The rental property management industry is changing quickly, which is not a secret. Along with new advanced technologies, this change is being driven in part by changing renter demographics and market dynamics. The property management landscape has been permanently altered by these forces.
Staying ahead of the trends is a must for a professional in the industry. That being said, what’s next for property management? Here is a list of 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 sharp increase in the use of remote teams and assistants to manage rental properties. In fact, from overseeing property maintenance to interacting with renters, remote work is changing how property managers operate. In the coming years, new tech solutions are likely to drive this trend’s growth.
From maintenance to inspections and beyond, tasks that used to require a property manager to be on-site can now be done remotely. Virtual assistants can respond right away to tenant inquiries and requests and, in the near future, may even be able to carry out chores like tenant evaluation, lease preparation, and even more. This is certainly a trend to keep an eye on.
Augmented Reality for Property Tours
In property management, virtual tours are already a popular emerging trend. The next step 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 utilized very much in property management.
However, as renter demographics skew younger and more tech-savvy, the leasing experience will likely shift dramatically toward an end-to-end virtual experience. By eliminating the need for multiple in-person showings and other jobs, these technologies can be a huge time saver for property managers.
Blockchain in Leasing
Digital finance tools are already restructuring 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, transparent leasing agreements.
One great thing about blockchain technology is that it can make identity verification and even background checks a lot simpler, reducing the chance of fraud or schemes. This particular trend is in its beginning stages in the property management industry but has the ability to suddenly trend in the months and years to come.
AI-Powered Property Management Tools
In previous years, there has been a major advancement in property management software. With the rise of AI-powered platforms, these could revolutionize a wide range of property management tasks and processes. Predictive analytics, and the ability to anticipate property needs, the ability to optimize the performance of an investment property stands out among these.
In preference to waiting for service requests or, worse, sudden repair calls, AI property management tools could anticipate these expenses and prepare for the most cost-effective way to cope with them. That function alone could drastically reduce the time spent on property maintenance and repair concerns.
Flexible Leasing Models and Co-Living Spaces
Beyond what most people can afford, rental prices have risen across numerous markets. Demand for more flexible living arrangements and shared spaces is driven by the economic reality and changing lifestyles for some of the most populous renter demographics. A significant development is likely to be a sharp rise in renters looking for co-living places, short-term leases, and ways to split costs.
Property managers can prepare for and respond to this trend by adopting leasing models that offer this type of flexibility and working with property owners to familiarize existing properties with the needs of today’s digital nomads, remote employees, and community-minded renters.
The Future of Property Management
The future of property management is already being determined by technology, sustainability, and evolving renter preferences. To stay viable, keep updated on upcoming industry trends and, if necessary, seek professional advice.
Because of this, partnering with a property management organization that is future-oriented is the smartest choice you could make. We at Real Property Management Tri-Cities can help you stay competitive in the changing market in West Richland and nearby by incorporating new industry trends. Contact us online or call 509-572-5440 right now to find out more.
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