It’s well known that the rental property management industry is quickly blossoming and evolving. New advanced technologies, changing renter demographics, and consistently shifting market dynamics are part of what is driving this evolution. Together, these forces have permanently and totally changed the property management landscape.
As a professional, staying ahead of the trends is essential. Then, what lies ahead for property management? Here’s a simple 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 massive increase in the use of remote teams and assistants to manage rental properties. In actual fact, remote work is transforming how property managers operate, from overseeing property maintenance to engaging with renters. This trend will conceivably heighten in the next few years, powered by new tech solutions.
Tasks that used to require a property manager to be at the location may now be discharged from a distance, from maintenance to inspections and beyond. Virtual assistants can reply immediately to tenant inquiries and requests and, sometime soon, may even be able to work tasks such as for illustration tenant screening, lease preparation, and much more. This is undeniably a trend to keep an eye on.
Immersive and Interactive Property Tours
Virtual tours are already a new trend amply used in property management. The next movement of this trend would be augmented reality, where virtual tours become a 3D experience. Conceding that technology capable of creating such experiences already actually exist, it hasn’t yet been regularly used in property management.
Although, as renter demographics towards younger and more tech-savvy, the leasing experience is more likely to shift dramatically toward an end-to-end virtual experience. These technologies can be an absolute time saver for property managers, trimming down the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already aiding and streamlining rent payment processes and record-keeping tasks. Where these payment platforms are perhaps to go next is the adoption of blockchain technology to offer renters new ways to pay rent and generate smart contracts as well as secure, transparent leasing agreements.
One of the pleasant advantages of blockchain technology is that it can make identity verification and even background checks easier, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry but it is quite possible to suddenly trend over the coming months and years.
AI-Powered Property Management Tools
Property management software has advanced accordingly 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. Ideal among these would be the mastery to apply predictive analytics, anticipate property needs, and optimize the performance of an investment property.
Rather than waiting for service requests or, worse, emergency repair calls, AI property management tools could anticipate these expenses and set up for the most cost-effective way to deal with them. That function alone could immensely reduce the time spent on property maintenance and repair issues.
Co-Living Spaces and Flexible Leasing
In multiple markets, rental prices have escalated beyond what most people can afford. This economic reality and changing lifestyles for some of the most populous renter demographics drive the need and demand for more flexible living arrangements and shared spaces. But, as a matter of fact, signs point out that a strong trend for the future is a steep increase in renters on the alert for co-living spaces, short-term leases, and cost-sharing options.
Property managers can easily prepare for and respond this trend by adopting leasing models that provide this type of flexibility and working with property owners to adapt the current properties to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and regularly shifting renter preferences are already creating the future of property management. To stay competitive, check and always monitor upcoming industry trends and look for expert guidance as appropriate.
Partnering with a proactive and progressive property management organization is an astute decision. At Real Property Management of the Rockies, we help you stay competitive by taking in new industry trends in Greeley and surrounding areas. For more needed information, contact us online or call 970-658-0410 today.
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