Property Management Industry Trends to Watch in 2021

The Property Management Field in 2021

Property management is an everchanging field and staying on top of new trends is essential for property managers.

Property managers will still be feeling the effects of 2020 in the new year, but that doesn’t mean you can’t prepare and take the lessons learned to prosper in 2021. Here are the trends to watch in 2021 to help take your community to the next level.

Economic Uncertainty Means Strict Budgeting

The economic climate as a result of the COVID-19 pandemic is challenging, and experts predict it will be a long road to recovery.

This is something community managers must keep in mind when planning for their 2021 budget. You may be forced to put off a construction project or reduce vendor expenses. With TOPS [ONE], you get an advanced accounting software designed specifically for HOA and condo associations. This helps you plan out your finances and be prepared for any challenges you may face in 2021. With accurate accounting and reporting, you’ll be covered when there are economic changes or if residents have issues paying on time. Being prepared for an unknown financial future is a great way for your community to stay ahead.

Get Connected with Residents

One anticipated trend in the new year is an increased resident connection with board members.

As we experienced in 2020, there were many unknowns once the pandemic started and information was changing quickly. As a result, it was important for board members to be in touch with their residents and provide them the best safety information and virtual support for their account. Luckily, TOPS owner-access portals are a direct line to your community residents. Residents have the ability to use the portals themselves for payments, communication, work-orders, and more. This makes staying in touch easier on your staff and you can easily track resident activity. Working with residents and keeping open communication helps lead to a better community environment.

Improving Technology

A trend that seems to always be on property manager watchlists is the increased need for new technology.

Technology is constantly changing, improving, and learning how to use it properly is a huge benefit to property managers. At TOPS, we added several new features to our [ONE] product, designed to make tasks easier to complete. Finding the technology that’s right for you and your community can be a major boost to your community, and most importantly your bottom line. Property management software saves you time, money, and reduces stress. For example, TOPS provides transparency for your board and automates what are typically manual tasks. Features such as vendor payments, website creation, custom reporting and more are now available and allows you to be a better property manager. See which new technology makes sense for your community and take your game to the next level this year.

Preparing for the Future

2020 provided major challenges that we will still be focusing on this year.

But there are steps property managers can take to get ahead of these challenges and provide a better community for staff and residents. Be smart with your finances, create open lines of communication with residents, and make sure your technology is up to date. With this plan, you should be ready for whatever 2021 throws at you.

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