As the property industry continues to grow and evolve, it is essential for property managers and rental property owners to keep abreast of emerging trends. This helps us remain competitive in a busy Los Angeles rental market.
Knowing what’s on the horizon in the landscape of real estate and leasing will not only benefit those who manage their own properties but also help others navigate changing laws or regulations that could impact future contracts.
We don’t have a crystal ball and we can’t make promises. But, we do know how to study trends and anticipate shifts in our industry and in the market.
When we’re thinking about the future of Los Angeles property management, we’re preparing for an influx of new tech and we’re preparing to focus even more intentionally on providing great customer experiences.
Los Angeles Property Management Technology: A.I. and Building Management
Artificial intelligence, or A.I., is being discussed all over the place. Everyone’s using it to write, to learn, to hypothesize, and to collect data. In our industry, it’s going to play a big role in the future of how we provide our services. Right now, A.I. helps with customer service by responding to easy questions online. Those little chat boxes that you see on the bottom of most websites are driven by A.I. If there’s a question it cannot answer, a human will be summoned.
The artificial intelligence we use in property management can quickly process large amounts of data, better than any of us human beings can. This helps us and it helps your rental property when it comes to pricing your rental home, marketing and advertising, and anticipating maintenance needs.
Building management systems are more data-driven now, and that trend will continue. One of the newer property technology trends that is sure to expand over the next decade is building management systems (BMS) technology. This technology provides software that allows property or building managers to follow and manipulate the physical environment of any building. We can follow specific metrics, such as temperature, moisture, lighting levels, heating and cooling, and security systems. We can track when doors are opened, how long they’re opened, and whether a building is unusually humid or hot or drafty.
This helps us maintain your property more efficiently and affordably.
Anticipating Tenant Needs: Smart Home Technology
Providing the best possible service to tenants is not necessarily a trend. It should be a business model.
It’s more important than ever. Tenants are smarter. Tenants are spending more time at home. Property management in Los Angeles needs to respond.
We’re focused on giving tenants what they want. For example, smart home technology.
Rental homes will adopt more smart home technology over the next few years. It’s moving from a preference to a demand.
Residents are currently using video doorbells, smart thermostats, and apps that allow them to set timers for their lights, appliances, and tech-driven vacuum cleaners. Their dependence on smart home technology will only grow, and the property owners and managers who can provide it will have an easier time attracting and retaining high-quality residents.
These technologies offer a variety of advantages, from efficiency to cost-savings to increased tenant retention and higher rental values. With the existing technologies already implemented and working well, the future is likely to include additional cutting-edge technology around smart home features that will easily increase tenant satisfaction and ease some of the frustrations in professional property management.
Let’s talk about how the future looks to your investment property in Los Angeles. Contact us at EGL Properties.
