2024 Trends in Commercial Property Management
1/4/2024 (Permalink)
Stay ahead of the curve with 2024's Commercial Property Management Trends.
Commercial property managers have had their hands full over the past few years, responding to the pandemic and all the resulting changes. In 2024, as the commercial property rental landscape continues to evolve and adapt, property managers can take proactive steps to find and take advantage of the opportunities within these challenges.
The dynamics of the economy, changing tenant expectations, and continual technology innovations have combined to create a profound transformation in commercial real estate. Innovation and adaptation are the friends of commercial property managers, and the following points discuss some of the trends to look for in 2024.
Advancements in Technology and Automation
Technology for Tenants
As people shop online more and package stealers continue proliferating, many properties have added smart-locker storage for tenants to receive their packages safely. This trend is expected to grow, and tenants will look for additional technology integration, such as SMS notifications and other tech-related options that enhance their convenience.
Keyless entry is another growing trend that tenants appreciate. More commercial properties offer digital amenities like free WiFi and 5G integration, and this trend is expected to continue. For areas where theft is an issue, video doorbells and security cameras can set your property apart. Landlords and property managers can also use security cameras to manage and monitor the property around the clock remotely.
Operational Software
Operating commercial properties involves many moving parts, and commercial property management trends in 2024 will continue to emphasize automating, streamlining, and improving workflows with SaaS and cloud-based software platforms. Cloud-based property management software connects operational teams online, increases effective communication, and offers tenant portals for more efficient repair requests and other tenant needs.
Managing properties using virtual tools such as Zoom interviews or property tours is becoming a norm, and integrating AI and IoT will continue to grow. IoT, or Internet of Things, refers to tools that typically use WiFi or Bluetooth to automate activities. Property managers are implementing IoT tools such as automated or smart lighting, smart laundry, smart locks, automated lawn care, and smart temperature control.
AI will enhance property management by refining processes such as more personalized tenant experiences where AI anticipates tenant needs and preferences. Property management software may also use AI to improve virtual property tours to help tenants more effectively imagine themselves in the unit. AI tools may offer insights that drive coordinated smart building systems, such as assisting in adapting their operation to environmental conditions based on the property’s occupancy patterns. These adjustments can save on energy consumption and other resources while reducing costs.
Continued Evolution of Tenant Preferences and Market Dynamics
More Multifamily Units
The rents for multifamily units often cost less than those for single-family dwellings, driving increased demand for additional multifamily units. Renters are also migrating to states with lower taxes, and while they want the lower rents of a multifamily unit, they also want more spacious homes with additional amenities. Tenants for all types of rental properties also demand more services and amenities in exchange for the rising cost of rent, including high-speed internet, in-unit washers/dryers, and HVAC.
More Property Management Services
Demand for more professional property management services should continue to increase in 2024. Tenants expect and desire the expertise of knowledgeable management, especially when dealing with property repairs, disputes, and other issues in multi-unit settings. Tenants also demand the technological tools often provided by professional property management, such as online portals for repairs, questions and issues, and the ability to pay their rent online.
Commercial property management trends in 2024 also emphasize using tools like improved and streamlined tenant screening processes and advertising available units on multiple platforms, including social media.
Updating Business Strategies and Addressing Economic Factors
Managing Costs to Improve Profit
In 2024, commercial property managers will benefit from prioritizing profitability while keeping costs under more strict control. Acquiring new properties can increase revenue and profits through operational synergies. In contrast, new services like outsourcing to high-quality vendors such as a reliable restoration company can save on labor costs and keep properties in tip-top shape to command improved rents. Adopting technology such as specialized property management software can also reduce labor costs by automating some of the back-office administrative work of property management.
Considering Economic Factors
During rising inflation, property managers must constantly monitor and reduce costs wherever possible. Additionally, the new year is a great time to focus on scaling up the business by implementing growth-hacking strategies and considering refinancing options to take advantage of potential federal interest rate cuts.
