The rental property management industry is transforming quickly, which is not a surprise. Along with new advanced technologies, this evolution is being driven in part by shifting renter demographics and market dynamics. The property management landscape has been permanently changing because of these aspects.
Staying ahead of the trends is important for a professional in the business. That being said, what’s next for property management? This post will deliberate some of the most innovative and unique trends currently shaping the future of rental property management.
Remote Property Management and Virtual Assistants
Virtual and AI technologies have resulted in a significant increase in the use of remote teams and assistants to manage rental properties. Actually, from overseeing property maintenance to communicating with renters, remote work is altering how property managers operate. In the coming years, new tech solutions are likely to drive this trend’s development.
From maintenance to inspections and more, errands that used to require a property manager to be on-site can now be achieved remotely. Virtual assistants can answer right away to tenant inquiries and requests and, in the near future, may even be able to complete tasks like tenant evaluation, lease preparation, and much more. This is unquestionably a trend to keep an eye on.
Augmented Reality for Property Tours
In property management, virtual tours are already an emerging trend. The next stage of this trend would be augmented reality, where virtual tours become a 3D experience. Even though there is already technology capable of creating such experiences, it hasn’t yet been employed generally in property management.
However, as renter demographics skew younger and more tech-savvy, the leasing procedure will likely shift dramatically toward an end-to-end virtual experience. These technologies can be a huge time saver for property managers by lessening the need for multiple in-person showings and other tasks.
Blockchain in Leasing
Digital finance tools are already reforming rent payment processes and record-keeping tasks. Where these payment platforms are likely to go next is the adoption of blockchain technology to offer renters new ways to pay rent and generate smart contracts and sound, clear leasing agreements.
One critical aspect of blockchain technology is that it can make identity verification and even background checks a lot simpler, reducing the chance of fraud or scams. This specific trend is in its beginning stages in the property management industry but has the capability to suddenly trend in the months and years to come.
AI-Powered Property Management Tools
In recent times, significant progress has been made in property management software. The appearance of AI-powered platforms has the potential to revolutionize a wide range of property management tasks and processes. Predictive analytics, the capacity to anticipate property needs, and the ability to optimize the performance of an investment property are particularly notable.
Rather than awaiting service requests or, more detrimentally, emergency repair calls, AI property management tools could anticipate these expenses and prepare for the most cost-effective way to address them. That job alone could drastically reduce the time spent on property maintenance and solving issues.
Flexible Leasing Models and Co-Living Spaces
Beyond what most people can afford, rental prices have escalated across several markets. The need for more flexible living arrangements and shared spaces is influenced by the economic conditions and changing lifestyles of some of the most populous renter demographics. A notable trend is anticipated to be a substantial increase in renters seeking co-living arrangements, short-term leases, and cost-sharing options.
Property managers can anticipate and address this trend by adopting leasing models that provide mobility and working with property owners to adapt existing properties to the needs of today’s digital nomads, remote employees, and community-minded renters.
The Future of Property Management
The future of property management is being dictated by technology, sustainability, and changing renter preferences. To remain viable, stay informed about upcoming industry trends and, if needed, obtain professional counsel.
Because of this, partnering with a property management organization that is future-oriented is the most prudent decision you can make. We at Real Property Management Momentum can assist you with maintaining competitiveness in the evolving market of Springfield and nearby areas by integrating contemporary industry trends. Contact us online or call 417-324-7601 immediately for more info.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
