It’s well-known knowledge that the rental property management industry is obviously and swiftly evolving. New advanced technologies, changing renter demographics, and constantly shifting market dynamics are part of what is driving this evolution. Together, these forces have utterly and permanently changed the property management landscape.
As a professional, staying ahead of the trends is beneficial. So, with that said, what lies ahead for property management? Here’s a clear 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 rapid 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 keeping in close touch with renters. This trend will plausibly even expand in the next few years, powered by new tech solutions.
Tasks that used to require a property manager to be in the facility may now be carried out from a distance, from maintenance to inspections and beyond. Virtual assistants can reply straight away to tenant inquiries and requests and, very shortly, may even be able to operate tasks such as, for example, 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 thoroughly used in property management. The next progression of this trend would be augmented reality, where virtual tours become a 3D experience. Despite that technology capable of creating such experiences is already available, it hasn’t yet been habitually used in property management.
Be that as it may, as renter demographics skew younger and more tech-savvy, the leasing experience will certainly shift dramatically toward an end-to-end virtual experience. These technologies can be a real time saver for property managers, mitigating the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already smoothing out rent payment processes and record-keeping tasks. Where these payment platforms are conceivably to go next is the adoption of blockchain technology to offer renters new ways to pay rent and provide smart contracts and really secured, transparent leasing agreements.
One of the attractive advantages of blockchain technology is that it can make identity verification and even background checks far simpler, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry but, certainly, it is most probable to suddenly trend in the next few months and years.
AI-Powered Property Management Tools
Property management software has advanced hugely 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. The most significant among these would be the ability to make use of predictive analytics, anticipate property needs, and optimize the performance of an investment property.
In contrast with waiting for service requests or, worse, emergency repair calls, AI property management tools could anticipate these expenses and plot the most cost-effective way to handle them. That function alone could inevitably reduce the time spent on property maintenance and repair troubles.
Co-Living Spaces and Flexible Leasing
In considerable markets, rental prices have indeed escalated beyond what most people can afford. This economic reality and changing lifestyles for some of the most populous renter demographics drive demand and want for more flexible living arrangements and shared spaces. Beyond doubt, signs imply that a strong trend for the future is a huge increase in renters trying to find co-living spaces, short-term leases, and cost-sharing options.
Property managers can totally prepare and act upon this trend by adopting leasing models that endow this type of flexibility and working with property owners to convert current properties to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and ever shifting renter preferences are already clearly shaping the future of property management. To stay competitive, closely monitor upcoming industry trends and ask about expert guidance as may be necessary.
Partnering with an efficient, innovative property management organization is an insightful decision. At Real Property Management West San Fernando Valley, we help you stay competitive by encompassing new industry trends in Northridge and surrounding areas. For more pertinent information, contact us online or call 818-727-0100 today.
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