Here is another article from lettings and property management expert Frank Webster who is the former chairman and director of Finders Keepers.

Boom time ahead for property managers - an opportunity for positive change?

People will always invest in property. Low savings interest rates and low lending rates, together with an investment that offers both capital growth and income, will always be an attraction.

But being a self-managed landlord is no longer a hobby - remaining compliant and providing a legally safe ‘roof over a tenant’s head’ is not a part-time job. Being a landlord has for some years now been moving towards a skilled profession pushed on by consumerism and also consecutive governments who have realised that over half of the voting cohort and now long-term renters.

I’ve said for a while that we will see more properties managed by fewer agents. You’ve only got to look at the progress and investment in the Build To Rent sector and the consolidation of estate and letting agents, to see that we are moving to a ‘next norm’ in the ownership, provision and management of real estate, both the private and social rented sectors.

So what do real estate companies need to do to stay relevant and usefulful to landlords, both large or small?

The world has changed. We can obtain pretty much most commodities with one or two clicks; the product ordered will arrive on our door step the very next day. Speed is king and our attention spans, and indeed patience thresholds, are much diminished.

In this instant world, the importance of housing and how it serves our needs, is now a prime motivating factor. Witness last year’s housing market which outperformed an economy smashed by the after effects of Covid-19.

It is likely our work/life patterns will be changed forever, the full extent of this ‘next norm’ is yet to be witnessed, but I remain quite certain that our natural human need for physical collaboration and contact will continue. As will our requirements for our homes and places we own or rent. The knock-on effect will be huge expectations and demands on landlords and those providing estate agency services, especially letting agents and property managers.

Increasingly tenants and landlords will rely on knowledgable and qualified property agents to find and retain serious landlords with great properties that are fully compliant and offer the flexibility required, from modern families, to first time renters, to retirees exiting owner-occupancy.

Highly skilled staff who understand how to maximise the return on the investment, supported by slick ‘prop-tech' that speeds up the process and assists with the safety compliance, will be paramount.

Agents will need to provide add-value services that offer fruitful and meaningful assistance to landlords, such as planning and tracking ROI performance and preparing tax returns. Why not provide dashboard portals with meaningful data on repairs and types of faults against time and costs taken to fix, length of tenancies measured against expenditure and actual versus budgeted expenditure?

For tenants, help using smart technology to assist with security, heating and ventilation, rental payments, anticipation of faults and repairs through proactive planning and unobtrusive compliance checks.

Why not look at reducing the amount of ‘routine maintenance inspections’ and making less but longer planned visits, concentrating on more of a dual focus of enhancing the tenancy, as well as looking at longer-term expenditure?

Tenants may well become buyers who may well one day become investors or perhaps parents who help children with their first purchase. The power of the ‘4G’ client and the potential to really provide a life-time property service, has never been more apparent. With the potential perpetual income (if you get it right) and massive respect you will gain, for being remembered for the right reasons, leading to valuable referrals and recommendations.

You can read more thought leadership articles from Frank Webster here.