Substantial changes have occurred in the PM industry over the past five years, and the evolution will likely continue. Learn what has changed and what we can expect in the future.
The world has changed significantly during the past five years, and the property management industry is no different. PM professionals are adjusting how they run their businesses, offer services, and interact with clients, making their firms far more efficient.
Property management is now treated as a more serious business. Property owners realize the value they provide and are happy to invest in PM services. Property managers also have to take the services they offer customers more seriously, though.
The Strategic PM team recently sat down with Jordan Muela, CEO of LeadSimple, to discuss how the property management industry is changing. Here’s a review of that conversation.
The People
Over the past five years, there has been a significant change in the people working in the property management industry. Jordan notes, “The industry overall has become way more sophisticated.”
Jordan believes part of this evolution resulted from the increase in the average operator’s property IQ. They are more willing to learn and adapt ideas from other industries. In the past, property managers were hesitant to do so.
According to Jordan, there was a sense of PM industry tribalism. Property managers wouldn’t take knowledge or ideas from anyone outside the industry. Now, property managers want to learn about sales, marketing, finance, and other relevant topics, which helps drive business.
