPERTY MANAGEMENT TRENDS OF 2019 SHOULD YOU BE AWARE OF WHEN HIRING A PROPERTY MANAGER TODAY?1 Sep 2019
Most real estate investors do not have the wealth of knowledge and experience needed to succeed in such a challenging and competitive industry — especially those amateur investors who have just started venturing into property investment. So they either take great risks, or leave their ventures in the hands of professional property management companies. Then, they sit back and wait for the results. There is nothing wrong with this process, but only if you manage to find the right property management agency to make your investments grow and succeed. However, if you want to be involved in the process of property management, you should start learning about the trends that matter.
2019 Property Management Trends To Be Aware Of
Learning about real estate and property management can be difficult because of the broad scope that this industry covers. But it is rewarding once you make the right decisions and land great investments. And to be able to achieve this, you need to learn about the following trends that matter today.
1. Millennial tenants dominate. There is a continuous rise in the number of millennials as tenants in today’s rental properties. And if you want your property to be a hit with this age group, you should know what they want in a place and give it to them.
2. Demand for rental properties are expected to decrease. Most people this year and in the next 5 years are thinking of buying their homes instead of renting. You should be prepared when this happens because vacancies will surely rise. You can then opt to sell property rather than renting out.
3. Increase in interest rates and inflation. Even if you have the best return on investments from your properties this year, rising costs of local taxes and other fees in the following years may affect your income significantly.
4. Renters insurance. Having landlord insurance is easily understood and most agree to have it. However, will you need to have renters insurance, too?
5. Amenities. Providing amenities that tenants will love, such as free WiFi, can be the best investment that will make your property stand out from the rest.
These trends are not only for leasehold property management staff to know. It is also important for property owners to be aware of such trends so they can have a say when it comes to their investments and not just leave everything to their property managers.
And now that you know what matters in the world of real estate today, you are ready to discuss everything about your business ventures. Rest assured that your property managers at Zawaya Property only have your best interests at heart and will make sure that your investments provide the best returns possible.
Find your business partner at Zawaya Property now. Visit their website.