Major Changes in Residential Property Management

by | Feb 15, 2018 | Real Estate

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There is no doubt the evolution of technology has touched virtually every industry today.  As technological changes have occurred, Las Vegas Residential property management best practices have evolved as well. It’s touched several areas of our industry. Here are three major changes our strategies have changed.

Real Estate Management Marketing

Years ago, the industry used every avenue available to manage real estate. This included radio and television ads, newspapers, direct mail and outdoor signs. Today, property managers wouldn’t think of operating without a website. New marketing tools also include social media outlets and other digital marketing strategies.

Customer Service and Engagement

Traditionally, consumer industries like hospitality or those offering financial services worked diligently to make customer service into a science. This of course, meant that clients looking for real estate would judge our services by those standards. These kinds of demands have shifted the way Las Vegas residential property management professionals handle clientele. For instance, real estate management used to promote properties from the perspective of square feet, and used the number of units they owned or managed to evaluate services. Now, as an industry, it is more important how satisfied our customers are and how many recurring occupants or owners we have.

Rental Occupancy vs Property Value

In earlier years, the goal was to maximize both rental income and occupancy. However, the focus has recently shifted to maximizing property value. In light of this, property managers are starting to think less like a rent collector, and more like an asset manager. This is more beneficial for both property owners and those who occupy properties.

It’s important for commercial and residential property management professionals to continue to modernize and maintain innovative ideas. We need to continue to be competitive and trendsetters in our industry. Solutions from the past do not always yield positive results.

Are you a property owner in need of a professional who can manage your real estate assets? Visit the Real Property Management Las Vegas website to learn how we can help you.

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