By tracking the property management trends as an investor, you can capitalize on under-served real estate markets and drive a higher yield from your property portfolio. Industry innovators and leaders utilize the latest trends to make effective business decisions and ensure consistent growth across their target markets. That’s why many investors turn to Pacific Quorum for our leadership in property management.
As you plan your next investment, let’s review the newest property management trends.
Growing Demand for Multifamily Buildings
We’re seeing record-low vacancy rates across the B.C. marketplace amid rising demand for quality multifamily buildings. The data shows current average vacancy rates are just 1.5% in Victoria, 1.1% in Penticton, and 1.2% in Kelowna, with Vancouver experiencing a record-low 0.9% vacancy rate.
Access to Skilled Property Managers at a Premium
Recent data from the property management industry shows British Columbia faces a critical shortage of skilled, qualified property managers. Research shows about half of current property managers are within five years of retirement, and the growing number of multifamily buildings throughout the province is stretching existing property management resources.
Property managers must be familiar with the latest regulations, including the B.C. Strata Act and require several months of hands-on training before they can directly manage a property without supervision. This need for property management expertise explains the value of the service provided by Pacific Quorum, as we offer building owners a dedicated, licensed property manager for their buildings. Our experienced property managers help give clients a competitive edge in marketplaces throughout the province.
An Increasing Focus on the Tenant Qualification
The challenges associated with handling tenant move-in and move-out procedures during the COVID pandemic and the following lengthy delays at the B.C. Residential Tenancy Office has placed the tenant qualification process in sharper focus. Building owners must now carefully consider the qualities and background of the tenants moving into their building. This ongoing challenge further highlights the value of having a property management company handle the tenant qualification process for building owners.
Property management firms have the expertise and research tools to identify higher-quality tenants and reduce payment backlogs.
Technology Bringing Greater Efficiency to All Management Areas
The use of technology and real-time data to support property managers and their staff is another growing area of focus for the industry. Management tools now give teams ever-greater control over all aspects of their business, including building accounting, rental marketing, tenant screening, rent collection, maintenance work, and more. It’s an industry area within which Pacific Quorum has led the field in recent years.
Our intuitive digital management tool, PQ Online is the cornerstone of our growth as a company. PQ Online helps connect our property managers on the ground with building owners and maintenance teams. PQ Online empowers our clients with the data they need to make proactive, informed decisions about the direction of their building portfolio.
Discover The Future of Property Management with Pacific Quorum
With a footprint including over 29,000 strata corporation, co-op, leasehold, and rental units, Pacific Quorum is B.C.’s property management leader. Step into the future of property management and capitalize on the latest trends in the industry by requesting your free, no-obligation, custom property management proposal.