It’s general knowledge that the rental property management industry is clearly and hastily evolving. New advanced technologies, changing renter demographics, and shifting market dynamics are part of what is driving this evolution. Together, these forces have, for all time, changed the property management landscape.
As a professional, staying ahead of the trends is important. So, we ask, what lies ahead for property management? Here’s an overview of a handful 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 large increase in the use of remote teams and assistants to manage rental properties. Indeed, remote work is transforming how property managers operate, from overseeing property maintenance to staying in touch with renters. This trend will most likely develop and expand in the next few years, powered by new tech solutions.
Tasks that used to require a property manager to be on-premise may now be brought about from a distance, from maintenance to inspections and beyond. Virtual assistants can reply rapidly to tenant inquiries and requests and, anytime soon, may even be able to tackle tasks like, in particular, tenant screening, lease preparation, and much more. This is seriously a trend to keep an eye on.
Immersive and Interactive Property Tours
Virtual tours are already a new trend largely used in property management. The next possible evolution of this trend would be augmented reality, where virtual tours become a 3D experience. Even though technology capable of creating such experiences has already existed, it hasn’t yet been strongly and widely used in property management.
That being said, as renter demographics turn to younger and more tech-savvy, the leasing experience will certainly shift dramatically toward an end-to-end virtual experience. These technologies can be a definite time saver for property managers, slashing down the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already easing up rent payment processes and record-keeping tasks. Where these payment platforms are probably to go next is the adoption of blockchain technology to offer renters new ways to pay rent, as well as generate smart contracts and sure, transparent leasing agreements.
One of the inviting advantages of blockchain technology is that it can make identity verification and even background checks easier and simpler, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry, but even so, it is conceived to suddenly trend for the coming months and years.
AI-Powered Property Management Tools
Property management software has advanced hugely in recent years. With the advent of AI-powered platforms, these tools hold the potential to revolutionize a wide range of property management tasks and processes. The most splendid among these would be the capacity to utilize predictive analytics, anticipate property needs, and optimize the performance of an investment property.
Instead of waiting for service requests or, certainly worse, emergency repair calls, AI property management tools could anticipate these expenses and set up the most cost-effective way to actually solve them. That function alone could extremely reduce the time spent on property maintenance and repair issues.
Co-Living Spaces and Flexible Leasing
In a number of markets, rental prices have totally increased beyond what most people can afford. This economic reality and changing lifestyles for some of the most populous renter demographics drive a desire for more flexible living arrangements and shared spaces. In actual fact, signs denote that a strong trend for the future is a massive increase in renters looking for co-living spaces, short-term leases, and cost-sharing options.
Property managers can make ready for and effectively respond to this trend by adopting leasing models that bestow this type of flexibility and working with property owners to properly adapt current properties to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and always shifting renter preferences are already molding the future of property management. To stay competitive, always follow and monitor upcoming industry trends and find expert guidance whenever necessary.
Partnering with an innovative property management organization is a very smart decision. At Real Property Management Investor’s Choice, we help you stay competitive by including new industry trends in Franklin and nearby areas. For more profitable information, contact us online or call 615-810-9578 today.
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