If you’re a single-family rental property owner, you know that there are many things to think about. Finding tenants, monitoring payments and repairs, and taking care of all the other aspects of owning and managing rental property is your job. Couldn’t this process be made more accessible? Well, there is PropTech!
Real estate industry technology is known as “PropTech.” It consists of online tools for finding and managing tenants, apps for tracking payments and repairs, and virtual reality tools for viewing properties. Discover more about how proptech can help you better manage your single-family rental properties by reading on.
What is PropTech?
PropTech, short for property technology, is a business that is growing quickly. It uses innovative digital tools to revolutionize the way we purchase, sell, rent, and manage real estate properties from smart online platforms that help landlords find tenants. Screen tenants to smart home tools that lower energy use and improve security; proptech delivers several cutting-edge solutions that streamline the entire property lifecycle.
Also, proptech incorporates virtual reality tools that deliver:
- Interactive property tours.
- Blockchain-based applications that enable more secure and transparent property transactions.
- AI-powered chatbots that supply customized customer support.
PropTech can change the real estate industry by making it more efficient, simple to use, and transparent.
Real estate technology began with online listing platforms like Zillow and expanded into the short-term rental space with sites such as Airbnb. Proptech has recently grown to include a wider 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 properties more accessible and more efficient. Proptech does this by providing virtual walk-throughs of properties (for both rent and sale) and eliminating time-consuming chores that used to be needed.
How PropTech helps landlords manage their properties
Managing single-family rental properties can be a difficult job for landlords. Proptech can help simplify the process and make it run smoothly, boasting numerous advantages, including:
- Finding and screening tenants easily and quickly
- Collecting rent payments electronically
- Staying on top of repair and maintenance requests
- Keeping track of your properties and tenants
- Communicating with your tenants
Even though a number of proptech tools are still in the developmental stage, professionals predict they will have a huge impact on the real estate and rental market in the future years. If you still need to start using proptech, now is the excellent moment to try it!
Popular PropTech Tools Currently Available
There are numerous popular proptech tools available today, including rental listing platforms such as Zillow, Rent.com, and Apartment Guide, tenant screening tools like TurboTenant and myRent, rent payment platforms like RentPayment and Cozy, and maintenance and repair request apps like RepairPal and Handy.
In addition, helpful tools include property management software like AppFolio and Buildium. However, you need to remember that property management software alone can only take you so far. The best approach to save time, money, and hassle is to hire a quality property management company that will use modern proptech tools to their full potential on your behalf.
Future of the rental market and implications for landlords
Proptech is causing 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 evolves constantly, and the changes in the rental market are likely to happen. These adjustments will have significant implications for both landlords and tenants. As an illustration, PropTech may make it easier for landlords to fill empty units, but it could also result in higher rents and security deposits. Alternatively, PropTech could help renters find and apply for rental properties more rapidly, but it could also contribute to greater rents and security deposits. Only time will tell how PropTech will shape the future of the rental market.
Stop looking any further than Real Property Management Wasatch if you want to make smart real estate deals in West Jordan. Our services include researching the market and giving real estate buyers other useful information. Call 801-363-7368 or contact us online right now!
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