It’s no mystery that the rental property management industry is quickly expanding and evolving. New advanced technologies, changing renter demographics, and ever shifting market dynamics are part of what is driving this evolution. Together, these forces have interminably and permanently changed the property management landscape.
As a professional, staying ahead of the trends is substantial. So, well, what lies ahead for property management? Here’s a concise overview of 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 great increase in the use of remote teams and assistants to manage rental properties. Really, remote work is transforming how property managers operate, from overseeing property maintenance to getting in touch with renters. This trend will feasibly expand in the next few years, powered by new tech solutions.
Tasks that used to require a property manager to be at the job site may now be implemented from a distance, from maintenance to inspections and beyond. Virtual assistants can reply rapidly to tenant inquiries and requests and, by and by, may even be able to take charge of tasks like, for example, tenant screening, lease preparation, and much more. This is absolutely a trend to keep an eye on.
Immersive and Interactive Property Tours
Virtual tours are already a new trend vastly used in property management. The next switch or evolution of this trend would be augmented reality, where virtual tours become a 3D experience. Though technology capable of creating such experiences already exists, it hasn’t yet been regularly used in property management.
Though, as renter demographics skew younger and more tech-savvy, the leasing experience will conceivably shift dramatically toward an end-to-end virtual experience. These technologies can be a clear time saver for property managers, minimizing the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already completely streamlining rent payment processes and record-keeping tasks. Where these payment platforms are, in all likelihood, to go next is the adoption of blockchain technology to offer renters new ways to pay rent, allow creation of smart contracts and totally secure, transparent leasing agreements.
One of the interesting advantages of blockchain technology is that it can make identity verification and even background checks far easier, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry but has the impending likelihood to suddenly trend in the months and years to come.
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 power to revolutionize a wide range of property management tasks and processes. The most important among these would be the capability to employ predictive analytics, anticipate property needs, and optimize the performance of an investment property.
Instead of waiting for service requests or, even worse, emergency repair calls, AI property management tools could anticipate these expenses and prepare as well as iron out everything for the most cost-effective way to tackle them. That function alone could immensely reduce the time spent on property maintenance and repair troubes.
Co-Living Spaces and Flexible Leasing
In numerous markets, rental prices have inflated beyond what most people can afford. This economic reality and changing lifestyles for some of the most populous renter demographics drive the desire and demand for more flexible living arrangements and shared spaces. But, in point of fact, signs indicate that a strong trend for the future is a rapid increase in renters watching out for co-living spaces, short-term leases, and cost-sharing options.
Property managers can get ready for and address this trend by adopting leasing models that provide this type of flexibility and working with property owners to modify current properties to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and continually shifting renter preferences are already establishing and shaping the future of property management. To stay competitive, carefully watch and monitor upcoming industry trends and look for expert guidance according to need.
Partnering with an effective, forward-looking property management organization is a reasonable decision. At Real Property Management Platinum, we help you stay competitive by encompassing new industry trends in River Park and neighboring areas. For more relevant information, contact us online or call 559-425-8550 today.
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