Knox Property Management. 2020 has been a year of massive change. The way that people work and live has been transformed. As a result, residents now have new expectations for their landlords. Many of today’s biggest changes are seeping into the field of property management.
5 Trends Impacting Property Management in 2021
These are the growing trends in residential property management that all landlords need to keep their eyes on:
Focusing on Gen-Z
Following in the footsteps of their Millennial predecessors, Gen-Z is the newest generation that’s diving into the rental market. This tech-savvy generation is looking for a home that’s offering their favorite Smart amenities. They’ll want great wifi connectivity, keyless entry, and more.
Due diligence is needed to stay up to speed with the latest additions to their wishlists.
Enhanced Marketing Competition
Attracting and retaining tenants will get more difficult in 2021. Property managers need to flex their best leasing capacities in order to get the one up over competitors. Smarter marketing and leveraging technology are needed to capture next year’s tenant pool.
Rent Control Remains on the Radar
The pandemic’s rent control concerns won’t vanish just because the calendar year changes. On the contrary, rent control policies in bigger cities are projected to continue influencing the single-family rental market. Even if you’re a landlord in a smaller city, these standards will continue shaping the nationwide market.
As a result, landlords need to remain diligent and adjust their rents accordingly.
Increased Communication with Tenants
After 2020’s rapidly-changing circumstances, tenants want open streams of communication with property management teams at all times. Tenants are expected to reach out more, and there needs to be someone to answer their questions and concerns.
The Importance of Online Reputations
With the internet fostering most businesses right now, it’s no surprise that online reputations are more important than ever before. As a landlord, you’ll want to have a strong and assuring web presence for your property. Bad reviews or complaints can be lethal – making the tenant experience a key aspect of success.
Landlords, How Will You Respond?
Not all of these new tenant expectations are easy to implement. Many of them tack on time, effort, and expenses to your investment property’s operations.
Landlords, are you ready? Or, do you need to outsource the work?
Landlords as Property Managers
Landlords who take care of the property management tasks themselves don’t have to dip into their profits, helping to boost financial returns. Unfortunately, they’re adding a hefty set of responsibilities to their plates.
Dealing with tenants is no walk in the park. Emergency maintenance calls at midnight, tenant communications, chasing after bills… the list of unpleasant property management tasks goes on.
Besides the pain points, it’s not easy to stay organized as a property manager. First-time landlords may end up in over their heads if they naively accept the position of property manager. Investors who are looking for a passive stream of income shouldn’t take on property management responsibilities, either – especially in 2021, where the demands are higher across the board.
Outsourcing the Job
On the other hand, landlords who are sick of the headaches will choose to hire a property management team.
However, they’re trading income for a stress-free experience. It’s no secret that outsourcing property management is expensive. In many cases, added fees get tacked on to the bill. Additionally, not all responsibilities are covered in the baseline service. In these cases, landlords end up paying more for the services that aren’t covered by their property managers.
These situations can severely cut into a landlord’s investment returns. Sometimes, this can be so extreme that it can undermine the asset’s investment potential.
The Knox Way
The property management dilemma is severe enough that many property owners decide to sell their homes instead of keeping them as investment properties.
Consequently, today’s single-family rental industry is caught in between three difficult scenarios. First, take on the immense property management responsibilities yourself and save money. Second, save yourself the stress and outsource the job for a hefty price. Third, avoid the hassles altogether and sell your home – trading a quick buck for longevous financial growth.
Instead of being caught between these three circumstances, choose the Knox Financial strategy. Knox is spearheading the income property market by providing landlords with a truly frictionless property management workflow. Knox does more than outsourced property management companies for a fraction of the cost. Knox only charges one, affordable flat rate and we take care of everything.
Landlords never have to worry about added fees or expenses. Property owners can sit back, relax, and watch their investments grow.
If you’re interested in meeting 2021’s new property management trends with unparalleled ease, get in touch with Knox Financial. Visit our website to see how we can help you.
Say hello to frictionless homeownership with Knox Financial. Visit our website to learn more.