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Emerging Trends in Property Management: What You Need to Know

Running rental properties involves staying on top of the latest technologies and techniques. Emerging trends help owners and managers work smarter and better serve tenants. In this article, we’ll explain key trends in property management that you should know about. Being aware of new solutions helps you improve operations. Let’s get started!

Smart Home Technology

Smart locks, lights, and thermostats are going mainstream. These allow remote control through phones. Owners can give codes to maintenance staff or tenants as needed. No more hiding keys or rushing over. Smart homes increase convenience and security.

Digital Payment Options

Many tenants, especially younger ones, prefer paying online or through apps. Digital services like PayPal, Venmo, and Zelle make sending rent easy. Owners should offer mobile options for easier collecting. Automated reminders help too.

Virtual Showings & Leasing

New tools use past sales data to suggest optimal pricing for your units. The software forecasts occupancy and revenue under different rent scenarios.

Factors assessed include

  • Comparable rent rates
  • Seasonal demand shifts
  • Events that affect housing supply/demand, and more

The systems crunch numbers on these dynamics to recommend rent amounts. That will maximize your income. The data-driven insights optimize pricing strategy.

Revenue management software enables dynamic and responsive pricing too. Rents can be adjusted weekly or monthly. Based on algorithms to maintain high occupancy rates and returns.

For large multi-unit landlords like The Earnest Homes, the granular optimization of pricing is very powerful. Small adjustments across many units add up. Yet, drastic short-term increases should avoided. The goal is steady moderate rent growth over time rather than huge hikes at once.

These tools provide a major competitive advantage to landlords using them. Their pricing recommendations and forecasting lead to the best revenue outcomes.

Advanced Revenue Management Software

New tools use sales data to suggest optimal pricing. They forecast occupancy and recommend rent amounts to maximize income. This software helps owners price competitively and dynamically.

Remote Workforce Management

Cloud-based platforms enable seamless team collaboration from anywhere. Owners can coordinate maintenance staff and managers remotely via shared software. This allows more flexibility in operations.

Enhanced Tenant Screening

Many services now offer criminal checks, credit reports, eviction searches, and aggregated tenant ratings all online. This comprehensive screening helps owners assess applicants thoroughly before approving. While tenant screening is essential, creating or using a bad renters list is illegal and violates tenant safety and data protection laws, as it can lead to discrimination and unauthorized sharing of personal information.

Emerging Amenities

What tenants want in units is changing. Smart amenities to attract renters include:

  • Built-in WiFi with fast speeds is a big one. Renters today need reliable, high-speed internet for work and entertainment. Upgrading routers and network’s future-proof properties.
  • USB charging ports in kitchens and bedrooms add convenience. Phones and devices always need charging. Putting ports near beds and counters enables easy overnight and morning charging.
  • Luxury appliances and fixtures elevate the living experience. Stainless steel, soft-close cabinets, and high-end finishes give a premium feel.
  • Shared workspaces create a sense of community. Lounges with desks, printers, and even coffee bars allow remote work alongside neighbors.
  • Fitness centers and shared bikes encourage active lifestyles. Yoga rooms, weights, spin bikes, and outdoor shared bikes promote exercise and wellness.
  • Pet spas and dog runs cater to furry friends. Washing stations, play areas, and pet services show it’s a pet-friendly place.

Automated Maintenance Alerts

Smart sensors notify owners about leaks, temperature changes, smoke, broken glass, and more while vacant. This allows proactive fixes before issues worsen or emergencies happen. Fewer surprises mean more asset protection.

Renewable Energy Options

Eco-friendly power sources like solar and geothermal have great benefits.

Solar panels reduce electric bills. All that free power from the sun cuts utility costs significantly.

Geothermal heating/cooling cuts energy use. Simply tapping into underground temperatures provides very efficient HVAC. They show a commitment to sustainability. Solar panels and geothermal conversions appeal to eco-conscious renters.

They can justify slightly higher rents. The utility savings offset the small rent premiums for upgraded green properties. The upgrades cost more upfront however, Owners should run the numbers to see if the investment pays off long-term.

Government incentives like tax credits can offset costs too. Overall, green energy features help properties command higher values.

Enhanced Home Security

Tenants want assurance of safety and security in rentals today. New systems provide that.

Smart home security systems detect intrusions when vacant. Cameras provide footage to aid police investigations.

Video doorbells screen visitors and record activity. Owners can virtually view guests even when away. Exterior cameras give full property oversight remotely. Large multi-unit buildings benefit from expanded monitoring. Fence vibration sensors bolster perimeter security. Any fence rattling triggers alerts to deter trespassers.

Professionally monitored systems may earn insurance discounts. Provable active monitoring shows safety efforts to providers. Electronic keyed locks allow re-coding instead of re-keying when tenants change over. It’s more convenient than physical key replacements.

Tenants gladly pay a bit more in rent to feel that peace of mind. Preventing just one break-in often offsets years of monitoring fees. It’s a win-win for property security.

What Owners/Managers Should Ask About New Trends

  • Are smart home upgrades worth the investment?
  • Does the convenience of virtual leasing outweigh the negatives?
  • How can I implement effective revenue management strategies?
  • Which emerging amenities are rising in popularity and value?

Key Takeaway

The property management field evolves rapidly. Keeping up with the latest solutions allows owners to operate more and boost tenant satisfaction. Focus on trends that best fit your business model and portfolio. With the smart adoption of emerging tools and practices, your rentals will stay competitive.

FAQs About Property Management Trends

What are smart thermostats used for in rental properties?

Smart thermostats allow owners to adjust temperatures remotely. This helps maintain properties efficiently when vacant and ensures tenant comfort when occupied.

How does digitizing rental payments help landlords?

Online payments via platforms like Cozy make collecting rent easier with automated tracking. Digital receipts provide documentation too. Less cash reduces risks.

What benefits do home automation systems offer for rental properties?

Automation allows remote monitoring and management. Smart locks grant flexible access control. Overall, automation provides convenience and security.

How can renewable energy features attract tenants?

Solar panels and environmentally friendly heating/cooling appeal to eco-conscious renters. Lower utility costs are also attractive. Green upgrades can justify slightly higher rents.

What risks does virtual leasing without in-person showings create?

Applicants may miss seeing flaws like outdated interiors. And owners miss the chance to meet applicants in person and assess suitability. Combining virtual and in-person showings is ideal.

The Bottom Line

Advancements in technology, automation, and data analytics are transforming property management. Adopting the latest solutions allows owners to

  • Operate rentals more
  • Protect assets
  • Meet changing tenant preferences

Stay proactive in evaluating innovations that improve your business!