Trend analysis and data collection on the B.C. real estate market developments can help investors expand their portfolio footprint and generate growth in 2024 and beyond. Pacific Quorum has become Vancouver’s leading property management services provider through innovation and unparalleled service.
Our latest research projects the following trends to dominate the British Columbia property market during 2024.
Predictive Maintenance
Property managers are now working with predictive maintenance technology to analyze their buildings and proactively address potential equipment failures before the system breaks down. This proactive approach to building analysis and maintenance saves property owners thousands of dollars on repairs and ensures better day-to-day experiences for residents. Predictive maintenance helps minimize disruptions associated with power outages and HVAC issues and ensures property management companies enjoy a better local reputation for building comfort.
Enhanced Customer Service
Tenants now expect pinpoint communications and regular updates regarding maintenance and other building issues. Property management companies are responding by integrating the latest customer service messaging systems within their management tools. Tools such as PQ Online are helping remove barriers to communication between property managers, owners, and tenants and ensure that each party has the information they need in real-time.
Increasing Collaboration Between Repair Teams and Managers
In addition to using predictive maintenance to reduce repairs and repair costs, property managers are now working with local repair teams on emergency repairs and fast-response repair services. Companies with significant building portfolios, such as Pacific Quorum, work with repair specialists in each property location, so emerging problems are met consistently and professionally within a quick turnaround time.
Growing Demand for Property Management
Across British Columbia, there’s a growing demand for professional property management services as investors and owners struggle to keep track of the increasing regulations within the industry. Owners require a turnkey approach in which they can focus on expanding their portfolios rather than increasing administrative workload. As the province’s population grows, there’s expected to be a higher demand for multi-family dwellings, with investors turning to specialists in property management to ensure the ideal tenant experience and enhance building value.
Rise in Hybrid Working Models
Another growing trend is the number of tenants working from home or within a hybrid working role. Property managers are now catering to tenants who work from their buildings during the day with an increased focus on integrating building co-working locations and adapting the building to fiber internet access. With more tenants in the building during the day, property owners are changing their maintenance schedules to minimize disruption to at-home office workers.
Stay Ahead of the Latest Property Management Trends with Pacific Quorum
Pacific Quorum thrives as British Columbia’s leading property management firm with offices in Surrey, Campbell River, Vancouver, Salmon Arm, Kelowna, Penticton, and throughout the province. Our focus on the daily tenant experience and hiring the most qualified, experienced local property managers helps investors and owners achieve their long-term revenue goals for their buildings.
Request your free, no-obligation property management proposal today.
