Final modified on January twenty fourth, 2023
By Marc Frenkiel
To higher perceive what 2023 might have in retailer for the property administration {industry}, we lately surveyed practically 5,000 property managers to be taught extra about their sentiment and outlook for the approaching yr.
What we discovered was encouraging. Overwhelmingly, property administration groups share a powerful sense of optimism for the yr forward. This optimistic outlook spans from job development to elevated operational effectivity. Regardless of challenges on the horizon, 2023 brings excessive hopes throughout the property administration {industry}.
Right here’s a style of what you’ll discover within the inaugural AppFolio Property Supervisor Benchmark Report.
Alternatives
Underscoring the optimism talked about above, simply 1% of survey respondents are contemplating layoffs in 2023, whereas 52% want to rent extra staff. This optimistic outlook for job development within the property administration {industry} is available in stark distinction to current headlines depicting layoffs throughout many different industries.
Regardless of the opinions of many consultants {that a} recession might very nicely hit in 2023, survey individuals cited unit development as their biggest alternative this yr, seemingly because of the post-pandemic building growth of multifamily properties.
We additionally requested survey individuals to determine alternatives to streamline or automate operations:
These findings counsel that in 2023, property administration firms will prioritize methods to supply extra flexibility and a greater expertise to their residents, in addition to operational effectivity. All three teams cited processing extra hire funds on-line inside two proportion factors of one another. This pattern was mirrored within the alternative to enhance the accounts payable course of, and it comes as no shock. The method of depositing or reducing checks, in addition to recording transactions at scale, are two of essentially the most time-consuming features of property administration.
Survey respondents additionally mentioned that better customization capabilities can be essentially the most welcome enhancement to their present monetary reporting instruments.
Dangers
Like all {industry}, property administration has dangers to deal with. In line with survey individuals, the largest dangers this yr overlap with broader financial dangers and should not essentially industry-specific.
Although not with out challenges, these insights paint a optimistic image of what 2023 might have in retailer for the property administration {industry}. Although alternatives for enterprise development are a brilliant spot, an elevated give attention to each the worker and resident expertise are additionally causes for optimism. To uncover all of our extra findings and insights, obtain the 2023 AppFolio Property Supervisor Benchmark Report at the moment.
