It’s a general fact that the rental property management industry is, in no time, growing and evolving. New advanced technologies, changing renter demographics, and endlessly shifting market dynamics are part of what is driving this evolution. Together, these forces have permanently and unendingly changed the property management landscape.
As a professional, staying ahead of the trends is focal. Then, that being said, what lies ahead for property management? Here’s a beneficial overview of some 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 notable increase in the use of remote teams and assistants to manage rental properties. It appears that remote work is transforming how property managers operate, from overseeing property maintenance to connecting with renters. This trend will, unquestionably, hugely expand in the next few years, powered by new tech solutions.
Tasks that used to require a property manager to be present may now be accomplished from a distance, from maintenance to inspections and beyond. Virtual assistants can reply promptly to tenant inquiries and requests and, before you know it may even be able to attend to tasks such as tenant screening, lease preparation, and much more. This is obviously a trend to keep an eye on.
Immersive and Interactive Property Tours
Virtual tours are already a new trend usually used in property management. The next transition of this trend would be augmented reality, where virtual tours become a 3D experience. Whereas technology capable of creating such experiences already accessible, it hasn’t yet been thoroughly used in property management.
Nevertheless, as renter demographics swerve towards younger and more tech-savvy, the leasing experience will, undoubtedly, shift dramatically toward an end-to-end virtual experience. These technologies can be a complete time saver for property managers, tapering off the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already expediting and simplifying rent payment processes and record-keeping tasks. Where these payment platforms are reasonably to go next is the adoption of blockchain technology to offer renters new ways to pay rent, developing smart contracts and safe, transparent leasing agreements.
One of the useful advantages of blockchain technology is that it can make identity verification and even background checks a whole lot easier, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry although has the huge potential to suddenly trend over the months and years.
AI-Powered Property Management Tools
Property management software has advanced vastly in recent years. With the advent of AI-powered platforms, these tools hold the chance to revolutionize a wide range of property management tasks and processes. The most notable among these would be the capacity to exploit predictive analytics, anticipate property needs, and optimize the performance of an investment property.
Instead of compliantly waiting for service requests or, worse, emergency repair calls, AI property management tools could smoothly anticipate these expenses and plot the most cost-effective way to handle them. That function alone could greatly reduce the time spent on property maintenance and repair troubles.
Co-Living Spaces and Flexible Leasing
In various markets, rental prices have inflated beyond what most people can afford. This economic reality and changing lifestyles for some of the most populous renter demographics drive the desire for more flexible living arrangements and shared spaces. In actual fact, signs clearly point out that a strong trend for the future is a large increase in renters going after co-living spaces, short-term leases, and cost-sharing options.
Property managers can make actual preparations and make use of this trend by adopting leasing models that offer this type of flexibility and working with property owners to tailor current properties according to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and forever shifting renter preferences are already evidently shaping the future of property management. To stay competitive, heedfully monitor upcoming industry trends and implore expert guidance where required.
Partnering with an earnest, innovative property management organization is a truly wise decision. At Real Property Management Sterling, we help you stay competitive by implementing new industry trends in Colchester and surrounding areas. For more necessary information, contact us online or call 802-861-6468 today.
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