11 December 2024
Martin King, Managing Director of The FirstPort Group, looks at the top property trends set to influence the industry in 2025.
The Rise of Resident Management Companies (RMCs)
We are likely to see a continued rise in the formation of RMCs, which are placing residents at the heart of the decision-making process. At FirstPort, we welcome this trend. The growing number of resident-managed developments empower residents to take greater control over the management of their developments. As managing agents, we see our role as one of trusted partner to RMCs, playing an integral role in supporting them to navigate complex and rapidly evolving regulations and requirements.
Earlier this year we launched a dedicated London Residential Real Estate team to address the needs of the capital’s RMC market, which accounts for nearly 20% of the UK’s RMC sector. Whilst FirstPort manages 1,700 RMCs across the country, this new team reflects our commitment to supporting resident-led management in one of the nation’s most dynamic property markets.
Leading a rapidly evolving industry
The Leasehold and Freehold Reform Act will demand higher and more uniform standards of professional service across our industry. This is something which FirstPort welcomes, and we are determined to set an example for and to lead the industry as it evolves. We see a growing demand for consumer-centric property management, with residents rightly demanding ever greater transparency and real-time access to information which can inform their decision-making processes. We are on a journey toward achieving greater transparency in all aspects of resident communications, and we are committed to continually refining our services to ensure that our approach aligns with both regulatory requirements and our customers’ needs. A key milestone is our refreshed, online customer portal, which enables self-service and access to real-time information for residents.
It is our responsibility as property managers to uphold the highest standards, ensuring the safety and wellbeing of all residents in our care. The property sector in 2025 will be shaped by its responsiveness to legislative changes and we fully support initiatives to establish consistent standards and ensure professionalism across the whole property management sector.
We continue to support our industry body, The Property Institute (TPI), in asking the Government to create a robust regulatory framework for property managers, which we believe will lead to uniformity of standards across the industry. As the UK’s largest property manager, we are always looking at ways to improve the service offered to our customers. This year we introduced an industry-accredited training programme for our colleagues, and we’ve invested in senior teams to navigate the evolving building and fire safety agenda.
A continued focus on building safety
The health and safety of residents is paramount and will continue to be a priority for FirstPort. In particular, our dedicated Building Safety team will continue to support the remediation of higher-risk buildings whilst making sure robust safety measures are in place for all the properties we manage.
By leveraging our specialised knowledge, we are addressing the intricate challenges of modern property management while setting a benchmark for safety in the property management industry.
Changing expectations in later living
The later living market is changing, with retirees looking for dynamic, integrated retirement communities that promote active and socially connected lifestyles. To that end, FirstPort has this year embarked on some exciting new partnerships, such as working with luxury retirement living provider Platinum Skies, which is part of the Affordable Housing & Healthcare Group (AHH) to provide a bespoke service offer to later living customers.
2025 is likely to see a new generation of retirees redefining the traditional notions of retirement. This shift challenges conventional retirement models and calls for innovative approaches to community living. We are monitoring these trends closely, ensuring that we provide services and solutions tailored to the evolving expectations of later living residents.
Adapting to change
Finally, in an evolving industry, responsiveness and agility will be key traits which stakeholders will demand from property managers like FirstPort. Over the past year, we have strengthened our management team and conducted a thorough review of our systems and processes to improve customer communication, and uphold greater accountability, transparency, and value for money.
I have no doubt that the new year will present new challenges and opportunities shaped by legislative reforms, consumer expectations, and societal trends. We at FirstPort are embracing these changes, by championing industry best practices with a uniquely data-driven, professional, customer focused approach for a transformative 2025.
If you’d like to find out more about the range of residential property management services we provide, click here to contact us.
