- Increased use of smart home technologies for remote control of living environment and energy-efficient solutions
- Data-driven property management to tailor services in line with tenant needs and market conditions
- Emphasis on sustainability with eco-friendly practices such as using recycled materials, installing solar panels, and equipment designed to conserve water
- Virtual property showings due to the pandemic emerged and will remain the norm
- There is high demand for short-term rentals due to cost-effectiveness, personalization, more space, flexibility, and a sense of community.
The property management industry has always been a dynamic and evolving profession. In today’s world, with the proliferation of technology, one can only imagine where the industry will be in the next two years.
This blog post will take a sneak peek into the property management industry trends in 2023. These trends are expected to revolutionize the industry and provide great value to homeowners, tenants, and property managers.
Increased Use of Smart Home Technologies
Smart home technologies have been gaining popularity for years, and by 2023, they will be even more commonplace in rental properties. These technologies include smart locks, thermostats, and lighting systems, allowing tenants to control their living environment remotely from their smartphones.
Property managers can use these systems to monitor energy usage and make necessary adjustments. The result? Lower energy bills and a reduction in environmental impact for everyone involved.
Data-Driven Property Management
Property managers will rely increasingly on data to make decisions. Data-driven software can be used for various tasks, including rental pricing, tenant screening, and evaluation. With this technology’s help, property managers can tailor their services to tenant needs and market conditions.
In addition, property management companies are turning to due diligence platforms, which automate the screening and tenant verification process. These due diligence platforms for property managers allow them to do various things using their mobile phones, such as lease file audits, rent roll analysis, and many more. As a result, property managers can save time and reduce the risk of errors.
Emphasis on Sustainability
Another trend that will gain momentum in 2023 is sustainability. More and more property managers are embracing eco-friendly practices such as using recycled materials in building construction and installing solar panels and equipment designed to conserve water. This benefits the environment and appeals to tenants who prefer to live a sustainable lifestyle.
Virtual Property Showings
The COVID-19 pandemic has forced the real estate industry to embrace virtual tours, and they are here to stay. In 2023, you can expect virtual property showings to become the norm rather than the exception.
This trend provides convenience to both the property managers and the tenants. Not only does it allow prospective tenants to view numerous properties without leaving their homes, but it also saves property managers time and money on travel expenses.
Increased Demand for Short-Term Rentals
The short-term rental market has been growing in popularity for several years, and by 2023, it is expected to continue to be in high demand. Property managers can capitalize on this trend by offering properties on short-term rental platforms such as Airbnb, Vrbo, and Booking.com. This trend has become popular among tenants and landlords because of the following reasons:
One of the main reasons people opt for short-term rentals is that it often proves cheaper than residing in a hotel. Not only do homeowners get to rent out their spaces for a fee, but the cost of utilities, laundry, and cleaning services, and other perks such as cooking facilities and patio space are often included in the price.
Personalization and More Space
A short-term rental offers unique opportunities in terms of Space and personalization. From quirky decor styles to a more homely vibe, short-term rentals often provide more personalized experiences than hotels. Additionally, as the spaces are often houses, apartments, or villas, guests can access a range of amenities that may not be available in a hotel.
Renting out a property short-term means hosts are usually welcoming their guests in a short period of time. This low period allows hosts to have their schedules more flexible and can open up significant opportunities for last-minute bookings. Guests can enjoy an even greater flexibility, as short-term rentals offer unique customized accommodation.
A sense of community
Perhaps one of the most compelling reasons to choose short-term rentals is the unique sense of community that comes with them. Many hosts are locals happy to provide tips and advice and even take their guests around the local places of interest. Such hospitality ups the overall vacation experience, helping guests feel they have a smaller piece of the neighborhood’s culture than they might otherwise have spent in their typical hotel room.
To sum up, the property management industry is set to transform in 2023 with the proliferation of technology and the increasing demand for short-term rentals. Property managers should know these trends to stay ahead of the competition and provide their tenants with top-notch services.