What a time to be alive!
No human civilization has witnessed changes remotely as awesome as those we’ve witnessed.
The internet. Cell phones. Then smartphones. A modern smartphone today is estimated to have more than 100,000 times the processing power of Apollo 11’s guidance computer.
Now, AI (Artificial Intelligence) is already becoming a major force in our lives, and no one really knows how that is going to play out.
Yet despite all of these advancements, people still need a place to live. The house may have improved in terms of efficiency and technology, but it’s still four walls and a roof.
Fifty years ago, people rented because four walls and a roof were too expensive, or because they were saving money or because they didn’t want to be worried about repairs.
Today, that part of the story remains unchanged. Over 36% of the public rents their home.
Just as fifty years ago, a certain percentage of those renters will likely cause the same problems. A percentage of those renters will inevitably damage a property, fail to mow the lawn, sneak in roommates or pets, or fail to pay rent, necessitating eviction, etc.
The biggest change in property management over the past fifty years is that a “mom and pop” landlord no longer stands a chance of knowing the laws that apply to their rental property.
Fair Housing, ADA, Section 8, Warranty of Habitability, laws passed after COVID, Rental License requirements, Portable Tenant Screening Reports, ESAs, and so much more are not common knowledge for landlords. They need professionals to manage their property now, more than ever.
Property management, increasingly, needs to add value to landlords with legal knowledge. In addition to this need, property management needs to be incredibly technology-driven. Efficiency needs to be sought at every turn, in order to keep fees to landlords low, and services high.
In 2025 and beyond, property management means interfacing with the public in new ways, such as with sophisticated text-messaging platforms, and instant messaging. Property managers still need to remember that they are dealing with other humans, so face-to-face showings and being available on the phone are part of the job that should not go away – even if technology allows them to.
At RES, internally, we will continue to develop innovative processes and procedures, relentlessly focused on efficiency. Externally, we will continue to be reachable by phone, face-to-face, email, or text message so the people with whom we interact can feel good about their relationship with their property manager.
We will continue to train and develop ever-increasing expertise when it comes to our knowledge of the law, our ability to predict future events and account for them, our ability to find and cultivate the best vendors in every industry and our ability to lead the rest of the property management industry by example.
