It’s general knowledge that the rental property management industry is rapidly evolving. New advanced technologies, changing renter demographics, and always shifting market dynamics are part of what is driving this evolution. Together, these forces have permanently and totally changed the property management landscape.
As a professional, staying ahead of the trends is vital. So now you ask, 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 an enormous increase in the use of remote teams and assistants to manage rental properties. As a matter of fact, remote work is transforming how property managers operate, from overseeing property maintenance to communicating with renters. This trend is expected to increase in the next few years, powered by new tech solutions.
Tasks that used to require a property manager to be on the site may now be done from a distance, from maintenance to inspections and beyond. Virtual assistants can reply right away to tenant inquiries and requests and, in the coming days, may even be able to bring about tasks like, to cite an instance, tenant screening, lease preparation, and much more. This is surely a trend to keep an eye on.
Immersive and Interactive Property Tours
Virtual tours are already a new trend mostly used in property management. The next likely evolution of this trend would be augmented reality, where virtual tours become a 3D experience. Even though technology capable of creating such experiences already is accessible, it hasn’t yet been broadly used in property management.
But really, as renter demographics skew younger and more tech-savvy, the leasing experience will, no doubt, shift dramatically toward an end-to-end virtual experience. These technologies can be a total time saver for property managers, paring down the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already making rent payment processes and record-keeping tasks easy. Where these payment platforms are disputably to go next is the adoption of blockchain technology to offer renters new ways to pay rent and make smart contracts and guaranteed, transparent leasing agreements.
One of the splendid advantages of blockchain technology is that it can make identity verification and even background checks easier and more uncomplicated, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry but at the same time is expected to suddenly trend eventually in the years to come.
AI-Powered Property Management Tools
Property management software has advanced considerably in recent years. With the advent of AI-powered platforms, these tools hold the possibility to revolutionize a wide range of property management tasks and processes. Prominent among these would be the competency to take advantage of predictive analytics, anticipate property needs, and optimize the performance of an investment property.
Indeed, rather than waiting for service requests or, worse, emergency repair calls, AI property management tools could smoothly anticipate these expenses and formulate the most cost-effective way to handle them. That function alone could immensely reduce the time spent on property maintenance and repair issues.
Co-Living Spaces and Flexible Leasing
In most markets, rental prices have swelled up beyond what most people can afford. This economic reality and changing lifestyles for some of the most populous renter demographics drive a strong demand for more flexible living arrangements and shared spaces. Indeed, signs signify that a huge trend for the future is a remarkable increase in renters trying to get co-living spaces, short-term leases, and cost-sharing options.
Property managers can conspicuously prepare for and take advantage of this trend by adopting leasing models that endow this type of flexibility and working with property owners to refurbish the current properties to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and ceaselessly shifting renter preferences are already clearly shaping the future of property management. To stay competitive, figure out upcoming industry trends and search around for expert guidance if appropriate.
Partnering with a diligent, innovative property management organization is a really wise decision. At Real Property Management Key Response, we help you stay competitive by encompassing new industry trends in Gallatin and nearby areas. For more valuable information, contact us online or call 615-953-8700 today.
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