2020 brought challenges that nobody could have predicted but hopefully, this year will be a smoother one and businesses can start to focus on priorities that do not solely revolve around the health pandemic.
The start of the year is a time to start planning for the year ahead and understanding the predicted key trends in estate management will help to ensure that your business strategy and the goals you set are going to be as relevant and effective as possible in the current situation.
Here are the top trends that will influence property management this year:
Working through COVID-19 restrictions and requirements
Unfortunately, the big priority at the beginning of 2021 will still be to work within the government’s latest requirements regarding COVID-19. For property managers, this means the same level of focus on people’s safety in workplaces and homes, including hygiene provision and social distancing processes.
2020 saw rent payment holidays for property managers to handle and property prices rocketed in the UK, changing the landscape considerably for the property industry. The introduction of the stamp duty tax holiday helped to boost sales after the first lockdown but property prices are expected to settle down in 2021, meaning that landlords looking to expand their property portfolio won’t be priced out.
Advanced technology solutions
As with every year, improved technology is available to drive efficiencies in property management. This year, property managers will be making better use of smart technology to reduce energy bills and also options like proactive maintenance systems will help to manage the maintenance of buildings and facilities.
The COVID-19 pandemic has already forced a larger emphasis on bringing services online, with more use of solutions such as virtual property viewings, online meetings and also enhancements to property portals to provide more information and features.
Big data will have a bigger role in the property industry in 2021, with data such as buyer trends and demographics helping to improve marketing opportunities. Big data will also be crucial in terms of maintenance and other information involving building systems.
AI will be a useful enabler for providing advanced information and services for property searches, for example, property recommendations based on the property searcher’s specific priorities and preferences.
Increasing requirement for fast, online communication
Following on from the other technology solutions that we have highlighted, digital communications will be increasingly important in the property industry in 2021. Property users and tenants expect fast communications from property managers and social media and other platforms can help to improve communications.
The preferred type of communication for many people has moved away from making phone calls, in preference for fast online communications, using WhatsApp or other messaging technology. As well as not wasting time waiting for missed calls to be returned etc. messaging is also straight to the point, rather than spending time having a polite but unnecessary chat. While phone conversations will remain key to relationship building and developing trust with customers, for other types of communication, convenience is the top priority.
Online reputation will have a bigger impact
With more services moving online and less physical interaction and face-to-face meetings, a lot of onus will shift to online reputation to persuade tenants and other types of clients to choose your business over your competitors. People will rely more on online research, utilising websites such as Google reviews, Trustpilot and other online customer feedback and review platforms.
These are some of the big trends to embed into your strategic priorities when you are planning for a successful 2021. Embracing the latest available technology solutions will be essential to effective estate management and identifying opportunities that reduce costs to make your business more efficient and profitable.
Contact us today to discuss your options and we can provide expert recommendations on how to digitalise your estate.