As experienced property managers, we understand that rental markets are inherently local. What’s happening nationally may not have any impact on Kansas City or in other markets throughout Missouri. Some trends in property management, however, are universal. Smart home technology, for example, is growing in popularity everywhere. Sustainability is a concern for tenants everywhere, too.
We’ll take a look at those trends as well as some of the other things we’re watching as we try to understand what the future of property management will be in Missouri. This impacts our business, of course, but it impacts you, too, as a rental property owner and real estate investor.
Here’s what to watch, in our opinion as property management leaders.
Increased Focus on Missouri Tenant Experience
Tenant retention is more important than ever, and most owners understand that by retaining tenants, you cut down on vacancy loss and expensive turnovers. We believe the future of property management has a lot to do with tenant experience. By providing an outstanding experience to your tenants, we can be sure they’ll stay in place and renew their lease agreements year after year.
We’re able to focus more on providing attention and responsiveness to tenants because good technology has allowed us to automate a lot of the tasks that take up most of our time. Creating positive and pleasant tenant experiences will be a top priority for property managers in Missouri, and this is something that we are well-equipped to do at Rent Robin LLC.
Modern tenants expect more from their rental experience in Missouri. They want more than four walls and a ceiling. Tenants today want:
Personalized communication
Responsive maintenance
Convenient payment options
Perks and amenities
Tenants are looking for good reasons to stay in place when the lease term expires.
Property managers will need to adapt to these demands by offering more amenities and services. Whether it’s in-unit laundry, extra storage, or updated smart home technology, attracting and retaining high-quality residents will be more important than ever.
As we continue to invest in a positive tenant experience, you’ll need to be prepared for a tenant pool that’s more educated and willing to voice their needs and expectations. Rents have climbed higher over the last few years, especially in Missouri, and residents want to feel like they are getting value. Prepare to make updates and upgrades and invest the resources that are required to help your rental property stand apart from the others on the market.
Our plan to provide better tenant experiences is already in place. We’ll conduct tenant surveys, strengthen resident relationships, and provide an experience that’s more transparent and geared toward what renters want and need in the future.
Property Management Technology
The future of property management technology is an interesting topic.
Tech is always evolving. We’re working with systems and platforms that we could not even imagine a decade ago, and those systems and platforms tend to become obsolete very quickly.
We are keeping up, and if you want to be successful in managing rental properties in the future, you have to keep up, too.
There has been a shift in both how we use technology as property management experts and how we provide technology to our pool of tenants.
For Missouri property managers, we know that the right tech tools can help us do our jobs and serve our owners and tenants more efficiently. We use technology to:
Communicate. With online portals that serve owners and tenants, we make it easy for residents to pay rent online and request routine repairs. This contributes to fewer late rent payments and better communication. Owners use their portals to see financial statements, check maintenance invoices, and send us messages. We’re available through text and email and always on the portal. We’ve been using portals for a while, and they’re getting more advanced. You can ask us to run detailed financial reports and tenants can schedule payments in advance and store their financial information.
Respond to maintenance. We use technology to track the performance of the systems and functions of your rental home. Thanks to our ability to track and document, we know when the roof last leaked, we know when the warranties on your appliances are up, and we can estimate when it will be time to replace the water heater. This data helps us to schedule preventative maintenance services and it also allows us to advise you on what should be budgeted for future repairs and replacements.
Provide accurate and detailed accounting. We’re able to be more transparent with your money thanks to our accounting technology. You can get income and expense reports in real time. You can ask for customized reports that our property management software system can provide. You’ll always know where you stand financially.
Our platforms, software, and technology resources allow us to manage your home more efficiently and cost-effectively. The future of property management is a continued investment in innovative technology.
That’s a look at the technology we use. There are also shifting trends in the technology we provide.
Tenants in Missouri are increasingly looking for properties that offer smart home technology. This is an important trend that we tell all of our investor and landlord clients to watch for: tenants expecting smart tech in the homes that they rent. A good way to make your property more competitive on the market is to provide the right smart home upgrades. These are the things that attract those well-qualified, highly sought after residents.
Think about the most cost-effective and simple ways to introduce smart home tech into your rental property. It may be video doorbells, smart thermostats, and apps that allow tenants to turn on lights and lock doors remotely.
Those high-quality tenants will continue to look for homes that provide smart home technology, and the property owners and managers who can provide it will have an easier time attracting and retaining their perfect tenants.
There are additional benefits to installing smart home technology in your investment properties, and you’ll find that future tech trends allow you to save money. For example, by remotely managing various systems within properties, such as HVAC, lighting, and security, energy costs can be reduced for property owners and tenants, even while efficiency and productivity are increased. Your tenants will enjoy their cost savings on utility bills, and when you’re paying for utilities during turnover periods, you’ll find you’re losing less money.
Smart home tech in rental homes increases convenience for landlords and their tenants. Tenants will appreciate having greater control and convenience. They’ll respond favorably to rental homes offering smart home technology. This creates a great relationship with your residents right from the start. This type of tech is also convenient for you. And, more secure. Smart locks allow remote access, which allows for easy property showings, and they also allow maintenance workers to get inside the property without someone running over there to meet them or make another key.
When you’re willing to invest in these technologies for your Missouri rental property, you’ll find you have access to a variety of advantages, all of which will increase your rental values, protect the condition and value of your investment, and ensure your property remains occupied with excellent tenants.
Making Missouri Rental Properties More Sustainable
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A major trend that we’re watching is the demand for sustainability when it comes to rental properties. This should not surprise you, regardless of where you come down on environmental concerns. Everyone is going green, or at least trying to become greener and more environmentally aware.
This is especially true of your Missouri tenant pool.
Sustainability is becoming increasingly important in the property management industry, and this trend is set to continue to gain traction. Landlords and property managers are looking for ways to make their properties more energy-efficient and environmentally friendly, which benefits both the environment and the bottom line. This includes the use of green roofs, solar panels, and water-saving fixtures.
Tenants are looking for these types of features when they rent homes, and it’s not just environmentally-conscious tenants who are prioritizing energy efficiency. Everyone wants to save money and change out light bulbs fewer times. Some of the improvements you may want to consider as you look for ways to meet the evolving property management landscaping of the coming years are:
Appliances with Energy Star ratings.
LED bulbs instead of fluorescent bulbs.
Low-flow toilets and showers.
Smart thermostats to regulate indoor temperature and air quality.
Think like a tenant as you consider the future trends of property management. You’ll find that tenants prefer hard surface flooring to carpet because it’s cleaner and has fewer allergens. You’ll find multifamily properties can be more efficient by offering recycling bins outside the building.
These are just a handful of the trends we’re watching, and we’d love to talk about how to best position your rental property to enjoy the opportunities that the future presents. Please contact us at Rent Robin LLC. We manage rental homes in Kansas City and throughout Cass County.
