15 November 2024
Property management companies like FirstPort must be aware of the latest market trends, from sustainability to a shift towards more resident-managed developments. These trends aren’t just changing how properties are managed—they’re offering fresh opportunities to improve the resident experience.
In this article, explore the key property management trends of 2024 and discover how FirstPort is helping to shape the future of property management.
A stronger focus on customer needs
Property management is undergoing a transformation, moving from a traditional business-to-business (B2B) approach to a customer-focused model.
If you’re part of a Right To Manage company (RTM) or Resident Management Company (RMC), you’ve likely noticed how responsibilities like building maintenance and fire safety are becoming more complex. With these added duties, you’re probably looking for more than just basic services from your property management company.
This shift is driving property management companies to prioritise customer service, providing better communication, faster responses, and ensuring that residents and developers feel heard and valued. It’s about building a relationship of trust where your concerns are addressed promptly and effectively.
The rise of resident-managed developments
More residents are choosing to manage their properties directly, opting for an RTM or RMC approach. This property management trend reflects a desire for greater control and responsibility in how properties are managed, demanding increased flexibility from property management companies.
It’s about offering services that meet the unique needs of resident-managed communities, ensuring that high standards are maintained while residents take on more direct roles in the oversight of how their building is managed.
The challenge of evolving regulations
In recent years, the property management industry has faced a wave of new regulations, particularly in response to concerns over cladding and fire safety.
As regulatory standards evolve, property management companies have a responsibility to make sure they are ready to adapt to new measures that are introduced.
This evolution is driving a higher standard of service across the industry, with a greater focus on training and qualifications. Companies must now ensure their staff are trained and fully equipped to manage these critical tasks.
A spotlight on sustainability
With environmental concerns on the rise, sustainable property management is becoming a key focus. Sustainability now requires a holistic approach, balancing being environmentally friendly and ensuring your long-term stability for your investment.
Initiatives now go beyond simple recycling or energy-efficient measures and encompass a broad range of activities aimed at reducing carbon footprints and promoting environmental responsibility.
How FirstPort can help you keep up with the latest property management trends
The future of property management demands a company that understands the latest trends and knows how to leverage them to your advantage. Here’s how FirstPort achieves this:
- Putting customers first: We recognise that your needs are evolving. Our services are designed to be responsive and clear, keeping you informed and confident in your property management. We see the power of digital tools in improving accessibility and communication for our customers. Our upgraded customer portal now offers enhanced features for communicating with customers.
- Comprehensive training in evolving regulations: With the growing complexity of regulations, we’ve invested heavily in training our teams to meet and exceed these requirements.
- Commitment to sustainability: We are always looking at ways to implement sustainable property management. We are fully committed to minimising environmental impact and securing the long-term stability of the properties we manage.
- Support for resident-managed developments: We understand the unique challenges resident-managed developments face. Our experience allows us to provide the services and support needed to keep your property in top shape, providing expertise for Resident Directors.
Take the next step with FirstPort
Transform how your property is managed by partnering with FirstPort. With our extensive experience and our proactive approach, we deliver the high-quality service and peace of mind you deserve.
Contact us today to find out more about how our residential property management services can support your property management needs.
