Everybody knows that the rental property management industry is evolving at a rapid pace. Propelling this evolution are new advanced technologies, shifting renter demographics, and changing market dynamics. Together, these forces have permanently changed the property management landscape.
As a professional in the industry, staying ahead of the trends is necessary. How, then, will property management change in the future? Take a look at this 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 brought about a rapid increase in the use of remote teams and assistants to manage rental properties. In reality, working from home is altering how property managers operate, from overseeing property maintenance to dealing with renters. In the coming years, this trend is anticipated to gain growth thanks to new tech solutions.
Responsibilities that once required a property manager to be on location may now be achieved virtually, from maintenance to inspections and beyond. In the coming years, virtual assistants may even be able to complete duties like tenant screening, lease writing, and many other tasks. They can respond to tenant inquiries and requests immediately. 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 popular in property management. The following growth of this trend would be augmented reality, where virtual tours become a 3D experience. While technology capable of creating such experiences already transpires, it hasn’t yet been totally embraced in property management.
However, as renter demographics become younger and more tech-savvy, the leasing practice will possibly shift dramatically toward an end-to-end virtual experience. These tools can be a major time saver for property managers, lessening the requirement for multiple in-person showings and other errands.
Blockchain in Leasing
Digital finance tools are already simplifying 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 make smart contracts and secure, evident leasing agreements.
A notable advantage of blockchain technology is its potential to significantly enhance identity verification and even background checks, reducing the chance of fraud or scams. This emerging trend is in its infancy in the property management industry but has a chance to suddenly trend in the forthcoming months and years.
AI-Powered Property Management Tools
Lately, property management software has greatly evolved. With the arrival of AI-powered platforms, these tools have the capacity to revolutionize a wide range of property management tasks and processes. The primary capabilities include optimizing the performance of an investment property, anticipating property needs, and utilizing predictive analytics.
Instead of awaiting maintenance requests or, more detrimentally, unplanned repair calls, AI property management tools could anticipate these expenses and provide the most cost-effective way to solve them. That attribute alone could significantly reduce the time spent on property maintenance and repair challenges.
Flexible Leasing Models and Co-Living Spaces
In various markets, rental prices have escalated beyond what most people can afford. These monetary conditions and changing lifestyles for some of the most populous renter demographics propelled the need for more flexible living arrangements and shared spaces. A growing contingent of renters is seeking alternatives to conventional apartment living, including communal living spaces, abbreviated leases, and cost-sharing initiatives.
Property managers may foresee and tackle this trend by adopting leasing models that offer versatility and working with property owners to adapt current properties to the needs of today’s digital nomads, remote employees, and community-minded renters.
The Future of Property Management
The future of property management is being determined by technology, sustainability, and changing renter preferences. Keep an eye on upcoming industry trends and, where necessary, consult with experts to maintain viability.
Consequently, you ought to partner with a property management organization that has an eye on the future. At Real Property Management Tri-State Area, we assist you in navigating the dynamic market in Philadelphia and its environs by integrating the newest industry trends. Contact us online or call 610-497-2700 today for additional details.
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