There actually is: proptech! Proptech is a term used for real estate industry technology. It has online tools for locating and managing tenants, apps for tracking payments and repairs, and virtual reality tools for viewing properties. If you haven’t used proptech yet, you’re missing out on numerous advantages. Continue reading to discover how proptech can improve the management of your single-family rental properties.
What is proptech?
Proptech is a term used for real estate industry technology. It includes everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality viewing tools.
Real estate technology began with digital listing platforms such as Zillow, then expanded into the short-term rental space (think Airbnb). Proptech has recently expanded to include a broader range of technologies, such as:
- Big data and analytics
- Blockchain
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual reality (VR) and augmented reality (AR)
Proptech aims to make the process of buying, selling, and renting real estate more convenient and efficient. Proptech seeks to change the way real estate investing and rental property owners have looked for decades, from automating previously time-consuming tasks to virtual walk-throughs of properties (both for rent and for sale).
How can proptech help landlords manage their properties more efficiently and effectively?
Proptech can help West Columbia property managers be more efficient in a variety of ways. For instance, proptech can help:
- Tenants can be found and screened more quickly and easily
- Electronically accept rental payments
- Maintain supervision over requests for repairs and upkeep
- Monitor your properties and tenants
- Keep in touch with your tenants.
While many proptech tools are still in the early stages of development, experts expect their impact on the real estate and rental markets to grow in the coming years.
What are some of the most popular proptech tools currently available?
The following are some of the most popular proptech tools currently available:
- Rental listings platforms like Zillow, Rent.com, and Apartment Guide
- Tenant screening tools like TurboTenant and myRent
- Rent payment platforms like RentPayment and Cozy
- Maintenance and repair request apps like RepairPal and Handy
- Property management software like AppFolio and Buildium
Property management software, of course, can only take you so far. A good property management company such as Real Property Management Midlands (which will adopt and utilize current proptech tools on your behalf) is still the best option for real savings in terms of time, money, and convenience.
How will proptech continue to shape the future of the rental market, and what implications will this have for landlords?
Proptech continues to influence the rental market in a variety of ways. As an example, real estate technology enables landlords to:
- List their rental properties on multiple rental websites
- Electronically screen tenants
- Rent payments are collected electronically
- Keep track of service requests and repairs.
- Monitor their properties and occupants.
- Interact with their tenants
- And more!
The rental market is likely to undergo even more changes as proptech advances. Both landlords and renters will be affected by these changes.
Proptech may make it very easy for landlords to fill vacancies, but it may also result in additional rents and/or security deposits. Proptech may make it easier for renters to find and apply for rental units, but it may also result in higher rents and/or security deposits. How proptech will continue to influence the future of the rental market cannot be guaranteed at this time.
Would you like to learn more about how today’s digital tools can make owning rental properties less time-consuming? Contact us online today!