Pub. 5 2020 Issue 2

8 www.ctaahq.org By Leigh Valley Business A 2020 Vision FOR THE PROPERTY MANAGEMENT INDUSTRY R ental property management is a growing business and has become attractive to many new companies. Therefore, competition in property man- agement will increase in 2020. Established property management companies that want to continue being successful and grow their business will need to be more strategic and monitor the opportunities and threats that will be created by this competition. Now is a great time to take a strategic look at property management trends to be prepared for business growth in 2020. Here are six trends that will be important to look for and monitor in 2020. New technology trends Technology is rapidly evolving and having a significant impact on many industries, and the real estate industry is no exception. Sav- vy investors, landlords, agents, and property managers are capitalizing on opportunities that come with new technology entering the real estate and specifically the property management market. Today, technology plays an integral role in every part of the property management in- dustry. Technology amenities are key factors in marketing to and satisfying tenant desires in their rental units. Tenants are looking for: increased ways to connect with their landlord; online payment; charging & docking stations; keyless door entry; enhanced security; en- hanced and free Wi-Fi; energy conservation;