The Number 1 Property Managers Choice For 2010 to 2020

Some projects turn out to almost manage themselves. Others are nightmares from the start and just can't seem to improve ever. What will be the perfect property for the next decade? The answer to this question can't be understood with complete certainty. However, there are hints from developing events in the market place they can offer clues. Let's discuss these items.

First, what makes a great property to manage?

• Full or nearly full occupancy,
• Maintainability and ease of operation, and
• Low to no resident issues

Many might say, "What is new?" From the perspective of the issues nothing is new. From the perspective of which properties will be best in this context, much is changing. First, the demographics of the renting population will be majority minority. Second, a much larger part of the population is likely to choose to rent than has in the past because of lost wealth, aging, disillusionment over the value of home ownership, tighter homebuyer credit restrictions, more demanding home purchase down payment requirements; and rising focus on greener living and quality of living issues.

The effects of these changes can't be predicted with absolute accuracy, but some likely outcomes can be anticipated. Some of these include:

• Renters will be renters for longer periods of time;
• Renting may no longer be the transitional event that it has in the past. Renters may view their unit as their permanent home;
• A portion of renters may have significantly more wealth than in the past; and
• Renters may show more preference for location over single family living

For managers, these factors subtley shift the definition of the manager's ideal property. If residents view the project as a home rather than temporary housing before a home purchase, if some renters will have greater wealth, and if renters focus moves from a cost issue to a quality of living issue, the ideal projects would tend to be:

• Extremely focused on location for work, entertainment and play. While these projects have always had an advantage this could imply that properties not offering these values could languish under the impact of the changes. So a great project in terms of features and functions may not be redeemable.
• Projects that are located for all the phases of life will have greater advantage as renters may prove less mobile. Offering great location relative to schools and young family activities without balancing later needs could prove more challenging. Sites offering great access to all items may suddenly be even more appealing.
• The new demographic make up of renters offers making property feature, location, service, and management decision that may offer lower management interaction requirements.

While there may be other items we could consider, these thoughts should give managers and investors some food for thought given new market conditions.

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