There actually is: proptech! Proptech is a term that refers to real estate-related technology. It includes everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality viewing tools. You’re missing out on a lot of benefits if you’re not using proptech yet. Continue reading to find out how proptech can help you manage your single-family rental properties more effectively.
What is proptech?
Proptech is a term used for real estate industry technology. Everything from apps for tracking payments and repairs to online tools for finding and managing tenants to virtual reality tools for viewing properties is covered.
Real estate technology began with digital listing platforms such as Zillow, then expanded into the short-term rental space (think Airbnb). Recently, proptech has included a wider range of technologies, such as:
- Internet of Things (IoT)
- Blockchain
- Software as a Service (SaaS)
- Big data and analytics
- Virtual reality (VR) and augmented reality (AR)
The purpose of proptech is to simplify and streamline the buying, selling, and renting of real estate. Proptech aims to disrupt the way real estate investing and rental property owners have looked for decades, from virtual walk-throughs of properties (both for rent and for sale) to automating previously time-consuming tasks.
How can proptech help landlords manage their properties more efficiently and effectively?
Proptech can assist Mooresville property managers in a lot of different ways. Proptech can assist you in the following ways:
- Be quick to find and screen your tenants easily
- Implement electronic rent payment collection
- Stay vigilant over repair and maintenance
- Organize your rental properties and tenants
- Maintain contact with your tenants.
Experts predict that the influence of proptech tools on the real estate and rental markets will increase in the coming years, despite the fact that many proptech tools are still in development.
What are some of the most popular proptech tools currently available?
Here are some of the most commonly used proptech tools today:
- 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 quality property management company, such as Real Property Management Experts (who will adopt and use current proptech tools on your behalf), is still the best way to go for real savings in 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 is continuing to shape the rental market’s future in a variety of ways. For example, real estate technology allows landlords to:
- They can list their properties on a variety of rental websites
- Tenants are screened electronically.
- Rent payments are collected electronically
- Keep track of service requests and repairs.
- Keep track of their tenants and properties.
- Interact with their tenants
- And much more!
As proptech continues to develop, the rental market will likely undergo even more transformations. These changes will have a wide range of ramifications for both landlords and tenants.
Even though proptech may make it quicker for landlords to fill vacant units, it may also result in increased rents and/or security deposits. Proptech may make it easier for renters to find and apply for rental units, but it could also result in increased rents and/or security deposits. Only time will tell how proptech will shape the rental market in the future.
Would you like to learn more about how today’s digital tools can make owning rental properties less time-consuming? Contact us online today!