Orange County Legislative Watch — How Residential Property Management Needs to Adapt in 2023

By ChiP ahlswede, viCe PresidenT of exTernal affairs

How Residential Property Management Needs to Adapt in 2023

Residential property management companies are facing an increasingly challenging landscape as we move into 2023. In order to remain competitive and effective, these companies need to adapt to new technologies, changing consumer preferences, and other developments in the market.

One of the biggest challenges facing residential property management companies is the rise of new technologies. With the proliferation of smart homes and other high-tech solutions, property managers need to be able to adapt to these changes in order to provide the best possible service to their clients. This means investing in new technologies, such as smart locks and security systems, as well as training their staff to use these systems effectively.

Another key area where residential property management companies need to adapt is in the way they communicate with their clients. With the rise of social media and other online platforms, property managers need to be able to effectively communicate with their clients in a way that is convenient and accessible. This means using social media, email, and other online tools to keep clients informed about important updates, as well as responding to their questions and concerns in a timely manner.

Another trend that is likely to continue in 2023 is the growing popularity of rental properties. With more and more people choosing to rent rather than buy, property managers need to be able to provide high-quality rental properties that meet the needs of their clients. This means investing in properties that are located in desirable areas, as well as providing a range of amenities and services that will appeal to renters.

In addition to adapting to new technologies and changing consumer preferences, residential property management companies also need to be aware of changes in the legal and regulatory landscape. As the market continues to evolve, property managers need to be prepared for new regulations and laws that could affect the way they do business. This means staying up-todate with the latest developments and ensuring that they are in compliance with all relevant laws and regulations.

In order to remain competitive in 2023, residential property management companies need to be willing to adapt and change. This means investing in new technologies, improving their communication with clients, and staying up-to-date with changes in the market. By doing so, these companies can continue to provide high-quality service to their clients and remain a vital part of the property management industry.

As we move into 2023, residential property management companies need to be prepared for a range of public policies, legal changes, and regulatory changes that could affect the way they do business. In order to remain competitive and effective, these companies need to be aware of these developments and be prepared to adapt to them.

One of the biggest challenges facing residential property management companies is the growing demand for affordable housing. With more and more people struggling to afford to rent or buy a home, governments at all levels are implementing policies and programs designed to increase the supply of affordable housing. This could include initiatives such as providing tax incentives for developers who build affordable housing, or implementing rent control measures to keep prices down.

Another major area of concern for residential property management companies is the increasing focus on energy efficiency and sustainability. As concerns about climate change continue to grow, governments are implementing policies and regulations designed to encourage the use of renewable energy sources and reduce greenhouse gas emissions. This could include incentives for property managers who invest in energy-efficient systems and technologies, as well as requirements for new buildings to meet certain energy efficiency standards.

In addition to these policy developments, residential property management companies also need to be prepared for changes in the legal landscape. For example, the recent passage of the Fair Housing Act has expanded the rights of tenants, and property managers need to be aware of these