It’s a publicly known fact that the rental property management industry is promptly improving and evolving. New advanced technologies, changing renter demographics, and persistently shifting market dynamics are part of what is driving this evolution. Together, these forces have incessantly and permanently changed the property management landscape.
As a professional, staying ahead of the trends is crucial. Consequently, what lies ahead for property management? Here’s a valuable 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 huge increase in the use of remote teams and assistants to manage rental properties. In truth, remote work is transforming how property managers operate, from overseeing property maintenance to reaching out to renters. This trend will be expected to flourish in the next few years, powered by new tech solutions.
Tasks that used to require a property manager to be present may now be exercised from a distance, from maintenance to inspections and beyond. Virtual assistants can reply instantly to tenant inquiries and requests and, in the near term, may even be able to manage tasks the same way as tenant screening, lease preparation, and much more. This is, without question, a trend to keep an eye on.
Immersive and Interactive Property Tours
Virtual tours are already a new trend usually used in property management. The next modification of this trend would be augmented reality, where virtual tours become a 3D experience. Though conceding that technology capable of creating such experiences already is available, it hasn’t yet been comprehensively used in property management.
Anyhow, as renter demographics turn up younger and more tech-savvy, the leasing experience will expectedly shift dramatically toward an end-to-end virtual experience. These technologies can be an absolute time saver for property managers, depreciating the need for multiple in-person showings and other tasks.
Blockchain Technology in Leasing Agreements
Digital finance tools are already simplifying rent payment processes and record-keeping tasks. Where these payment platforms are definitely to go next is the adoption of blockchain technology to offer renters new ways to pay rent, make smart contracts and protected, transparent leasing agreements.
One of the advantages of blockchain technology is that it can make identity verification and even background checks so much simpler, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry yet is likely to suddenly trend for months and years.
AI-Powered Property Management Tools
Property management software has advanced tremendously in recent years. With the advent of AI-powered platforms, these tools hold the probability to revolutionize a wide range of property management tasks and processes. Significant among these would be the efficiency in handling predictive analytics, anticipate property needs, and optimize the performance of an investment property.
Rather than simply waiting for service requests or, worse, emergency repair calls, AI property management tools could conveniently anticipate these expenses and aim for the most cost-effective way to troubleshoot them. That function alone could seriously reduce the time spent on property maintenance and repair issues.
Co-Living Spaces and Flexible Leasing
In several markets, rental prices have tremendously increased beyond what most people can afford. This economic reality and changing lifestyles for some of the most populous renter demographics drive need and demand for more flexible living arrangements and shared spaces. Really, signs tell that a strong trend for the future is a massive increase in renters in search for co-living spaces, short-term leases, and cost-sharing options.
Property managers can plan for and capitalize on this trend by adopting leasing models that bestow this type of flexibility and working with property owners to refurbish present-day properties in accordance to the needs of today’s digital nomads, remote workers, and community-minded renters.
Innovations Shaping the Industry
Technology, sustainability, and consistently shifting renter preferences are already evidently shaping the future of property management. To stay competitive, check out upcoming industry trends and try to obtain expert guidance as needed.
Partnering with an earnest, innovative property management organization is an astute decision. At Real Property Management NW Chicago Suburbs, we help you stay competitive by incorporating new industry trends in Arlington Heights and neighboring areas. For more helpful information, contact us online or call 847-737-4800 today.
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