The property management industry is undergoing a significant transformation, driven by the integration of smart technology, such as property management software.
As we step into 2024, the use of IoT (Internet of Things) devices like smart locks and self-showing technology won’t be just a trend but a necessity in every HOA and association. Community management software is crucial for enhancing efficiency, security, and convenience, creating a seamless experience for managers and residents alike.
Over the years we’ve seen the property management scene change drastically; that said, it’s surprising to see that some communities are sticking to their old ways, doing things manually or in person, hampering efficiency.
Here are some future trends and current applications that will shape the industry in the year to come:
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Rising Digital Demands of Residents
In 2024, the demand for digital solutions from residents seeking sophisticated, user-friendly technological solutions that go beyond basic functionalities is quickly growing. Statista predicts smart home market revenue to reach $141 billion by 2023, indicating a preference for tech-savvy living environments. Efficient, intuitive, and responsive property management software is crucial to meet the evolving digital needs of today’s residents.
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Embracing Cost-Saving Tools
With the rising costs of insurance, payroll, and other services, associations are increasingly looking for innovative ways to save money. Integrating multiple services into a single subscription model, like ONR, is becoming a popular strategy. This approach not only streamlines operations but also offers clear visibility on expenditure. By reducing reliance on costly analog processes, property management can achieve significant savings, enhancing operational sustainability and efficiency.
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Community Engagement: Key to Resident Satisfaction
In an era dominated by digital connections, the importance of local community engagement is more pronounced than ever. Platforms like ONR are leading this trend, providing residents with digital tools to connect with their community. According to a report by the National Association of Realtors, community engagement is a top priority for 69% of millennials buying homes. Building digital communities is crucial for resident satisfaction and a sense of belonging, aligning with housing market preferences.
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Industry Consolidation: A Growing Trend
The property management industry is experiencing a consolidation trend, with larger, profitable firms acquiring smaller companies. This movement is expected to continue in 2024, leading to a more unified industry landscape. Such consolidation offers economies of scale and the ability to leverage shared resources and expertise, benefiting both property managers and residents alike.
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The Rise of AI in Community Management
Artificial Intelligence (AI) is rapidly becoming an indispensable part of the property management tech stack. Companies like STAN and CINCs are leading the way in this trend. AI’s role in property management extends beyond data access; it empowers residents to autonomously submit requests and interact with management systems. This shift towards AI-driven community management is revolutionizing the industry, offering predictive, responsive, and innovative solutions. AI could boost GDP by 1.2% annually, adding $13tn to the global economy by 2030, according to a McKinsey report.
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Augmented Reality Is Here
Augmented Reality (AR) is transforming property management in 2024, offering virtual tours and improved maintenance. This technology provides detailed, interactive property viewings remotely and assists in efficient, accurate repair work. As the AR market grows, its role in property management is increasingly essential to enhance customer experience and operational efficiency.
In 2024, technology will revolutionize property management with advanced, secure, and user-centric solutions.The future is here, and it promises a more integrated, efficient, and satisfying experience for both property managers and residents.
To find out more on how to take your HOA or association to the next level, call us and book a demo! Or if you’re interested in an independent party’s view on ONR, click here.