Your property management company needs to be adaptable and innovative, especially now, with the local rental market shifting. When the worst of the COVID-19 pandemic arrived, property managers and landlords were forced to deal with eviction moratoriums, struggling tenants, and support for owners who were trying to continue maintaining properties during turbulent times.
As we began to recover from the pandemic, the sales market took off, and many owners and investors decided to sell because prices were so high. This meant fewer homes were available on the rental market.
Now, we’re dealing with inflation and higher mortgage rates, which has led to more tenants staying in the rental market. People who might have wanted to buy are finding themselves priced out of the market, so they’re renting for longer.
We’re working hard to keep our owners and investors aware of market trends and how the rental market is changing.
Here’s how we stay up to date, and how we help you stay up to date.
Investing in Property Management Technology
One of the best ways to remain innovative in an evolving industry is to invest in the best technology that’s available. We take advantage of the tools that help us to better lease, manage, and maintain rental properties.
Self-showing technology, for example, allows us to rent homes faster. We don’t have to worry about scheduling conflicts or wasted time if a prospective tenant does not show up when you’re expecting them.
Online portals also allow for better transparency and sharing of information. Owners and tenants can gather all the leasing, maintenance, and payment data they need by logging onto their portals. Rent can be paid, maintenance requests can be made, and accounting information can be accessed.
By investing in good technology, we make it easier to stay one step ahead of where the rental market is going locally. We’re set up to be adaptable and flexible.
Evaluating Laws and Regulations
Florida remains a fairly landlord-friendly state. We don’t have the rent control requirements that other states have, and owners have the authority they need to screen tenants thoroughly, enforce the lease agreement, and evict when rent isn’t being paid or the lease terms are being ignored.
However, it’s still necessary to stay up with fair housing laws and security deposit requirements. Rising rental prices and increased population numbers will often lead to conversations at the state and local level about legislation, regulations, and requirements. We stay on top of what’s happening in the market and locally to ensure our owners and investors are well-positioned to leverage positive developments and protect themselves against potential threats.
With laws growing more complex, property managers have been providing invaluable expertise on how to operate profitably and in compliance with any the new regulations that may to show up in a year or two.
Changing Tenant Demographics and Demands
Tenant relationships are more important than ever, even in a competitive rental market where homes are in high demand and there are more than enough tenants to keep your property occupied.
Managing tenant relationships is an important part of what we do as property managers, and we always have to be prepared to shift our practices and procedures in order to best serve the residents who rent our homes. We keep your property more competitive by ensuring it has the amenities and features that appeal to modern tenants.
These are just a handful of the ways we’re being more responsive to our owners, investors, residents, and properties while the rental market continues to shift and settle. If you’re interested in hearing more about how we can respond to your own unique and changing needs, please contact us at Oceans Managing Group by calling (386) 255-8585, or visit www.oceanspropertymanagement.com.