The rental property management industry is undergoing fast change, which is not surprising. This transformation is being driven in part by new advanced technologies, evolving renter demographics, and changing market dynamics. Together, these challenges have permanently transformed the property management landscape.
As a professional in the business, staying ahead of the trends is vital. When it comes to property management, what does the future hold? A few of the most innovative and unique trends currently shaping the future of rental property management right now are highlighted below.
Remote Property Management and Virtual Assistants
Virtual and AI technologies have caused a rapid increase in the use of remote teams and assistants to manage rental properties. In fact, remote employment is changing how property managers operate, from overseeing property maintenance to collaborating with renters. New tech solutions are likely to fuel this trend’s growth throughout the next years.
From maintenance to inspections, duties that once required a property manager to be on-site can now be carried out remotely. In the years to come, virtual assistants may even be able to undertake operations like tenant screening, lease preparation, and much more, in addition to responding immediately to tenant inquiries and requests. This is definitely a trend to keep an eye on.
Augmented Reality for Property Tours
In the field of property management, virtual tours are already a hot topic. Augmented reality, where virtual tours become a 3D experience, is the next step in this development. Although technology capable of creating such experiences already exists, it has not yet been extensively implemented in the field of property management.
Nonetheless, the lease process is set to shift dramatically toward an end-to-end virtual experience as renter demographics get younger and more tech-savvy. These technologies can be a huge time saver for property managers, decreasing the need for multiple in-person showings and other tasks.
Blockchain in Leasing
Rent payment processes and record-keeping tasks have already been made easier with the help of digital finance tools. Where these payment platforms are expected to go next is the adoption of blockchain technology to offer renters new ways to pay rent and create smart contracts and secure, transparent leasing agreements.
One of the many outstanding benefits of blockchain technology is that it may greatly abridge identity verification and even background checks, reducing the chance of fraud or scams. Although this particular trend is still in its infancy in the property management industry, it has a likelihood to suddenly trend in the near future.
AI-Powered Property Management Tools
Recent years have brought about a major improvement in property management software. With the development of AI-powered platforms, these solutions have the potential to revolutionize a wide range of property management tasks and processes. Foremost among these would be being able to leverage predictive analytics, anticipate property needs, and optimize the performance of an investment property.
AI property management tools could anticipate these expenses and organize the most cost-effective way to solve them rather than waiting for service requests or, worse yet, emergency repair visits. Just one feature has the potential to drastically reduce the time spent on property maintenance and repairs.
Flexible Leasing Models and Co-Living Spaces
Beyond what most people can afford, rental prices have risen in several markets. The need for more flexible living arrangements and shared spaces is being fueled by the changing lifestyles of the most populous renter demographics and the economic reality associated with them. There will likely be a dramatic uptick in the number of renters looking for shared apartments, shorter leases, and cost-sharing opportunities in the near future.
Property managers can prepare for and respond to this trend by adopting leasing models that supply this kind of flexibility and working with property owners to improve existing properties to the needs of today’s digital nomads, remote workers, and community-minded renters.
The Future of Property Management
Technology, sustainability, and fluctuating renter preferences are already determining the future of property management. In order to maintain a competitive edge, it is important to keep an eye on upcoming industry trends and consult experts when needed.
Consequently, the smartest decision you could make is to partner with a property management organization concentrated on the future. At Real Property Management 360, we deliver professional aid in participating in new industry trends and remaining competitive in the fluctuating market in Bedford and adjacent areas. Contact us online or call 817-502-3588 right now if you want to know more.
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