It’s a widely known fact that the rental property management industry is quickly changing. New advanced technologies, changing renter demographics, and steadily shifting market dynamics are part of what is driving this evolution. Together, these forces have permanently and thoroughly changed the property management landscape.
As a professional, staying ahead of the trends is imperative. So, then, what lies ahead for property management? Here’s an overview of a few 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 substantial increase in the use of remote teams and assistants to manage rental properties. Beyond doubt, remote work is transforming how property managers operate, from overseeing property maintenance to communicating with renters. This trend will certainly increase in the next few years and powered by new tech solutions.
Tasks that used to require a property manager to be in the area may now be easily done from a distance, from maintenance to inspections and beyond. Virtual assistants can reply in a flash to tenant inquiries and requests and, before long, may even be able to settle tasks, that is to say, tenant screening, lease preparation, and much more. This is clearly a trend to keep an eye on.
Immersive and Interactive Property Tours
Virtual tours are already a new trend substantially used in property management. The next progression of this trend would be augmented reality, where virtual tours become a 3D experience. Granting that technology capable of creating such experiences already exists, it hasn’t yet been largely used in property management.
But certainly, as renter demographics turn out younger and more tech-savvy, the leasing experience will more likely shift dramatically toward an end-to-end virtual experience. These technologies can, undoubtedly, time saver for property managers, lowering the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already efficiently streamlining rent payment processes and record-keeping tasks. Where these payment platforms are potentially to go next is the adoption of blockchain technology to offer renters new ways to pay rentand generate smart contracts and protected, transparent leasing agreements.
One of the best advantages of blockchain technology is that it can make identity verification and even background checks hassle-free, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry but absolutely has the potential to suddenly trend for several months and years.
AI-Powered Property Management Tools
Property management software has advanced massively in recent years. With the advent of AI-powered platforms, these tools hold the capability to revolutionize a wide range of property management tasks and processes. Important among these would be the proficiency to put into service predictive analytics, anticipate property needs, and optimize the performance of an investment property.
Rather than waiting for service requests or, worse, emergency repair calls, AI property management tools could easily anticipate these expenses and develop the most cost-effective way to take care of them. That function alone could immensely reduce the time spent on property maintenance and repair issues.
Co-Living Spaces and Flexible Leasing
In various markets, rental prices have multiplied 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. As it turns out, signs manifest that a strong trend for the future is a tremendous increase in renters trying to find co-living spaces, short-term leases, and cost-sharing options.
Property managers can properly prepare for and take advantage of this trend by adopting leasing models that give this type of flexibility and working with property owners to rework current properties to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and constantly shifting renter preferences are already unequivocably shaping the future of property management. To stay competitive, track upcoming industry trends and look for expert guidance if needed.
Partnering with an innovative property management organization is a wise decision. At Real Property Management of the Triad, we help you stay competitive by encompassing new industry trends in Greensboro and nearby areas. For more gainful information, contact us online or call 336-355-6666 today.
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