For 2024, although there is no guarantee, sources predict the Fed will continue to reduce mortgage interest rates. Savvy property managers and owners will poise themselves to refinance more expensive loans and leverage the increased value and higher equity in existing properties to make additional investments. Lower interest rates often stimulate economic activity, which may create opportunities to improve occupancy rates and achieve higher rents, especially if the rental market remains tight.
Political and Regulatory Challenges
Taxes (and Other Costs) Go Up While Loopholes Disappear
Commercial property management trends in 2024 include strategies to offset the effects of rising taxes and closing financial loopholes for commercial property landlords. Property managers can expect changes such as government measures attempting to capture more real estate-related revenues. Governments may pressure property managers and landlords to lower or normalize rents to aid housing crises in higher-priced housing markets.
Additionally, landlord insurance for rental properties is undergoing changes that affect tenant evictions and other issues while becoming more costly. Commercial property managers can potentially lower the cost of the policy by increasing the deductible, prioritizing as many safety features on the property as possible, and requiring renters to carry renter’s insurance. Safety features include updates like carbon monoxide sensors, tankless water heaters, and fire-resistant roof coverings.
Political Motivations
Politicians may focus on a growing homelessness problem and the lack of affordable rents in many areas. Leading up to the 2024 election, some politicians may highlight a need to enforce regulatory compliance among landlords and property managers as part of their platform.
A Consolidating Industry
The entry of large corporate property management companies may challenge independent or smaller property management firms. Sometimes, these larger companies have more extensive resources to provide cost-effective services, increased marketing resources, and value-added options such as financial reporting for multi-unit properties or property portfolios. These firms may also offer lead-generation services and additional brand-building for properties under their management.
Win by Staying Ahead of the Changes
Successfully navigating the changing climate of commercial property management relies on property managers recognizing trends and proactively embracing and managing them. While preparing to take your properties into 2024, consider these trends and how to extract opportunities from them to improve and grow your business.
From integrating technology that automates operational work and provides additional tenant amenities to anticipating and staying ahead of economic shifts, vigilance is critical. Reducing costs by outsourcing work to commercial restoration services and other third parties is one of many strategies that can help you leverage innovation and position your business to handle the changing landscape in property management more effectively.
Stay agile and informed; the coming year of challenges and opportunities will reward your property management business with success and prosperity. At SERVPRO of Pasadena North, we can help you with water damage cleanup, mold remediation, cleanup from fire and other damage, and general cleanup. Call us today at (626) 447-4111!
Frozen Pipes
12/13/2021 (Permalink)
Here at SERVPRO of Pasadena North we know first hand how hard a commercial water damage can be on a business. It is very important for all business owner to be aware of the possible causes of water damages and what to do at first sight of them.
Right now in California the weather is starting to become very cold and that alone can cause some unforeseen damages since we are not well equipped for this type of weather. Us California natives know this type of cold weather usually does not last this long, but that doesn't mean it cant do damage in the little time that it is here.
The most common cold weather damage can be frozen pipe bursts. You can tell if your pipes are freezing if you see water stains on the walls, ceilings, and floors, musty/molded smells, and cracked tiles.
If you can be vigilant you can try to avoid these damages. In the event that you do not catch a damage before it happens you can always call your locals professionals at (626) 447-4111
Rose Bowl Parade
11/16/2021 (Permalink)
Rose Bowl Parade PASADENA
With everyone's favorite parade coming up right around the corner we need to remember to all do our part to keep everyone and the building safe.
Every year hundreds of people gather around to enjoy the beautiful Rose Bowl Parade to celebrate the new year. With smiles on everyone's faces and joy all over, we tend to forget about all the hard work people put into making such a memorable day.
Let's do our part in keeping the event safe.
For those working the event:
- Make sure all facilities are well maintained, restrooms, sinks, kitchens, and various plumbing lines.
