We live in a mobile environment. Not a digitally mobile environment, but a physically mobile environment. Companies often lure skilled professionals with temporary contracts furnished with enticing bonuses and travel packages to fill critical worker shortages. These traveling professionals create opportunities for property managers that are hard to ignore – high salaries, generous rent reimbursements and often, corporate contracts.
It is estimated the Millennials make up close to 40% of the housing market, and 90% of them are renters! This means big changes and a lot of opportunity for property managers. Investing in the right amenities and marketing strategies is critical to attracting and retaining the newest generation of renters.
According to Pew Research, there are almost 80 million “card-carrying” baby boomers. This energetic group of citizens accounts for more than a quarter of the total US population. The growing demand for active adult communities presents unique challenges and promises for property managers looking toward the future.
Staying abreast of changing regulations is a laudable goal, but realistically this requires a full-time employee designated to the task. Administrative staff at small, self-managed properties often wear many hats. Whether it is lack of time and resources, or simply poor management decisions, setting policy based on incorrect information is a costly mistake.