The swift change in the rental property management industry is no surprise. New advanced technologies, fluctuating renter demographics, and unstable market dynamics are part of what is driving this development. All of these factors, taken together, have lastingly altered the property management landscape.
As a professional in the industry, staying ahead of the trends is imperative. What then drives property management going forward? Here’s a summary 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 caused a significant increase in the use of remote teams and assistants to manage rental properties. Remote work actually changes how property managers operate, from overseeing property maintenance to interacting with renters. Driven by new tech solutions, this trend will probably expand in the next couple of years.
Previously, responsibilities requiring a property manager to be in person, ranging from maintenance to inspections and beyond, can now be achieved remotely. In the near future, virtual assistants may even be able to perform tasks such as tenant screening, contract drafting, and much more. They can answer tenant inquiries and requests promptly. This is absolutely a trend to keep an eye on.
Augmented Reality for Property Tours
Virtual tours are already a new trend that has been popular in property management. The following phase of this craze would be augmented reality, where virtual tours become a 3D experience. Even though technology capable of creating such experiences is already accessible, property management has not yet broadly applied it.
However, as renter demographics become younger and more tech-savvy, the leasing procedure will probably shift dramatically toward an end-to-end virtual experience. These tools can be a great time saver for property managers since they help decrease the need for multiple in-person showings and other errands.
Blockchain in Leasing
Digital finance tools are already streamlining rent payment processes and record-keeping tasks. Where these payment platforms are likely to go next is the adoption of blockchain technology to offer renters new ways to pay rent and establish smart contracts and safe, accessible leasing agreements.
Blockchain technology has one great perk in that it may significantly optimize identity verification and even background checks, reducing the chance of fraud or scams. Though it is still in its early stages in the property management industry, this particular trend has great potential to suddenly trend in the next months and years.
AI-Powered Property Management Tools
Property management software has developed greatly in the past years. With the advent of AI-powered platforms, these technologies have the ability to revolutionize a wide range of property management tasks and processes. Notable among these would be the ability to utilize predictive analytics, anticipate property needs, and optimize the performance of an investment property.
AI property management tools could anticipate these expenses and propose the most cost-effective way to manage service requests or, worse, urgent repair calls rather than waiting for them. That feature by itself would greatly reduce the time spent on property maintenance and repair fixes.
Flexible Leasing Models and Co-Living Spaces
In several markets, rental prices have increased beyond what most people can afford. This financial situation and changing lifestyles for some of the most populous renter demographics increase the demand for more flexible living arrangements and shared spaces. Actually, signs point to a clear future trend: a substantial rise of renters looking for co-living quarters, temporary leases, and cost-sharing options.
Adopting leasing models that deliver this kind of versatility and working with property owners to modify present properties to the needs of today’s digital nomads, remote workers, and community-minded renters will help property managers be prepared and receptive to this trend.
The Future of Property Management
Technology, sustainability, and shifting renter preferences are already affecting the future of property management. Maintaining competitiveness demands observing upcoming industry trends and, when necessary, consulting specialists.
Therefore, the best decision you could make is to partner with a property management organization that is concerned about the future. At Real Property Management Chicago Group, we deliver professional help to stay competitive in the evolving market in Chicago and adjacent areas. Contact us online or call 312-265-0660 today for additional details.
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