It’s a general fact that the rental property management industry is swiftly evolving. New advanced technologies, changing renter demographics, and shifting market dynamics are part of what is driving this evolution. Together, these forces have largely and permanently changed the property management landscape.
As a professional, staying ahead of the trends is very important. Consequently, 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 huge increase in the use of remote teams and assistants to manage rental properties. In point of fact, remote work is transforming how property managers operate, from overseeing property maintenance to reaching out or communicating to renters. This trend will presumably amplify in the next few years, powered by new tech solutions.
Tasks that used to require a property manager to be in the area may now be completed from a distance, from maintenance to inspections and beyond. Virtual assistants can reply promptly to tenant inquiries and requests and, in the near term, may even be able to take care of tasks such as tenant screening, lease preparation, and much more. This is, without question, a trend to keep an eye on.
Immersive and Interactive Property Tours
Virtual tours are already a new trend commonly used in property management. The next evolution of this trend would be augmented reality, where virtual tours become a 3D experience. Whereas technology capable of creating such experiences already exists, it hasn’t yet been extensively used in property management.
Nevertheless, as renter demographics skew younger and more tech-savvy, the leasing experience will possibly shift dramatically toward an end-to-end virtual experience. These technologies can be a perfect time saver for property managers, greatly reducing the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already updating 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, easily create smart contracts and trustworthy, transparent leasing agreements.
One of the captivating advantages of blockchain technology is that it can make identity verification and even background checks so much effortless, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry though it is likely to suddenly trend for months and years.
AI-Powered Property Management Tools
Property management software has advanced extensively in recent years. With the advent of AI-powered platforms, these tools hold the probability to revolutionize a wide range of property management tasks and processes. The most remarkable among these would be the ability to harness the use of predictive analytics, anticipate property needs, and optimize the performance of an investment property.
Instead of waiting for service requests or, worse, emergency repair calls, AI property management tools could anticipate these expenses and prepare the most cost-effective way to handle them. That function alone could vastly reduce the time spent on property maintenance and repair problems.
Co-Living Spaces and Flexible Leasing
In certain markets, rental prices have magnified beyond what most people can afford. This economic reality and changing lifestyles for some of the most populous renter demographics drive the wish and demand for more flexible living arrangements and shared spaces. But, in actuality, signs display that a strong trend for the future is steep increase in renters going after co-living spaces, short-term leases, and cost-sharing options.
Property managers can carefully prepare for and respond to this trend by adopting leasing models that grant this type of flexibility and working with property owners to tailor present-day properties to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and shifting renter preferences are already totally shaping the future of property management. To stay competitive, closely monitor upcoming industry trends and try to obtain expert guidance where required.
Partnering with a progressive property management organization is an astute decision. At Real Property Management Deluxe, we help you stay competitive by encompassing new industry trends in Pequot Lakes and nearby areas. For more gainful information, contact us online or call 218-454-7368 today.
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