Industry Trends July 2023
You will notice us start to share things that add value to the work you do, including trends that are emerging and shaping the property management industry. Here are a few to put on your radar.
Tech-Savvy Tenant Boom:
Australia is leading the charge with a remarkable shift driven by millennial and Gen Z tenants who are true digital natives. Raised in a world surrounded by technology, they naturally expect tech-powered solutions for their daily tasks and communication needs. However, a recent Forbes study revealed that Gen Z’s satisfaction with customer experiences is only at 50%, lagging behind the 71-72% enjoyed by previous generations. Talk Desk's research also uncovered that Gen Z renters prefer self-service options and asynchronous resolutions over traditional phone calls. Good news for those of you using Sorted! ;)
In response, agencies are waking up to the importance of prioritising technology-In response, agencies are waking up to the importance of prioritising technology-driven solutions. By offering user-friendly app-based portals and digital communication channels. property managers can create a smoother, more efficient experience for Gen Z renters helping property managers stay competitive and attracting a broader pool of convenience and efficiency-seeking Gen Z renters.
The Power of Automation:
When it comes to business growth, one trend is taking center stage: business growth itself! And the secret ingredient? Automation. Property Managers Australia Media has highlighted this game-changing trend, showcasing the rise of virtual property management and the growing demand for user-friendly, all-in-one cloud-based platforms (we might know a guy!?).
But that's not all. Forbes also points out another ace up the sleeves of property managers: technology-enabled data collection and analysis. These insights allow property managers to enhance their services, unlock the full potential of the market, and make informed decisions that drive growth and customer satisfaction.