As a property manager or real estate investor, your responsibility goes beyond just collecting rent and responding to resident complaints.
You must wear many hats to make your property a great place to live or work. This workload includes organizing maintenance and repairs, coordinating property inspections, managing finances, and more.
In fact, 80% of property managers handle a wide scope of activities.
Thanks to emerging tools and technologies, you can streamline these processes in several ways. In this blog, we cover some of the top technology trends shaping property management in 2024.
6 Pioneering Advances Shaping Property Management in 2024
Here are six tech trends to keep on your radar in 2024 to streamline your property management workflows.
1. Smart Home and Building Technology
Interconnected devices and systems are driving advances in smart home and building technology.
Through these devices, you can remotely monitor and control different parts of your property. Some examples include:
- Security systems with facial recognition technology
- IoT (Internet of Things) devices
- Energy-efficient lighting
- Smart thermostats
2. Property Management Software
About 44% of US property managers use property management software.
Thanks to various software applications, you can automate and optimize various property management tasks like:
- Lease management
- Communication
- Rent collection
- Maintenance
- Repairs
Being able to handle all these tasks from one platform offers convenience and can save you a lot of time.
Plus, you can implement predictive maintenance by integrating data analytics and artificial intelligence. This technology allows you to make more informed decisions regarding maintenance and repairs.
These software platforms also foster collaboration between property managers, residents, and owners through communication channels and document sharing.
But property managers aren’t the only ones who stand to gain from these advancements. Property management software can also improve the resident experience by giving renters convenient ways to put in maintenance requests, make rent payments, and communicate with owners online.
ManageGo is a property management software solution that gives you everything you need on one platform.
Simplify rent payments, maintenance requests, scheduling, rental applications, and more.
3. Property Protection
As a property manager, you may struggle to find efficient ways to screen residents. However, online resident screening tools are now readily available, allowing easier access to background checks and credit reports.
Using screening software, you can view an applicant’s credit, criminal, and eviction history in more detail. As a result, you’ll have more insights into their financial responsibility and behavior.
That way, you can improve the decision-making process when it comes to choosing qualified residents who are most likely to pay rent on time, maintain the property, and respect lease terms.
Another way digital platforms enhance property protection is through OpenID Connect (OIDC), which allows you to authenticate your residents and staff securely and efficiently across multiple digital platforms.
OIDC is an identity authentication protocol that verifies user identities when they sign in to their online accounts.
This protocol allows users to sign in with one account (think email or social media) and access multiple applications without creating new usernames and passwords. This simplifies the user experience and reduces the risk of data breaches.
OIDC also provides identity tokens that contain user profile information, such as names and email addresses.
You can then use this information to personalize the services and offers for each resident.
Insurance is another important aspect of property protection.
Umbrella insurance for rental property policies offers many advantages for landlords, especially if you manage multiple property portfolios. These benefits include:
- Cost-effective expansion: insurance policies are affordable extensions to standard liability coverage. For a small investment, you can secure coverage ranging from hundreds of thousands to millions of dollars, which will depend on your unique circumstances and the insurance provider you choose.
- Peace of mind: As a landlord, you may face potential liabilities, from personal injuries to property damage and more. These insurance policies give you an extra layer of reassurance, acting as a safeguard against unforeseen legal challenges introduced by residents.
- Convenience: Managing multiple properties can be exhausting, but insurance simplifies the process. Extending coverage across various properties simultaneously allows you to streamline your risk management strategy. Choosing just one umbrella policy for an entire property portfolio is much more convenient than juggling multiple policies, ultimately reducing administrative burdens.
- Protection: Insurance can complement your existing insurance and limited liability company structures. This helps strengthen overall protection strategies for property owners.
Say goodbye to headaches in 2024 and hello to peace of mind with all of your properties.
4. Energy-Efficient Properties
With increased concerns about sustainability, property management across the country is embracing green initiatives.
For homes, consumers are looking for more energy-efficient appliances. Those renting office buildings want sustainable features like energy-efficient windows to reduce energy bills.
Property managers and real estate investors overseeing luxury multi-family homes and buildings bring nature to their properties.
They’re doing this by implementing large green spaces or rooftop parks. This really revolutionizes urban living and work environments as renters no longer have to choose between city living and having green space.
5. Predictive Maintenance
Predictive maintenance is another notable trend in property management in 2024.
Advanced technologies like artificial intelligence allow you to analyze building systems and components data.
This promotes a more proactive approach to property management because you no longer have to rely on fixed maintenance schedules.
Instead, you can use predictive algorithms to anticipate equipment failures. From there, you can minimize downtime and reduce repair costs.
In other words, you can prevent a water heater from going bust thanks to an alert notification that it is approaching the end of its average life expectancy.
6. Virtual Reality and Augmented Reality
Virtual reality (VR) and augmented reality (AR) take property viewing experiences to futuristic levels. For example, many property managers offer 360 virtual tours for their rental properties.
Potential residents don’t even have to enter the building before signing a lease.
For instance, Linz Holly Springs Apartments, located in Georgia, uses virtual tour software to allow potential applicants to explore the property online, removing the need for in-person visits.
VR and AR technologies have also been helpful in virtual staging. Staging empty properties with virtual furniture gives renters the ability to visualize a space before moving in.
Wrapping Up
When we talk about the future of property management, it almost seems like it’s far away. But in reality, it’s already here.
These property management trends are already in effect and you’ll continue to see them implemented more in 2024.
So, why not jump on the bandwagon, too? With a property management solution like ManageGo, you can streamline your operations and easily manage all aspects of your property.
About the Author
Guillaume is a digital marketer focused on handling the outreach strategy at uSERP and content management at Wordable. Outside of work, he enjoys his expat life in sunny Mexico, reading books, wandering around, and catching the latest shows on TV.