A series of significant shifts are happening in the rental and the Washington ,DC property management industry. People are renting properties as a result of the affordable housing shortage, and many others are because of social and economic factors. Also, many diverse groups of households are renting their homes rather than buying them.
These trends have hit many homes over the last few years because of home prices and skyrocketing rents that have outpaced wage growth which intensifies the need for an affordable place to live.
Even though rental demand has never grown stronger like this, Washington DC property managers are stuck in a hard place. Newly constructed units have flooded many real estate markets which cause vacancy rates to increase and rents to deteriorate after many years of steep growth.
Meanwhile, the values of homes are reaching their peak which motivates many rental owners to put their properties for sale which caused some property managers portfolios to shrink. In the rental properties market, we are noticing a large property management companies acquiring smaller businesses to develop their portfolios and penetrate new markets.
Data about Market Forecast
Every year, the National Association of Residential Property Managers (NARPM) conducts a survey about 2,000 property managers across the United States. In the newly released 2018 State of the Property Management Industry Report, 1 out of 5 respondents said portfolio loss was a top concern over the last years.
How can property managers ensure they are not poised in this changing environment in 2019? It begins by accepting that in the property management industry of the future, a one-size-fits-all approach to customer service will become ineffective. To stay ahead of the competition, property managers need to offer exceptional customer services to renters and homeowners.
Know Your Audience
The essential of personalized services and knowing customer demographics will grow your business in 2019. Retaining owners and renters will need more than handing over the keys or sticking a check in the mail. It requires getting to know their stressors and distinct motivations, working with them to solve issues in a way that leaves everyone in a better place.
It also means investing in the right tools to create the best customer service experience that customers want. The right technologies will do more than streamline business operations. They should also facilitate remarkable interactions between vendors, staff members, residents, owners and create time to focus on building relationships.
Whatever 2019 has in store for rentals properties, property managers have incredible opportunities to set themselves apart with technology-enabled and empathy-drive customer service. In the industry of the future, the businesses that put their customers first will win their loyalty in the long run.
EJF Real Estate Services offers property management in Washington DC. They can help you to get the needed properties that will suit your needs.