With these emerging property management trends in 2023, one thing is for sure, BeHome247 will be leading the force for change with new property management technology. For the past 15+ years operating in the ‘prop-tech’ space, BeHome247 has kept our ears to the ground and our sights on the horizon. Listening to our customers, industry professionals, and those who influence change in the property technology industry is the foundation of how we choose to adapt to this ever-changing market. In 2022, we made several enhancements and introduced a plethora of integration partners to continue on as industry leaders, and as we monitor 2023 property management trends, we want to keep you in the know.
Don’t fear change. Fear not changing. Here are our 2023 property management trends.
A Need for Security and Fraud Prevention
Property managers in both single-family residential and vacation rental spaces are looking to up the ante in security. Preventative services to better protect your assets and your customers are more critical than ever, and property management technology is one way to add security and fraud prevention to your routine without adding overhead costs.
Background checks and proper screening of potential residents have been prevalent in the single-family resident space for some time, but in 2022, BeHome247 saw increased engagement for these services in vacation rentals. Offerings like BeHome247’s Real ID Check and authentication process of guests and potential residents allow property managers to seamlessly verify the identity of someone without extending additional resources to the task.
In addition to our layered security and fraud prevention tools, BeHome247 will be supporting BLE Locking devices through our unified platform later in 2023.
VRMA Expands to Individual Homeowners
An anticipated property management trend for 2023 is the substantial increase in interest from individual homeowners to rent on their own due to the Vacation Rental Management Association (VRMA) expanding their membership qualifications. Simply put, if you are an individual homeowner renting one or more properties, you can now join VRMA as an Individual Manager and start reaping the benefits of this valuable organization. VRMA promotes the vacation rental industry, provides opportunities for networking and education, and overall works on the behalf of its members to grow the vacation rental space.
Property management companies should be aware of this change and be prepared to prove their value proposition to their owners, especially those who have expressed in the past that they used to self-manage.
An Uptick in Long-Term Leasing for Vacation Rentals
Continuing into 2023 is the digital nomad – those who have the flexibility to work from home, or rather, home-away-from-home. Seemingly, digital nomads are here to stay, and they’re looking for long-term leasing in the vacation rental space. In fact, the IMN Short-Term Rental Forum has defined this customer type as Mid-Term Rentals, meaning stays between 30 days and 12 months before moving to their next location.
Where property managers used to talk ad nauseam about the minimum length of stay, they now need to consider the maximum length of stay as well. These Mid-Term Rental guests, if positioned correctly, can be tapped into as a new revenue source for property managers.
Electric Vehicle (EV) Amenity is Gaining Traction
Almost every automobile manufacturer has an electric vehicle (EV) in the market, and year over year, households are incorporating EVs into their vehicle Rolodex. With that being said, the amenity of EV charging stations onsite has gained traction, and property management technology is adapting to this sought-after feature.
As a property manager, figuring out how to install, automate, and (most importantly) add a new revenue source to your business can make this amenity a failure to launch. Thankfully, EV Charger companies, like OK2Charge, have integrated with BeHome247 to roll this amenity into your single platform for operations and automation.
Driving vs. Flying Vacations
The economy is certainly playing a part in property management trends, and we’re seeing this through the change in how travelers are getting to their destinations. With swooping ranges in airline prices (if you search ‘how to buy airline tickets’, you’ll find yourself in a black hole of plane ticket tips and tricks), and negative press for mass cancellations and limited availability, traveling via airplane isn’t resonating as a safe bet to the public.
What travelers can rely on is themselves, and we’re seeing drive markets to a destination gaining popularity. Not to mention, they are likely traveling in their electric vehicle to avoid the lofty gas prices. With so much uncertainty surrounding the traveler, being able to control their vacation has never been more pertinent to them.
A Need for Automation
The economy has not only changed the everyday traveler but it’s changed how the single-family residential and vacation rental industry operates daily. Property managers need their staff to be focused on critical tasks to ensure the satisfaction of their residents and guests, not chasing down statuses of units, digging up old email threads, or manually sending door codes.
To assist with staffing and to lighten the load, property managers are turning to thoughtful and helpful automations to guide them through their day, and BeHome247 is their platform to do just that. Our customers have been able to gain time back in their day and run their businesses more efficiently with our unified property management platform.
What’s on the Horizon for BeHome247?
With these emerging property management trends in 2023, one thing is for sure, BeHome247 will be leading the force for change with new property management technology. You can anticipate seeing new integration partners to better connect all your current systems, as well as exciting enhancements for our single-family residential customer, who, based on the above, will have some new information to consider for the year ahead.
Trust in BeHome247 to bring the change you need to stay ahead of the game. Contact us today!
