Property Management has very little innovation for the last 50 years, whereby landlords have used local property management companies to manage their property portfolio for a percentage on the rental income. With innovations in the technology market as well as the wider real estate market, Property management services are likely to go through a transformation in 2019. In particular, there has been a number of cloud software vendors bringing in products to automate repetitive tasks as well the simplification of the process, it's likely the industry will be able to reduce its operating cost and provide savings to landlords.
There is innovation in the business model whereby landlords are being offered a minimal service for smaller management fees, but it's not likely to be popular with many landlords as it still leaves them with some of the tasks of managing the property.
It will be an exciting year for property management companies and landlords who are looking to benefit from the innovation in cloud technology to reduce cost and provide a better service.
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