Everybody knows that the rental property management industry is changing at a rapid pace. Driving this evolution are new advanced technologies, fluctuating renter demographics, and changing market dynamics. Together, these challenges have permanently changed the property management landscape.
As a professional in the industry, staying ahead of the trends is imperative. How, then, will property management evolve in the future? Take a look at this rundown 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 brought about a major increase in the use of remote teams and assistants to manage rental properties. In reality, working online is altering how property managers operate, from overseeing property maintenance to dealing with renters. In the coming years, this tendency is anticipated to gain momentum thanks to new tech solutions.
Activities that once required a property manager to be on location may now be performed virtually, from maintenance to inspections and beyond. In a couple of years, virtual assistants may even be able to perform duties like tenant examination, lease writing, and many other tasks. They can reply to tenant inquiries and requests right away. A trend to keep an eye on is this one, for sure.
Augmented Reality for Property Tours
Virtual tours are already a new trend that is extensively utilized in property management. The following development of this trend would be augmented reality, where virtual tours become a 3D experience. While technology capable of creating such experiences already occurs, it hasn’t yet been completely embraced in property management.
However, as renter demographics get younger and more tech-savvy, the leasing experience will possibly shift dramatically toward an end-to-end virtual experience. These tools can be a major time saver for property managers, minimizing the requirement for multiple in-person showings and other errands.
Blockchain in Leasing
Digital finance tools are already rationalizing rent payment processes and record-keeping tasks. Where these payment platforms are expected to go next is the adoption of blockchain technology to offer renters new ways to pay rent and develop smart contracts and secure, transparent leasing agreements.
One remarkable upside to blockchain technology is that it may considerably streamline identity verification and even background checks, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry but has the potential to suddenly trend in the coming months and years.
AI-Powered Property Management Tools
In recent times, property management software has substantially evolved. With the arrival of AI-powered platforms, these ideas have the capacity to revolutionize a wide range of property management tasks and processes. Primarily among these would be the power to optimize the performance of an investment property, anticipate property needs, and make use of predictive analytics.
Rather than waiting for maintenance requests or, worse, impromptu repair calls, AI property management tools could anticipate these expenses and get ready for the most cost-effective way to provide a solution. That attribute alone could dramatically reduce the time spent on property maintenance and repair problems.
Flexible Leasing Models and Co-Living Spaces
In various markets, rental prices have climbed beyond what most people can afford. These monetary implications and changing lifestyles for some of the most populous renter demographics fueled the need for more flexible living arrangements and shared spaces. An increasing number of renters are looking for alternatives to traditional apartment living, such as shared living areas, shorter leases, and cost-sharing programs.
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 comply with the present properties to the needs of today’s digital nomads, mobile employees, and community-minded renters.
The Future of Property Management
The future of property management is being molded by technology, relevance, and changing renter preferences. Keep an eye on upcoming industry trends and, where required, seek guidance from professionals to stay viable.
You should, therefore, partner with a property management organization that has an eye on the future. Here at Real Property Management Three Bridges, we can help you adapt to the ever-changing market in St Louis and the surrounding areas by incorporating the latest industry trends. Contact us online or call 636-542-8852 today to get more information.
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