It’s certainly no big secret that the rental property management industry is fast evolving. New advanced technologies, changing renter demographics, and ever shifting market dynamics are part of what is driving this evolution. Together, these forces have, for all time, changed the property management landscape.
As a professional, staying ahead of the trends is integral. So, then, what lies ahead for property management? Here’s a simple look at some of the most innovative and unique trends currently shaping the future of rental property management.
Virtual Assistants and Remote Solutions
Virtual and AI technologies have led to a big increase in the use of remote teams and assistants to manage rental properties. Actually, remote work is transforming how property managers operate, from overseeing property maintenance to communicating with renters. This trend will likely magnify in the next few years, powered by new tech solutions.
Tasks that used to require a property manager to be at the venue may now be acted upon from a distance, from maintenance to inspections and beyond. Virtual assistants can reply quickly to tenant inquiries and requests and, eventually, may even be able to administer tasks like, for instance tenant screening, lease preparation, and much more. This is really a trend to keep an eye on.
Immersive and Interactive Property Tours
Virtual tours are already a new trend expansively used in property management. The next shift of this trend would be augmented reality, where virtual tours become a 3D experience. While it is true that technology capable of creating such experiences already actually exists, it hasn’t yet been significantly used in property management.
Still, as renter demographics swerve towards younger and more tech-savvy, the leasing experience will prospectively shift dramatically toward an end-to-end virtual experience. These technologies can be a perfect time saver for property managers, lessening the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already largely streamlining rent payment processes and record-keeping tasks. Where these payment platforms are seemingly to go next is the adoption of blockchain technology to offer renters new ways to pay rent and generate smart contracts and assured, transparent leasing agreements.
One of the fascinating advantages of blockchain technology is that it can make identity verification and even background checks a lot easier, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry however it is most likely to suddenly trend in the months and years ahead.
AI-Powered Property Management Tools
Property management software has advanced immensely in recent years. With the advent of AI-powered platforms, these tools hold the ability to revolutionize a wide range of property management tasks and processes. Appropriate among these would be the prowess to make productive use of predictive analytics, anticipate property needs, and optimize the performance of an investment property.
Instead of waiting for service requests or, yet worse, emergency repair calls, AI property management tools could anticipate these expenses and help arrange for the most cost-effective way to work on them. That function alone could exceedingly reduce the time spent on property maintenance and repair issues.
Co-Living Spaces and Flexible Leasing
In a lot of markets, rental prices have jumped higher beyond what most people can afford. This economic reality and changing lifestyles for some of the most populous renter demographics require more flexible living arrangements and shared spaces. Undoubtedly, signs imply that a strong trend for the future is a significant increase in renters looking out for co-living spaces, short-term leases, and cost-sharing options.
Property managers can gear up for and attentively respond to this trend by adopting leasing models that present this type of flexibility and working with property owners to customize the current properties to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and always shifting renter preferences are already developing the future of property management. To stay competitive, seek and monitor upcoming industry trends and go for expert guidance as needed.
Partnering with a dedicated, forward-looking property management organization is a perceptively wise decision. At Real Property Management Metro, we help you stay competitive by adding new industry trends in Frederick and nearby areas. For more useful information, contact us online or call 410-290-3285 today.
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