NUTS & BOLTS
PROPERTY MANAGEMENT
What Smart Property Managers Need to KnowNow EVEN IN A HOT MARKET, YOU CAN’T TAKE YOUR EYE OFF THESE TRENDS.
by James Hart
T
entire house and, frankly, are tired of mowing lawns and making repairs. Millennials want flexibility and, in many cases, might not have the financial wherewithal to buy. There are some Millennials who could afford to buy, but continue renting because they want to keep their options open. Birdy has some younger tenants who rent and are buying invest- ment properties of their own. Smart property managers should realize that both groups have different needs and different ways of communicating. Millennials, for example, tend to be smartphone-savvy. Today, it’s possible for potential tenants to find a listing online, send a
hanks to sky-high demand for rental housing, right now is a great time to be in the business of property management. It’s simpler than ever to find and place quality tenants in a property. Make no mistake, though: Property management is a business, one that’s shaped by larger trends in the economy, society and government. Smart managers always need to keep one eye on the horizon. Nobody knows that better than Brian Birdy, vice president of residential management for Property Management Inc. The Utah-based franchise business teaches individuals how to start and run their own property management operations. PMI also helps current property managers convert their existing business- es to its system. “We’re able to show you what good property management can and should do,” Birdy said. Since 2008, Property Management Inc. has launched more than 140 franchisees, with eight to 10 more coming online every month. PMI has a presence in about 30 states, plus Puerto Rico and South Africa. Birdy also is the head of Birdy Properties, a San Antonio property management company that manages more 1,500 doors worth a total of $300 million. He talked with Think Realty about some of the biggest trends that property managers need to be watching. TWO GROUPSWILL DOMINATE THE BUSINESS Demand for rental housing should remain strong for the fore- seeable future because of two demographic groups: Millennials and those age 50 and older. The young guys might get all the press, but Birdy said the 50-and-older group actually is larger. The 50-plus renters are downsizing because they don’t need an
112 | think realty magazine july :: august 2016
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