The systematic alienation of renter-consumers and the stronghold of property management software on the rental industry can be traced through a series of chronological events:
Origins of Rental Market Dynamics
Initially, investors and property owners entered the rental market to generate income by offering their assets for temporary usage.
Early and Consistent Innovation Drivers
The primary focus was on income generation, with investors and owners being the main drivers of innovation within the industry.
Emergence of Property Managers
As portfolios expanded, property managers emerged to alleviate the burdens associated with renting properties, primarily focusing on ensuring consistent income for investors.
Introduction of Property Management Software (PMS)
With the increasing complexity of managing portfolios, property management software (PMS) was introduced to streamline operations, initially focusing on accounting, maintenance, and lease revenues.
Standardization and Governance
PMS brought standardization to operational processes and implemented stricter governance measures against problematic renters, aiming for operational excellence.
Neglect of Renter-Consumer Dynamics
Despite consumer demand revolutions in other industries, the rental sector lagged in acknowledging the power and significance of renters as consumers. This oversight resulted from an archaic view of the renter’s role in the industry.
Lack of Empowerment for Renter-Consumers
The rental industry failed to recognize the need to empower renter-consumers and improve their relationship with the industry.
Dominance of Outdated PMS Solutions
Today, the rental industry is dominated by a few property management software solutions that lack the flexibility to meet the evolving demands of modern renters.
In summary, the rental industry’s historical trajectory reveals a progression from investor-driven innovation to the entrenched dominance of property management software, with little consideration for the empowerment of renter-consumers or the need for innovation to meet their evolving needs.