- Be sure to call SERVPRO of Pasadena North in the unfortunate event of a fire, water, or sewage damage.
For those coming to enjoy the event:
- With COVID-19 still around, please keep 6 feet of distance
- Do not smoke or throw cigarettes near flowers, plants, or hillside
- Do not litter - as littering can be a health hazard.
Commercial Leaks
10/25/2021 (Permalink)
Leaks from old pipping, damaged roofs and other overlooked areas can cause unwanted water damage that can go unnoticed for an extended period of time. Attempting to clean up water from a leak on your own can lead to further damage or contamination if not handled properly. Our technicians are highly trained professionals that specialize in water mitigation, so trust us, you are in good hands. We will walk you through every step of the way and keep you updated as we progress. Water damages can happen at anytime, that's why it's always good to know that there is someone that can be there for you no matter what time a day it. SERVPRO of Pasadena North is open 24-hours, 7 days a week.
Sewage Loss at Commercial Building
10/20/2021 (Permalink)
Sewage Loss at Commercial Building
This loss was caused by a sewage backup that originated from a floor drain in the janitor's closet. The water migrated to a vacant office adjacent to where it started, and it also seeped through the flooring, affecting a kitchen and hallway in the lower level. Our SERVPRO technicians, who are trained and certified, arrived onsite and quickly assessed and addressed the situation. The first step in dealing with a sewage backup is extracting all standing water. Following the extraction of all water, any porous materials that is affected must be disposed of. Carpet, walls, and contents are a few examples of materials that need to be discarded. Using dehumidifiers and air filtration devices, We facilitate dry down of the structure and minimize further contamination. This process may take anywhere from 3 to 5 days, but this job specifically, reached our drying goal in only 3 days. Make sure to contact your local professionals at SERVPRO of Pasadena North, to feel confident that every issue, regarding sewage backups, is taken care of.
If a water or fire damage ever happens in your home or place in business, call us for a free inspection at (626) 447-4111. Our team at SERVPRO of Pasadena North are more that glad to lend a hand.
Clean your building the SERVPRO way!
10/8/2021 (Permalink)
Certified: SERVPRO Cleaned
Cleaning and disinfecting your building after coming back from the time off when COVID first hit can be scary! As America's #1 clean up and restoration brand we have come up with a fundamental process called Certified: SERVPRO Cleaned. This process consists of what we call the 3 C's- Consult, Clean, Certify.
- Consult: Each and every business is different in it's own ways, we will take the time to understand the specific needs for your business.
- Clean: Now based on the consultation, an expert deep clean is initiated using our proprietary EPA-approved, hospital-grade cleaning solutions and always adhering to CDC standards.
- Certify: Once the entire cleaning and disinfecting has been completed you're business becomes Certified: SERVPRO Cleaned! The public will know that your business has taken the time to get certified, which represents their commitment to comfort and security of their employees, customers and community.
Are you interested in getting Certified: SERVPRO Cleaned? Contact us today at (626) 447-4111
https://www.SERVPROpasadenanorth.com/?utm_medium=yext&utm_source=gmb&y_source=1_MTYxOTUwNTYtNzE1LWxvY2F0aW9uLmdvb2dsZV93ZWJzaXRlX292ZXJyaWRl
No Loss Is Too Big! We Can Handle It!
2/20/2020 (Permalink)
This facility contains multiple buildings that are rented out by other Universities. We received the call from the facility after normal business hours. Immediately, we assembled a crew, gathered equipment and got on the site, within the hour of the initial phone call. It is essential to get there as soon as possible, so that we can take control of the situation and minimize the damage. As a reminder to those who own large commercial buildings. SERVPRO of Pasadena North specializes in large commercial losses, water mitigation and dehumidification. Don’t wait! If you are in need of our services for any situation, please pick up the phone and dial (626) 447-4111, and will send our certified crew immediately. We are always here to help.
