Change is always going to happen, and the new year will see some new developments in property management. Landlords in San Diego should be taking a careful look at what is expected to happen in the 2019 property industry. The same is true for property management companies in San Diego. They must be alert to what will be happening in the coming months. Here are some of the changes that are being predicted in this new year.
The Impact of Millennials
This demographic is going to comprise a major share of tenants and property management companies in San Diego must take note of them. Millennials may decide to purchase houses instead of renting, or they may continue to rent, but they expect greater value for the rent they pay. Marketing and rental leases must reflect the tastes of this group which is now beginning to dominate the American economy.
Retention, Retention, Retention
Housing construction starts are expected to increase for the next few years. It means that there will be more houses on the market and people may turn towards property purchase as opposed to renting. A property management company in San Diego needs to work on relationships with existing tenants and see to it that they have a reason to stay right where they are. It can include raising rents slowly and developing cost-containment ideas to maintain return on a client’s investment.
Retention might also include using technology to encourage renters to stay. While some may think that solar energy panels will be highly persuasive, something that is appealing to all kinds of tenants, such as being able to pay rent or report repair needs by a smart phone, may convince reliable tenants to renew their leases. Offering free Wi-Fi or smart lockers might be what tips the scale in favor of staying.
Changing Attitudes and Government
Rent in San Diego has been rising steadily over the years and is causing some grumbling in the general public. Government might step in with drastic measures such as rent control. Landlords and property managers must keep an eye on where government is heading when it comes to the question of rent. This isn’t just in San Diego itself, but also in the suburbs.
Increasing Competition within the Industry
Property management is a competitive industry and staying ahead will mean checking on what other property management companies are doing. Keeping reliable clients will require being able to respond to what other property management companies are offering. It is not out of the question that a company might lose reliable clients to a startup that is offering incentives such as landlord insurance.
We know the importance of industry trends; we have been following them for years. Change can creep up on a property manager and poor preparation holds serious consequences. Alta Vista Properties will be ready for any new developments this year. We revise our marketing, tenant relations, and technology if trends suggest the improvements are prudent.
We do any changes with our core values in mind. Keeping property value up, maintaining a steady stream of rent income, and providing good services to tenants will always be part of Alta Vista Properties activities.
2019 is going to be full of opportunities to profit and a property management company in San Diego must be vigilant. Landlords can depend on Alta Vista Properties to stay abreast of the trends and use change to enhance a client’s investment.
Our clients have a long-term relationship with us and it is due to the services we provide, including information about housing rules and regulations. Please do inquire at any time about our property management services. We can be reached at 858-274-3600 or by email at firstname.lastname@example.org. We look forward to hearing from you and answering your questions!
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