Our Property Management Insights

Are you entering the housing market in 2023? Should you be? What is the current state of housing now, and what should you expect in the coming months? As interest rates continue to increase and the cost of housing skyrockets for homeowners and renters alike, there’s a lot of uncertainty about whether to buy, rent, or invest in a home. In the past year, housing costs have skyrocketed — for renters as well as homebuyers. What does the future look like for the rental and home buying industry? Here’s a snapshot of the housing market at the end of 2022 and looking forward to 2023.

Most people don’t think of property management as a dangerous job — unfortunately incidents of robbery and attacks against leasing and real estate agents have increased in recent years, making it critical to protect yourself when showing a rental property. Being prepared and implementing proactive safety measures are the best way to ensure your safety during showings. Follow these best practices to keep yourself safe while showing a rental property to prospective tenants.

Vacant rental properties are costly. Not only are you losing monthly revenue, you’re spending more on operational costs trying to find a new tenant. More time on the market and more manual labor create more of an impact on your business.

Evicting residents is one of the most time consuming headaches a property manager doesn’t want to encounter. Even if you’ve never had to evict someone from a rental unit, the mere mention of it can spike your blood pressure. Many of us would rather not think about the intense conflicts, legal proceedings, and the administrative hassles of an eviction. But crossing your fingers and hoping you never have to deal with it won’t keep an eviction away. Your best chance of handling one well is to be prepared for it ahead of time.

Any time you advertise a rental property online, there is a risk someone is using it to create a fraudulent listing or rental scam. While prospective tenants are the primary victims, there are real and serious consequences for your property management business as well.

Avoiding and quickly filling rental property vacancies is a crucial part of effective property management. Since the start of the pandemic, the rate that rental properties turn over each year has been averaging around 42%. Overall vacancy rates have fallen somewhat in recent months, with the current national rental vacancy rate standing at 5.6%.

It’s been reported that as little as 10% of potential tenants that are actually qualified for a property they’re interested in will show up to their viewing appointment and will submit a complete and accurate application. The odds are stacked against property managers right from the start. This means that thorough tenant screening is critical to finding quality tenants.