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Emerging Property Management Trends That Will Shape the Future

Three women converse about current trends in property management, showcasing teamwork and collaboration.It’s public knowledge that the rental property management industry is rapidly advancing and evolving. New advanced technologies, changing renter demographics, and forever shifting market dynamics are part of what is driving this evolution. Together, these forces have permanently and continuously changed the property management landscape.

As a professional, staying ahead of the trends is salient. So, in this regard, we ask, what lies ahead for property management? Here’s a straightforward 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 steep increase in the use of remote teams and assistants to manage rental properties. Indeed, remote work is transforming how property managers operate, from overseeing property maintenance to connecting with renters. This trend will arguably increase in the next few years, powered by new tech solutions.

Tasks that used to require a property manager to be at the area may now be performed from a distance, from maintenance to inspections and beyond. Virtual assistants can reply swiftly to tenant inquiries and requests and, very soon, may even be able to work on tasks such as, for instance, tenant screening, lease preparation, and much more. This is definitely a trend to keep an eye on.

Immersive and Interactive Property Tours

Virtual tours are already a new trend habitually used in property management. The next transformation of this trend would be augmented reality, where virtual tours become a 3D experience. Though technology capable of creating such experiences already does exist, it hasn’t yet been expansively used in property management.

Having said that, as renter demographics turn out younger and more tech-savvy, the leasing experience will very likely shift dramatically toward an end-to-end virtual experience. These technologies can be a concrete time saver for property managers, diminishing the need for multiple in-person showings and other tasks.

Blockchain Technology in Leasing Agreements

Digital finance tools are already facilitating rent payment processes and record-keeping tasks. Where these payment platforms could go next is the adoption of blockchain technology to offer renters new ways to pay rent, develop smart contracts and trustworthy, transparent leasing agreements.

One of the marvelous advantages of blockchain technology is that it can make identity verification and even background checks lighter, reducing the chance of fraud or scams. This particular trend is in its infancy in the property management industry but, nonetheless, has the imminent potential to suddenly trend in the future months and years.

AI-Powered Property Management Tools

Property management software has advanced very much in recent years. With the advent of AI-powered platforms, these tools hold the propensity to revolutionize a wide range of property management tasks and processes. Exceptional among these would be the capacity to utilize predictive analytics, anticipate property needs, and optimize the performance of an investment property.

Instead of merely waiting for service requests or, worse, emergency repair calls, AI property management tools could easily anticipate these expenses and plan for the most cost-effective way to correct them. That function alone could undoubtedly reduce the time spent on property maintenance and repair issues.

Co-Living Spaces and Flexible Leasing

In particular markets, rental prices have magnified beyond what most people can afford. This economic reality and changing lifestyles for some of the most populous renter demographics drive the need and demand for more flexible living arrangements and shared spaces. In reality, signs delineate that a strong trend for the future is a dramatic increase in renters going in search of co-living spaces, short-term leases, and cost-sharing options.

Property managers can anticipate and make use of this trend by adopting leasing models that grant this type of flexibility and working with property owners to suit current properties to the needs of today’s digital nomads, remote workers, and community-minded renters.

Innovations Shaping the Industry

Technology, sustainability, and forever shifting renter preferences are already setting up the future of property management. To stay competitive, follow closely upcoming industry trends and research and seek expert guidance when appropriate.

Partnering with an earnest, innovative property management organization is an astute decision. At Real Property Management Cairn we help you stay competitive by taking into consideration new industry trends in Bedford County and nearby areas. For more pertinent information, contact us online or call 434-215-3028 today.

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