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Probably, you’ve heard someone saying something like, “Your success depends on your adaptability.” We have tracked the major trends that cause major influence on the business of property management. This article includes two major trends that seem to prevail over the next 5-10 years. The Renter’s Altering Dynamic The modern online property management software allowed making some kind of statistics of the current situation. Just a few years ago, about 70% of US residents were using the Internet daily. 10 years ago, property managers would use the Newspaper for advertising. Nowadays, tenants don’t read newspaper classified ads too often, but rather prefer accessing online classifieds from their mobile phone or computers. They simply like browsing through ads that are matching their needs, review images, and even watch video tours. The modern society has already gotten used to a different way of interaction, comparing to generations of the past. This society prefers email or text message to a phone call, online lease forms to filling out blanks, automatic web payment systems to driving to the bank and paying the rent check, and it also prefers a property management company that responds to their particular needs. Why not collect rent online, then? This change in tenant behavior makes property managers adapt and upgrade their technologies. Property managers should take advantage of the modern property management programs. In case old ways of locating tenants get less and less efficient, consider trying new areas. With potential property owners and tenants in social networks, including LinkedIn and Facebook, it is smart to become visible on the platform of your target audience’s choice. In Searches for Reviews, People Visit Reliable Social Networks Property management is basically advertising the business to both the tenants and owners. Social networks allow almost any person accessing, leaving, and reviewing comments about past residents and customers. Before buying a book from Amazon, people read reviews. Rental business is in the same situation. When searching for a new residence, people might ask their social network friends for an advice. According to statistics, there are over 250 mil users on Facebook and the numbers are continuously increasing. Comprehension of this behavioral change is the key to adjusting your business for successful future. Speaking of web forums and reviews, you can see more and more companies and businesses interacting to assure better response to customer needs and, thus, better feedback. If you choose a reliable and up to date property management program, you can get this done easy. Future Success Depends on Your Ability to Adapt to Changes Whatever you decide, remember that your future property management success depends on your current decisions. If your customers prefer online payments over dropping off a check at the bank, it’s the right time to start to collect rent online. Always follow the trends your target audience prefers and adapt to them, while not compromising on your business.
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