New regulations mean things will likely change for property management.
With the turbulence of our market, many people have been wondering about the future of property management. To put it simply, I think it’s going to be a great investment for anyone who owns properties. Inventory is low in Texas, and home builders are having a hard time constructing enough new houses to meet demand. This is great for people who already own property.
However, there is a wealth gap difference taking place right now, so we’re seeing a lot of pro-tenant legislation coming through. If you own property management, you’ll likely see more regulations occurring. If you’re self-managing your properties, you’re really going to need to understand everything involved—you’ll want to know how to use the latest forms, treat each resident with a lot of respect, and follow new or updated regulations.
We’re also going to see a greater use of technology. It became more prevalent for property management during the pandemic, and we’re seeing many more companies using virtual assistants and other tech-related offerings to handle tasks. You may need more people in order to keep up with these new programs and continue making things efficient. If you can’t stay efficient, you run the risk of making property management unprofitable, which is devastating for the owners.
If you own property management, you’ll likely see more regulations occurring.
Unfortunately, a lot of property management companies may go by the wayside because they can’t keep up with new technologies, new regulations, and new expectations. The ones who do remain, however, will be companies that really shine.
If you have any questions or would like more information, feel free to reach out to me. I look forward to hearing from you soon.