If you’re a single-family rental property owner, you are aware that there are a variety of considerations to make. You are responsible for duties, including finding tenants, maintaining financial and maintenance records, and taking care of all the other elements of owning and managing rental property. It would be wonderful if there was a way to do this that was both quick and simple. Fortunately, there is PropTech!
The term “technology” used in the real estate industry is referred to as “PropTech.” It has everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality resources for viewing properties. You will gain a better understanding of how proptech can help you better manage your single-family rental properties if you continue reading.
What is PropTech?
PropTech, short for property technology, is seeing rapid expansion. It does this by employing innovative digital tools to revolutionize the process of buying, selling, renting, and managing real estate properties. For instance, landlords can use sophisticated online platforms to locate tenants. Proptech delivers several cutting-edge solutions that streamline the entire property lifecycle. For instance, you can use smart home devices to screen tenants, make your home protected, and save energy consumption.
Proptech also incorporates virtual reality tools that do the following:
- Fascinating property tours.
- Blockchain-based platforms that allow more secure and transparent property transactions.
- Chatbots driven by artificial intelligence provide personalized support to customers.
PropTech can alter the real estate industry by making it more efficient, easier to use, and transparent.
Online listing platforms like Zillow were the first real estate technology tools. Later, short-term rental space platforms such as Airbnb came along. In recent years, proptech has expanded to include a wider range of technologies, such as:
- Big data and analytics
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual Reality (VR) and Augmented Reality (AR)
The intention of Proptech is to streamline and accelerate the process of buying, selling, and renting properties. This is something that can be accomplished by proptech through the provision of virtual walk-throughs of properties (for both rent and sale) and the automation of tasks that were previously time-consuming.
How PropTech helps landlords manage their properties
Managing single-family rental properties can be a challenging duty for landlords. Proptech can help simplify the process and make it more quickly, which has many benefits such as:
- Quick and easy ways to find tenants and run background checks on them
- Collecting rent payments electronically
- Ensuring that upkeep and repair needs are met
- Keeping track of your properties and tenants
- Communicating with your tenants
Although several proptech tools are still in the developmental stage, experts believe that within the next several years, these tools will have a significant impact on the real estate and rental market. If you haven’t started using proptech yet, there has never been a better moment to do so than right now!
Popular PropTech Tools Currently Available
Rental listing platforms like Zillow, Rent.com, and Apartment Guide are some of the most common proptech tools available today. Others include tenant screening tools like TurboTenant and myRent, rent payment platforms such as RentPayment and Cozy, and maintenance and repair request apps like RepairPal and Handy.
In addition, having property management software like AppFolio and Buildium can be an absolute necessity. But it’s essential to keep in mind that property management software alone can only take you so far. Engage with a quality property management company that will use the latest proptech tools to their fullest on your behalf. This will save you time, money, and hassle.
Future of the rental market and implications for landlords
Proptech is giving rise to significant changes in the rental market. Real estate technology allows landlords to:
- List their properties on several rental platforms
- Screen tenants electronically
- Collect rent payments electronically
- Manage repair and maintenance requests efficiently
- Keep track of their properties and tenants
- Communicate with their tenants
PropTech is always making strides forward, and we are looking forward to seeing further changes in the rental market. These changes will have significant implications for both landlords and tenants. For example, PropTech may make it easier for landlords to fill empty units, but it could also result in higher rents and security deposits. In one case, PropTech could help renters search and apply for rental properties more efficiently, but it could also result in higher rents and security deposits. It is conceivable that PropTech will alter the housing rental industry in the future; however, only time will tell for sure.
Real Property Management Teyata is the company to go to if you are interested in purchasing an investment property in the Burlington area that will bring profit. We provide real estate investors with services that include conducting market studies and providing them with other helpful materials. Please contact us online or call 360-856-1010 now!
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