In the previous year, waves of transformation swept across the real estate sector, apparently coming from all directions. Business owners and property managers have been challenged to absorb the impact of material and labor shortages, industry consolidation, increasing regulations, and the housing affordability crisis. They have faced increased expectations and demands from the residents and clients. But the best part is, property managers have confronted them well by providing exceptional solutions and customer services that have brought them success. Most of them adopted the best real time ERP software to manage everything with fewer resources.
Property Managers had to use separate property management systems for each property location; therefore, monitoring, interaction, and management with the business center became cumbersome. Apart from this, this type of property management where we have to look after different management setups for different properties poses multiple other challenges such as an increase in expense, complexity in handling, and difficulty in making effective business decisions
Being the major component of the world’s economy, the real estate market has a global value of over $7.196 billion. If we mainly discuss the housing market, there was an upward trend in November 2021, with existing house sales increasing by 1.9% month over month. According to the current trends, the existing home sales are expected to rise in 2022; as a result, there will be low mortgage rates, a solid labor market, and moderated house price growth. Typical US home was worth $316,368 in the previous year, which is 19.3% up to last year. The global construction output is anticipated to be two times from US$8.7 trillion in 2012 to US$15 trillion by 2025. By 2050, it is expected that 200 million people will migrate worldwide, and the majority of them are potential real estate buyers.
The changing real estate landscape will substantially affect the real estate investment community. Experts believe that the global investable real estate market will expand considerably, leading to a huge expansion in opportunity, especially in emerging economies. Therefore, we need to think beyond and find out how we can benefit from the upcoming opportunities in the real estate market. Incorporating the latest technology and PropTech trends is the only way to leverage the benefits.
In this blog, we will discuss different trends in practice for a long time and how they will continue to influence the business even today. Also, you will learn how to set your strategy for the year ahead.
The popularity of single-family rentals has skyrocketed because they offer more living space to the renters at more affordable prices. Most people are still on the hunt for rentals that can accommodate their evolving needs, and they may dominate the rental market for longer than previous generations. This is affecting the marketing in two different ways:
Property managers could notice the industry consolidating, with investment dollars pouring into the single-family rental sector. Rush in the market motivates small-portfolio investors and property owners to sell off their properties. This gives property managers an excellent opportunity to develop their own portfolios through acquiring small companies and investment portfolios.
Property managers and their services have gained the spotlight in the pandemic, especially amidst rapidly shifting local market conditions and rental regulations. The majority of property managers believe that their clients see more value in their services. They are experiencing an increase in demand for their professional expertise, above and beyond their traditionally fulfilled duties.
REDA is the #1 CRM recommended by Software Advice. It is built on a highly innovative, accessible, and scalable Salesforce Platform. REDA forms a holistic & collaborative knowledge ecosystem around different processes, such as construction, leasing, sale, property acquisition, field operations, and enterprise accounting. Our Salesforce Property Management software allows property managers to provide high-level customer service to their customers and develop long-term business relationships for their property owners.
From owner portfolio management to risk forecasting & mitigation, revenue optimization to documents & agreements, and much more, REDA can help property managers manage everything well and increase their trust in rental owners. For more information on our product, feel free to call us!