The Property Management Trends We’re Watching In 2021

A happy and healthy 2021 to you and yours. With a new year, comes new opportunities. For folks in, adjacent to or just starting to explore the property management space, it’s an opportunity to fine-tune your approach or, perhaps, completely shift the way you are handling things.

For decades, the team at Arlington Realty Property Management has had its finger on the pulse of the local market. We know the local regulations, what works and we have the staff to stay on top of things in what is shaping up to be another wild year.

In addition to the local expertise, we’re always looking to sharpen our skills. And part of that is keeping our eyes and ears open to the trends that are affecting the broader property management industry. 

As we kick off a New Year, below are a few of the data points we’ve taken note of:

1) Residents are important! According to a recent Buildium study, where residents were a top-three priority for only 16.1% of property managers in 2019 (compared to profitability, owners, communication and other facets of the biz), that figure shot up to 45.1% in 2020. And, naturally so, as the health and safety of residents should be... particularly in a pandemic. Whereas resident safety and wellbeing should always be a priority, it’s taken on a different and evolving meaning amid COVID.

2) The value of property managers. According to the same Buildium study, 44% of property managers felt their clients viewed their services as more valuable during COVID-19. And, with so many changing mandates, eviction regulations, safety measures and everything in between to navigate, it sure is nicer having a PM handle those items versus direct clashes with tenants.

3) Technology and automation. The days of solely snail mail are long over. Within the past decade, the broader PM realm has pushed more toward digital options, spanning payment options, statements, service requests and more. Amid the pandemic, as more and more folks became comfortable with remote set-ups, contactless options and more, it will be interesting to see what sticks in property management. And, of course, if it’s convenient and beneficial to our clients, we’ll be on it.