Dangerous Trends in the Property Manager Industry in 2021

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 precarious future of 2021 and forward on.

With a global pandemic affecting practically everyone, property managers are having to make difficult choices that affect not only themselves but their property’s value and reputation.  2020 and 2021 can be seen as outliers but it’s legacy will affect property managers for years to come.

Property Manager challenges

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: 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 a 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? Canada is facing a housing crisis in 2021. Young adults and recent graduates do not have the luxury of buying property for the prices they were in 2003.

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 – Inevitably, in a 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 any time in history – the number 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 at 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 tradespeople going up

  1. The younger generation is tech-savvy, but not trade savvy, this is because assets are harder to come by in today’s world of 2021.
  2. Baby boomer’s trades are retiring
  3.  The number of good tradespeople is actually increasing due to online trading with apps. Making it more accessible for younger adults

Part II of this series: 5 Biggest Challenges for Property Managers in 2021

Curious about the 5 biggest challenges property managers face in 2021? Click here to see part two of this series tailored for property management insight!

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