The landscape of residential property management is evolving, driven by technological advancements and shifting societal trends. In this blog post, we’ll explore the future of residential property management and highlight key trends that property owners and tenants should watch.
1. Integration of Artificial Intelligence:
Artificial intelligence will undoubtedly become a part of every industry and everyday life. It’s likely to be considered the most important innovation of our time. How will it impact property management?
Well, we already see it being used in a very basic form in online chatbots. It could very easily be used to diagnose tenant concerns, and schedule service calls quickly. It’s likely going to be used to review rental applications and vet tenants, too.
While we’re not there yet, it’s also not far away.
2. Sustainable and Smart Buildings:
Rentals have a bad rap—rightfully so. They’re often dirty and poorly maintained. The industry as a whole, from landlords to property management, needs elevated service—insert Renti.
Most single-family residential properties are privately owned and managed. This often results in landlords who invest the bare minimum in a property thinking it would otherwise be money wasted.
However, we believe that rentals are the future. Housing is unaffordable, and rent is the best alternative. Renting also frees up capital to invest in other ventures, be it traditional stocks, ETFs, and mutual funds, or personal businesses and trading cards. It provides a more stable and predictable budget. It enables people to be less tied down and more mobile.
Purpose-built rentals are going to be a hot commodity, and those built with a few extras, such as accessible and smart features that entice people to live there, will willingly do so at a premium—-and those tenants will likely be quality tenants who treat the property and landlord with respect.
3. Enhanced Tenant Experience:
Attention, Landlords! Tenants are your customers. Treat them that way. Provide them with a good product –the property they’re renting, and some added features, such as mobile apps that track their rent, enable easy service request submissions and communication, and they’ll be happier. On top of this, consider adding one or two key features to a house to set it apart. Simple things like a wifi thermostat and doorbell are easy and appreciated, up to motorized blinds and smart-emabled light switches contribute to somebody enjoying where they live that much more.
4. Remote Property Management:
Renti was created to fill a large void in the industry by providing a wide range of great services at a competitive rate. The industry is truly in its infancy and moving fast. Hiring a property manager enables real estate investors to invest their money in the market and then focus on more important things, be it other ventures or some much-deserved R&R.
With the introduction of mobile apps and websites that track income, expenses, and service requests, landlords now have instant access to everything they need wherever they go.
The future of residential property management holds exciting possibilities. This blog post provides insights into emerging trends, empowering property owners and tenants to stay ahead in an evolving rental landscape.
If you’re excited about investing in real estate or are already well into it and want a reliable property management company to help, let’s chat.
