How major economic and demographic developments are presenting property managers with new opportunities and challenges. Checkout myHomeSpot.com.
We live in an age of rapid technological change and lifestyle transformation, whether we welcome it or fight it every step of the way. Unlike previous generations, who could depend on similar work and personal life habits for decades at a time, we now have to adapt to drastic changes every few years. Forecasting and planning have never been more important than they are now, thanks to the rapid pace of change. Staying ahead of the curve is now a must for all of us interested in increasing our careers or companies. The aim of this paper is to explain trends that will impact real estate property management in the next two decades.
Property management is a thriving and rapidly expanding industry.
According to the most recent US Census results, the real estate property management industry grew at a rate of 7-8 percent per year at the start of this decade. The figures show a large and thriving market, with over 140,000 active businesses producing nearly $36 billion in sales. According to almost all experts, the industry will continue to expand at a rapid pace over the next two decades as America’s urban landscape undergoes a massive transformation. The following four factors are thought to be among the most powerful demographic and economic forces driving this change:
- The Impact of the Baby Boomers
- The Impact of Generation Y
- Municipalities and the Concept of a Planned Community
- The Movement for Local Living
In this paper, we’ll go through each of these variables and try to figure out what they mean for property managers. Finally, we give a set of observations and suggestions for further action.