It’s no big secret that the rental property management industry is, without question, rapidly evolving. New advanced technologies, changing renter demographics, and perpetually shifting market dynamics are part of what is driving this evolution. Together, these forces have thoroughly and permanently changed the property management landscape.
As a professional, staying ahead of the trends is substantial. So, knowing this, we ask, what lies ahead for property management? Here’s a helpful 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 noticeable increase in the use of remote teams and assistants to manage rental properties. As a matter of fact, remote work is transforming how property managers operate, from overseeing property maintenance to engaging with renters. This trend will potentially swell up in the next few years, powered by new tech solutions.
Tasks that used to require a property manager to be on the premises may now be acted upon from a distance, from maintenance to inspections and beyond. Virtual assistants can reply quickly to tenant inquiries and requests and, anytime now, may even be able to take charge of tasks like, for instance, 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 generally used in property management. The next shift of this trend would be augmented reality, where virtual tours become a 3D experience. While it is true that technology capable of creating such experiences is already developed, it hasn’t yet been frequently used in property management.
Still, as renter demographics veer toward 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, moderating the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already helping rent payment processes and record-keeping tasks. Where these payment platforms are apparently to go next is the adoption of blockchain technology to offer renters new ways to pay rent and put together smart contracts and guaranteed, transparent leasing agreements.
One of the incredible advantages of blockchain technology is that it can make identity verification and even background checks so much easier, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry but really has the strong tendency to suddenly trend for the months and years to come.
AI-Powered Property Management Tools
Property management software has advanced exceedingly in recent years. With the advent of AI-powered platforms, these tools hold the promise to revolutionize a wide range of property management tasks and processes. The most noteworthy among these would be the abilty to use predictive analytics to the fullest, 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 easily anticipate these expenses and plot out the most cost-effective way to work on them. That function alone could reduce the time spent on property maintenance and repair issues.
Co-Living Spaces and Flexible Leasing
In many 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 huge demand for more flexible living arrangements and shared spaces. Certainly, signs determine that a strong trend for the future is a rapid increase in renters looking out for co-living spaces, short-term leases, and cost-sharing options.
Property managers can actually prepare for and capitalize on this trend by adopting leasing models that endow this type of flexibility and working with property owners to customize current properties to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and endlessly shifting renter preferences are already obviously shaping the future of property management. To stay competitive, watch out closely for upcoming industry trends and get expert guidance as needed.
Partnering with a zealous, forward-thinking property management organization is a logical decision. At Real Property Management Qualified, we help you stay competitive by implementing new industry trends in Fort Myers and nearby areas. For more valuable information, contact us online or call 239-344-9842 today.
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