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Trends in Property Management Industry for 2023

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Innovation is becoming a major part of the real estate business, with more professionals stepping into the industry. Renters, property owners, and managers are all looking for more convenient options in the business. If you want to thrive in the Chicago property management industry—you should know about the trends.

Trends in Property Management Industry

The real estate industry has gone through a serious shift with the inclusion of better tools and technology. Here are the most common trends in the property management industry that you should know about:

1. Higher Demand for Real Estate Services

Tenant expectations are at an all-time high with the changing trends in the real estate industry. It’s why Chicago condo management and similar services are becoming so popular in the industry. However, property owners are under serious pressure with these changing trends.

Landlords now rely on property management services more than ever. These managers can help with a variety of real estate-related tasks, such as:

  • Rent collection
  • Maintenance
  • Compliance
  • Advice

With the help of the latest property management tech, the services for property managers will become more popular, considering the cost and time effectiveness they offer.

2. More Automation

Proptech (property-related technology) is in high demand, with more professionals using it for business. This demand won’t go down anytime soon because it offers higher efficiency, better management, and higher revenues. Real estate investors can automate their tasks and let the tools handle everything.

Automation removes most of the hassle by scheduling and managing properties, updating statutes, and more. Moreover, the use of this technology in real estate offers:

  • Time and money savings
  • Improved occupancy
  • Enhanced convenience
  • Decision-making

3. Growth in Real Estate Portfolio

The real estate industry took a serious hit during the pandemic with the increase in economic downfall. However, with time things are returning to normal, and the demand for real estate is back in action. People are now focusing on expanding their real estate portfolio by investing in both commercial and residential real estate.

Moreover, the demand for Chicago condominium management is also at an all-time high, contributing to better property management.

4. Energy Efficiency is a Must

With the changing trends in real estate, there’s a lot of focus on green energy. Professionals use a variety of different methods to make their properties energy efficient. Here are some of the most common changes the property owners are practicing:

  • Using smart meters for energy tracking
  • Switching lighting to LED bulbs
  • Insulating walls
  • Installing energy-efficient boilers
  • Improving windows with glazing

These simple changes will make your commercial or residential properties more energy efficient. Condo association management

Final Thoughts

The trends in property management are rapidly changing, requiring property owners to change with them. We recommend starting with the trends in this article and then seeing how your real estate business changes.

If you are still unsure and need professional assistance, feel free to contact Connected Management. We have a team of real estate experts to help you better manage your properties.

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