Large Commercial Losses - Our Specialty!
2/20/2020 (Permalink)
Remember, our SERVPRO crews are ready to assist in all and any circumstances for water and fire damage. No matter how large or small the damage may be, we here at SERVPRO of Pasadena North are confident that our team can get the job done! Our most recent project takes place at the Westfield Mall located in Arcadia, Ca. Large commercial jobs like this, have to be dealt with extreme caution due to the high volume of foot traffic that flows in and out of the mall. Whenever our technicians are on the field, they take into consideration the environment they are working in, so that they can figure out how they need to approach each job. Every job is different and unique in its own way. Especially when dealing with large commercial losses. Staying one step ahead of the operation allows us to provide the best quality work.
Welcome to SERVPRO of Pasadena North
1/20/2020 (Permalink)
Welcome to SERVPRO of Pasadena North's blog page.
We will share helpful tips and inform you about our services and community events.
We take pride in being a part of the community and want to do our part in making Pasadena the best it can be. We stride to provide excellent customer service and take care of YOU in the moments you need it most.
SERVPRO of Pasadena North has many upcoming events that we will be blogging about for example; the Taste of Arcadia which is hosted by the Arcadia Chamber of Commerce. We will also be a part of the Emergency Preparedness Fair hosted by the Pasadena Kaiser Permanente. We will be along side the American Red Cross, Local Fire & Police Departments and other organizations helping the community take the necessary steps toward emergency readiness.
Not All Heroes Wear Capes
1/16/2020 (Permalink)
1. We are a 24-Hour Emergency Response Team
SERVPRO of Arcadia professionals will help limit the damage and get your facility back in operation QUICKLY! We have a 1-4-8 Service Response Guideline :
- Within 1 hour from the notice of loss SERVPRO of Arcadia will contact you to arrange for service.
- Within 4 hours SERVPRO of Arcadia Professionals will be on-site to start mitigation services.
- Within 8 business hours SERVPRO of Arcadia would have a verbal briefing of the scope.
2. Communication
SERVPRO of Arcadia will keep you informed from start to finish.
3. Reduce Recovery Time
By arriving quickly and mitigating the damage to the structure and contents. We provide effective cleanup and restoration services. SERVPRO of Arcadia will help you reopen the doors as soon as possible to get you back in business.
4. Lower Recovery Costs
We help you save money! Our quick response helps minimize secondary damage at your property which saves you thousands.
5. Emergency Response Profile
SERVPRO of Arcadia helps you plan for recovery before a disaster strikes! (See our other blog on "Getting Prepared" for more information)
6. Full Line of Services
Restoration:
- Fire, Smoke and Soot Cleanup and Restoration
- Water Removal and Humidification
- Mold Mitigation and Remediation
- Catastrophic Storm Response
- Move Outs & Contents Restoration
- Contents Claim Inventory Service
Cleaning:
- Ceilings, Walls and Hard Floors
- Bio-hazard and Crime Scene
7. A National Leader in Storm Response
We help when you need it the most!
SERVPRO is a national restoration company your clients and tenants know and trust!
Sewage Back Up
1/15/2020 (Permalink)
Sewage is not easy to deal with. If not mitigated properly, there may be excessive damage to your home. Call us!
Toilet overflows can cause significant damages to property, due to the contaminants and toxins that are found in the water. This specific type of water loss must be treated quickly in order to avoid secondary damages or further contamination. For example, secondary damages that can occur from sewage backup is mold. Mold can be toxic and can cause extensive damage to your property. In order to avoid exposure, mold must be removed promptly and properly.
This water loss occurred when the bathroom in the basement’s toilet backed up and overflowed. The water migrated into two bathrooms, elevator and elevator shaft. Our technicians found the source of the problem and immediately started to repair it. We then extracted the water from all the affected areas and dried them out in order to prepare the structure for decontamination process.
24/7 Emergency Service
