Property Management Trends to Watch for in 2021

It would not be an exaggeration if we told you that the Novel Coronavirus (COVID-19) has overturned the world market of most of the industries. The property management or rental property management industry was also not spared by the fateful events of COVID-19.

The aftermath has been even worse and only resilient organizations have managed to revive themselves, and in the process, these organizations nosedived into digitalizing the property management industry by adopting technological strategies, along with other market-based advancements. 

We are halfway through the first quarter of 2021 and the latest real-estate technology is presenting unique opportunities for property management companies such as Airbnb, Anterra, REBO, etc. Airbnb management software and room booking system is a fitting example of technology in property management. In order to keep up with the market growth, here a few trends to watch out for in 2021.

Integration of Technology

With current technological advancements, the options for digitalization and growth are limitless. The integration of technological advancements such as AI, ML, data management, etc., can increase the efficiency of rental property management, open avenues for internal collaborations, optimize lead management, improve customer service, and much more.

The implementation of AI into the rental property management system can attract prospective business leads through a predictive lead scoring system, engage with customers and clients through intelligent chatbots, and collect and glean relevant data for future business growth predictions.

Room booking software open source is also a great technological addition to the rental property management system that is secure, reliable, and scalable.

Customer Experience

Rental property management is not just a real-estate industry, it is also a hospitality industry, which is customer-centric. The current generation of customers are tech-savvy and they expect the rental management software and the room booking system technological enabled, simply for the ease of access and management.

By integrating technology into rental property management, customized portals for property owners and residents can be created, enabling direct and easy communication, secure payments, quick redressals, etc. All of these translates into a rich customer experience.

Cloud-Enabled

The use of cloud-based rental management software and applications helps the business owners and residents keep work activities at their fingertips and make them mobile.

Cloud makes all information available on the go, making the lives of entrepreneurs and residents easy and help reduce operational costs. Cloud-based software and applications also help speed up the decision-making process, which is a great advancement in the fast-paced era we live in.

Along with these technological trends there are a few other market trends you need to watch out for.

Stable Rental Prices in the First Half of 2021

The rental prices of apartments are likely to be stable for the first half of 2021. This will help consumers who have lost their jobs momentarily or who are being partially paid due to the government-mandated lockdown.

However, the rental trend varies from place to place; since, urban areas are witnessing a decline and some of the suburban areas are witnessing a slight increase in rental prices.

Also, some of the key markets such as Atlanta, Denver, Phoenix and Raleigh-Durham are expected to witness an increase in rental prices in the second-half of 2021.

Market Watch

Property management entrepreneurs can update themselves to the latest market trends by studying the market through the data collected by the rental management software.

The software consistently collects relevant and growth-oriented data of the property management market helping the entrepreneurs as well as the residents study the market and make the right choices.

Priority of Location Will Decline Among Job Seekers

Now that remote working (work-from-home) is becoming a more common and preferred option, relocation of individuals and families for work will decline drastically.

In addition, there is a substantial increase in the number of employees demanding work-from-home; therefore, some cities have begun to lose their former appeal and as a result, are witnessing a sharp decline in rental prices.

Delay in New Constructions

Due to unprecedented demand, the cost of construction materials began to increase in summer 2020, which impacted companies like Weyerhaeuser Co., the largest North American wood producer.

In addition, the pandemic also brought the construction business to a screeching halt. In the post-pandemic era industries are struggling to pick up their pace as the entire market has changed and it is unknown as to if and when the market will return to normalcy.

A careful watch over these industry trends can help the property management entrepreneurs and the residents tread carefully during these unsettling times. RentCubo’s turnkey products can help you start, revamp, stabilize, and manage your property management business.