But, there is: proptech! Proptech is a term used to refer to real estate 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. Keep reading to know how proptech can assist you in better managing your single-family rental properties.
What is proptech?
The term proptech is used in real estate-related technology. Everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality tools for viewing properties is included.
Real estate technology began with digital listing spheres like Zillow then branched into short-term rental spaces (think Airbnb). Proptech has recently spread to include a bigger range of technologies, like:
- Blockchain
- Software as a Service (SaaS)
- Big data and analytics
- Virtual reality (VR) and augmented reality (AR)
- Internet of Things (IoT)
Proptech seeks to make the process of purchasing, selling and renting real estate simpler and more efficient. 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?
There are numerous ways in which proptech can improve the efficiency of Perris property managers. Proptech, for example, can assist you with:
- Be quick to find and screen your tenants easily
- Rent payments should be collected via the internet
- Keep track of service requests and repairs
- Maintain a list of your properties and tenants
- Stay in 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?
Among the most popular proptech tools available today are:
- 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
On the other hand, you can only get so far with property management software. A quality property management company like Real Property Management Bella (which will adopt and utilize current proptech tools on your behalf) is still the best option for real-time, money, and convenience savings.
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 several ways. For example, real estate technology allows landlords to:
- They can list their properties on a variety of rental websites
- Tenants can be screened electronically
- Electronic rent payment collection
- Track requests for repairs and maintenance.
- Maintain a list of their properties and tenants
- Maintain contact with their tenants
- And more.
The rental market is likely to change even more as proptech expands. These changes will have a wide range of ramifications for both landlords and tenants.
Proptech could make it so much easier for landlords to rent out vacant units, but it could also result in greater rents and/or security deposits. Proptech may make it simple for renters to find and apply for rental units, but it may also result in increased rents and/or security deposits. Only time will tell how proptech will continue to influence 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!