For most industries, innovation is driven by a combination of technological advances and larger global trends, and this is particularly true of the residential property management industry. The rental market continues to be shaped by economic, social and technological trends, both in terms of business challenges and resident demand.
As property management teams lean on new technology to improve operational efficiency, grow their businesses and meet customer expectations, three major trends are acting as driving forces: the Internet of Things (IoT), consumer fintech and remote work. As these trends force significant change upon a variety of industries, there’s a lot that business leaders can learn from their impact on the real estate space and, ultimately, how property technology (proptech) innovation is helping property managers meet these changes.