Market Trends of United States Real Estate Services Industry
This section covers the major market trends shaping the US Real Estate Services Market according to our research experts:
Increase in Demand for Facility Management
North America holds the major market share in outsourced facility management. Moreover, the global standard for integrated facility management services, building maintenance, and repair services is getting a digital revamp. Facility management holds a major share in real estate services due to the adoption of new technology in facility management to reduce operating costs and improve efficiency. As technology is increasing, people are looking for instant access, maintenance, and other workplace services. Facility management service providers are looking forward to investing in building construction and integrated services. Market players are outsourcing facility management services to capture the market and achieve strategic partnerships. US real estate has many residential and commercial buildings. Moreover, the adoption of new technology in real estate services to provide better services is expected to drive the market during the forecast period.
Adoption of New Technology in Property Management Services
US companies are adopting new technologies to improve their services to create efficiencies and increase the property's performance. Managers and owners are looking for technological innovations, like Internet of Things devices, such as thermostats, CCTVs, and smart locker storage, which are being broadly used. Moreover, automation is becoming a critical component of the property management industry. Usage of technology by millennials is high. A recent survey stated that 42% of property managers are chosen to adopt new technologies to keep their properties relevant to today's market. Several companies offer new products, such as Buildium, AppFolio, Rentalutions, and VTS. These programs simplify and automate many previously paper-heavy functions, such as paying bills, collecting rents, and tracking maintenance performed.
