In the past several years, the rental marketplace has been anything but predictable.
Between lockdowns and remote working, landlords have found it exceptionally difficult to maintain traditional methods of showing properties, managing leases, and communicating with tenants.
Thankfully, technology has developed to meet the demands of a new rental marketplace. For instance, property management software can help you find your footing in digital rental marketing and tenant screening. Maybe you’ve also embraced more automated tasks, set up virtual experiences for applicants, or implemented tech solutions directly into your units.
It’s clear that tech tools are trending upward in the property management world. Here are just a few upcoming trends in property management technology for 2022.
Automation
As property management software platforms become more and more sophisticated, it’s inevitable that automation will also increase.
Many property management software features are already automated. For instance, software companies offer automated late fee infrastructure, rent receipts, messaging, payment records, and rental accounting.
As automation becomes increasingly prevalent, these features no longer require your direct supervision.
Soon, you’ll be able to garner insights from raw data without any human involvement. You can manage your books without hiring any additional team members or scrutinizing the headache of your company financials. Instead, automated accounting will point you to where expenses can be cut, revenue increased, and other opportunities to grow.
Artificial Intelligence and Natural Language Processing
Artificial Intelligence (AI) and Natural Language Processing (NLP) are hot topics in tech circles and the public. If you’ve ever communicated with a customer service chatbot, talked to a robotic assistant over the phone, used Google Translate, or searched for messages in your email, you’ve interacted with both AI and NLP.
Artificial intelligence is also infiltrating the real estate industry. In 2022, you might see AI predict trends in your local rental market, estimate your profits, and clue you in on the best places and times to advertise.
NLP is also widespread in rental listing advertising. In the coming year, you can expect to see more sophisticated chatbots and voice assistants ready to answer your tenants’ questions about units and solve their technical issues with applications.
3D Virtual Tours
Another tech trend to watch out for is virtual and augmented realities. These technologies use refined spatial mapping to allow users to visualize rooms as if they were in them. This technology can be applied to improve prospective tenant explorations of your properties.
3D virtual tours will likely continue to grow in popularity. Virtual tours are a convenient substitute when renters can’t visit in person due to health concerns, work engagements, travel restrictions, or other reasons.
3D tours also give renters a better idea of the condition and appearance of the rental space. 2D floor maps are great, but it’s much easier to visualize your bed or kitchen table with a 3D representation.
Smart Homes
Smart home technology is no longer as futuristic as it once was. Smart homes with security surveillance, digital locks, and light/temperature control from your mobile device are now major players in the real estate industry.
This year, you’ll see more and more opportunities to integrate smart home technology into your rentals. Maybe your tenants have complained about poor security or safety concerns. Installing digital locks is a high-tech solution that will undoubtedly attract tenants. When tenants feel safe in their homes, they are more likely to renew their leases and rent long-term.
Cloud-Based Software
Finally, landlords and tenants alike continue to prefer cloud-based property management software platforms. Traditional, manual management simply isn’t feasible in an increasingly digital market. Data storage on the cloud is a solution to practical concerns with traditional rent collection—and despite any myths you’ve heard, it is highly secure.
Data stored on the cloud is encrypted, meaning that no one without an encryption key (i.e., your credentials) can view or read your data. You can rest assured that you and your tenants’ bank and credit card numbers are protected.
Tech Trends: Is Your Business on Board?
Don’t worry if your rental business isn’t quite ready for smart locks or AI yet. The new technologies mentioned above are still in the works and just in the beginning stages of application to rental management. However, by keeping an open mind toward new technologies when they do become widely available, your rental business could lead the charge in experimenting with these 2022 trends.
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