The Top Property Management Trends for 2019
The buy-to-let market is always in a state of change, which is what makes it so exciting. As such, it’s important to keep up with the latest news and trends, or risk getting left behind. If you’re a landlord and you want to stay up-to-date with all the latest apps, tech and news relating to the industry, read on.
2019’s Top Property Management Trends
- Buildium. We’ve been hearing a lot of landlords talking about Buildium, and we suspect it’s going to continue to be talked about in 2019. This property management app has a number of property management, business, leasing and accounting tools, and offers a way to manage your property portfolio – it’s especially helpful if you’re not currently represented by a letting agent.
- The Leasehold ban. Last year, the government announced that it would be banning leaseholds on houses, and stop developers from selling leases that force buyers to pay ground rent. These measures will be coming into action in 2019, and in theory, mean that leaseholders will find it cheaper to buy their freehold. This is good news if you’re considering expanding your property portfolio.
- Location scouting tools. A clued-up landlord is likely to be a more profitable landlord, which is why landlords are increasingly using technology to learn more about the area they wish to invest in. Tools like AroundMe can be quick, easy ways to find out about a particular location and access vital information about schools, amenities and entertainment close by. After all, these are the things that tenants want to know about.
- No more tenant fees. Another key change that you need to be aware of is the scrapping of tenant fees. This means you’ll no longer be able to charge tenants for additional services such as making an inventory, but you can still charge them if they are late paying rent or have lost the keys. Landlords across the UK have been slightly raising their rental rates to compensate for this additional expense.
- Décor matters. With tenants now able to take virtual tours of properties online, décor has never been more important. If your buy-to-let looks dated or dowdy, it’s not going to appeal to viewers. As a result, app developers have been creating software to help landlords nail their interior designs. Home Decorating Ideas is a great example, which has a huge selection of photos to inspire you. Alternatively, Dulux’s Visualiser app lets you test out colours on the walls via your smartphone, simply by viewing on the screen.
- Get ‘teched’. Tenants increasingly expect properties to be geared towards their 21st century lifestyles. Before you invest in a house or apartment, check the local broadband speeds, because if they’re slow, this can put people off. If possible, incorporate some appealing mod-cons in the property, such as a smart thermostat, smart appliances (like a washing machine or oven that can be switched on remotely) or a device like Alexa or Google Home.