With new technologies, a changing work landscape, and new priorities among tenants, the future of property management will see a significant transformation. Property owners must take proactive action to ensure the health and longevity of their properties. The first step in doing so is developing a deep understanding of each new change to come. Once equipped with this knowledge, property owners will be able to manage their properties better and meet tenant needs and expectations.
At EpiCity, we pride ourselves on staying three steps ahead in all areas of real estate to best serve our clients. Below, we’ll explore five key elements shaping tomorrow’s property management landscape and provide insights into what you can expect in 2024 and beyond.
Sustainability
One of the biggest trends that we’ve seen in property management is the push towards sustainability. Being more sustainable means a greater focus on reducing waste, conserving resources, implementing sustainable practices, and minimizing the environmental impact of properties. According to a recent Deloitte survey, more than 80% of property owners view sustainability practices as a major deciding factor in tenant leasing decisions.
At EpiCity, we always look for new ways to enhance our properties and foster a happy, healthy community. Integrating sustainability into our properties is a great way to do it. That’s why we partnered with Natural Born Tillers to create a thriving urban farm experience at numerous EpiCity properties. By integrating edible landscaping into our property communities, we created a unique environment that allows tenants to engage with each other and nature. Not only does implementing sustainability practices help the environment and lure in potential tenants, but it is also incredibly cost-effective.
Proactive Maintenance
Another change in property management is a shift from reactive maintenance toward proactive maintenance. Regular inspections and routine maintenance guide proactive maintenance while helping prevent problems before they occur. At EpiCity, we keep our properties on a proactive maintenance schedule to identify potential issues before they become major problems. This saves tenants and property owners stress, time, and money while also maintaining the property’s structural integrity.
Space Flexibility
The traditional office space has been changing rapidly for the last few years. Property management teams are responsible for adapting to these changes to remain competitive. Adaptation means providing flexible spaces that you can customize to meet the unique needs of tenants. At EpiCity, we recently helped Akrosphere Aerial Circus Arts find a home at 225 Curie Drive. This involved transforming a space that was previously a distribution center into a custom facility that meets the unique needs of their performing arts company.
Jen MacQueen, the coach and owner of Akrosphere Aerial & Circus Arts, said the following about working with our team: “We needed EpiCity’s team to move the overhead lighting over and up out of the way of the steel truss beams because we needed to use our rigging system to hang from the beams for some of our activities,” said Jen. “We also wanted a soaring sky-blue ceiling color, some walls knocked down for a more open space, and [we needed] additional fixtures in the bathrooms to accommodate our students. The team was able to create what I had imagined and more, and it looks fantastic.”
Smart Buildings
As technology continues to advance at breakneck speed, the future of property management will find itself intertwined with smart buildings. By utilizing a variety of sensors and technologies, smart buildings gather data about themselves and how tenants use them. Property managers can take advantage of this information by using it to optimize tenant experiences. In addition, smart buildings can assist with minimizing energy consumption, identifying areas for predictive maintenance, reducing operational costs, and improving properties’ overall efficiency.
Health and Wellness
Finally, health and wellness are becoming increasingly popular in every facet of life, and property management is no different. One way to embrace health and wellness in property management is to provide tenants with access to amenities. Outdoor spaces, gyms, and other wellness resources like exercise classes can help attract future generations of tenants. Implementing health and wellness into your property management strategy also includes:
- Leveraging natural lighting to brighten spaces.
- Improving indoor air quality.
- Offering food and beverage options for tenants to enjoy.
At EpiCity, we want every tenant to feel that our properties amplify their health and wellness goals. For example, our Armour Junction property has wide-open green spaces with outdoor seating arrangements and meditation areas. At Powers Ferry, we combine big-city amenities with a peaceful, park-like setting.
Forward-Thinking Atlanta Property Management
2024 is mere weeks away. Property owners must begin developing a property management strategy to help their properties thrive while confidently tackling new trends and challenges. At EpiCity Real Estate, we understand that constructing an effective property management strategy can be overwhelming, especially if you’re inexperienced in property management or have an array of properties to maintain simultaneously.
Our Atlanta property management team can help. With nearly a century of experience in property management, we understand how to change with the times, and designing effective strategies for the future of property management is our bread and butter. If you’re interested in proactive property management in 2024, please don’t hesitate to reach out to us. We’d be thrilled to have the opportunity to help you and your properties kick off the new year on the right foot.