Dangerous Trends in the Property Manager Industry in 2012-13

Property Manager Trends – This is a 3 part series of educational articles dedicated to property managers. Home Painters Toronto underwent a study based on statistics, trends, and research on behalf of property managers and what they are to face in the future.

5-biggest-property-manager-problems

Part I: Will deal with dangerous trends in the property manager industry

Part II: 5 of the biggest challenges for property managers

Part III: Solutions and steps these property managers can take to alleviating these challenges

Part I: Will deal with dangerous trends in the property manager industry

A)   Trend – With the fall of the real estate market in 2008, rental property demand has been going up – this is good since there is higher demand for rental vacancies; but bad because there is more competition for those renters – can you keep up with this increase in demand for vacancies?

B)   Trend – Too many Property Managers in the market:  There has been an over saturation of residential and commercial  property managers and property management companies in the marketplace today. Therefore, it is imperative that you HAVE to differentiate yourself from your competition or you will lose market share to them.

C)  Trend –With bad economy, owners and tenants are trying to find any way possible to cut expenses and avoid having to pay large maintenance cost fees

D)  Trend – Lawsuits and Liability issues way up

  1. More landlord vs tenant disputes than in anytime in history – the amount of lawsuits are at all time highs
  2. Small businesses such as property management businesses are sitting ducks for legal actions. According to the U.S. Chamber of Commerce, lawsuits cost small businesses $88 billion a year.
  3. Due to the Internet and consumer education – Renters are more aware of their tenant rights than in any time in history.  In particular, they have more legal rights, more demanding of their privacy, have more maintenance demands, and insist on superior service.

E)   Trend: Number of good trades people going down

  1. Younger generation are tech savvy, but not trade savvy
  2. Baby boomers trades are retiring

Part II of this series: 5 Biggest Challenges for Property Managers in 2012-13

From The Owner & Founder

BRIAN YOUNG

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