It’s common knowledge that the rental property management industry is fast developing and evolving. New advanced technologies, changing renter demographics, and perpetually shifting market dynamics are part of what is driving this evolution. Together, these forces have permanently and boundlessly changed the property management landscape.
As a professional, staying ahead of the trends is important. In that regard, what lies ahead for property management? Here’s an 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 big increase in the use of remote teams and assistants to manage rental properties. In actuality, remote work is transforming how property managers operate, from overseeing property maintenance to communicating with renters. This trend will certainly expand in the next few years, powered by new tech solutions.
Tasks that used to require a property manager to be at the venue may now be accomplished from a distance, from maintenance to inspections and beyond. Virtual assistants can reply swiftly to tenant inquiries and requests and, eventually, may even be able to work on tasks like tenant screening, lease preparation, and much more. This is earnestly a trend to keep an eye on.
Immersive and Interactive Property Tours
Virtual tours are already a new trend chiefly used in property management. The next move of this trend would be augmented reality, where virtual tours become a 3D experience. Even while technology capable of creating such experiences already is available, it hasn’t yet been vastly used in property management.
With that said, as renter demographics skew younger and more tech-savvy, the leasing experience will doubtlessly shift dramatically toward an end-to-end virtual experience. These technologies can be a proper time saver for property managers, lessening the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already paring down and simplifying rent payment processes and record-keeping tasks. Where these payment platforms are most likely to go next is the adoption of blockchain technology to offer renters new ways to pay rent, generate smart contracts and reliable, transparent leasing agreements.
One of the prominent advantages of blockchain technology is that it can make identity verification and even background checks so much better and manageable, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry but, even so, it is most likely to suddenly trend in the months and years ahead.
AI-Powered Property Management Tools
Property management software has advanced highly in recent years. With the advent of AI-powered platforms, these tools hold the ability to revolutionize a wide range of property management tasks and processes. Noticeable among these would be the prowess to make use of predictive analytics, anticipate property needs, and optimize the performance of an investment property.
Instead of simply waiting for service requests or, worse, emergency repair calls, AI property management tools could effortlessly anticipate these expenses and organize the most cost-effective way to resolve them. That function alone could exceedingly reduce the time spent on property maintenance and repair issues.
Co-Living Spaces and Flexible Leasing
In a lot of markets, rental prices have risen beyond what most people can afford. This economic reality and changing lifestyles for some of the most populous renter demographics drive desire and demand for more flexible living arrangements and shared spaces. As a matter of fact, signs indicate that a strong trend for the future is a great increase in renters looking for co-living spaces, short-term leases, and cost-sharing options.
Property managers can gear up for and get on top of this trend by adopting leasing models that impart this type of flexibility and working with property owners to adjust the newest properties according to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and perpetually shifting renter preferences are already explicitly shaping the future of property management. To stay competitive, inquire about upcoming industry trends and go for expert guidance when required.
Partnering with a dedicated, innovative property management organization is a very perceptive decision. At Real Property Management Champion, we help you stay competitive by adding new industry trends in Jacksonville and nearby areas. For more gainful information, contact us online or call 910-638-0190 today.
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