Today I am going to discuss how major economic and demographic trends are creating new opportunities and challenges for property managers these days Whether we embrace it with open arms or resist it every step of the way, we live in an era of rapid technological advancement and lifestyle transformation.
Whereas previous generations could rely on similar patterns of work and personal life for decades at a time, we are faced with the need to adapt to significant changes occurring every few years. This rapid pace of change places unprecedented importance on forecasting and preparation.
For those of us interested in growing our careers or businesses it is now a requirement to stay ahead of the curve. This paper aims to describe patterns that are deemed significant to real estate property management in the next two decades.
Property management is always considered as a robust and a growing industry. According to the latest U.S. Census data the real estate property management industry experienced an average growth rate of 5-7% at the beginning of this decade. The following four factors are considered amongst the most important demographic and economic forces behind this transformation:
1. The baby boomer effect,
2. The generation y factor,
3. Municipalities and the planned community concept and
4. The local living movement.
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