Being an owner of a single-family rental property comes with a lot of responsibility. Finding tenants, monitoring payments and maintenance, and addressing any other concerns of owning and managing rental property. Wouldn’t it be fantastic if there was some way to make this procedure quicker? You can always turn to PropTech.
The term “PropTech” describes any type of technology employed in the real estate industry. It involves everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality tools for viewing properties. To find out how proptech can help you better manage your single-family rental properties, please continue reading.
What is PropTech?
PropTech, short for property technology, is a booming business that leverages innovative digital tools to change the way we buy, sell, rent, and manage real estate properties from sophisticated online platforms that help landlords find tenants. The property management process can be simplified with the help of proptech’s cutting-edge solutions that streamline the entire property lifecycle, which ranges from screening tenants to smart home devices that save energy use and increase safety.
Also, proptech contains virtual reality tools that can do the following:
- Immersive property tours.
- Blockchain-based solutions that enable more secure and transparent property transactions.
- AI-powered chatbots that give individualized customer care.
Improve efficiency, convenience, and transparency are just a few ways in which PropTech has a chance to change the real estate industry.
Real estate technology began with online listing platforms like Zillow and shifted into the short-term rental space with platforms like Airbnb. The past few years have seen proptech expand to include various other technologies, like:
- Big data and analytics
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual Reality (VR) and Augmented Reality (AR)
Proptech‘s goal is to speed up and simplify the process of buying, selling, and renting properties. Proptech achieves this by giving virtual walk-throughs of properties (for both rent and sale) and automating procedures that used to be laborious.
How PropTech helps landlords manage their properties
Managing single-family rental properties can be a stressful chore for landlords. A few of the ways in which Proptech may simplify the process and make it more productive are as follows:
- Quickly and easily locating and evaluating potential tenants
- Using payment platforms online to gather rent
- Keeping up with the needs for repair and maintenance
- The importance of tenant and property management records
- Communicating with your tenants
Although numerous proptech tools are still in the developmental stage, experts in the field expect that they will significantly impact the real estate and rental market in the following years. You should definitely start using proptech now if you haven’t already.
Popular PropTech Tools Currently Available
There are multiple 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.
Plus, property management software like AppFolio and Buildium can be beneficial. However, it is best to keep in mind that property management software alone can only take you so far. If you want to save time, money, and hassle, hire a quality property management company that uses cutting-edge proptech tools to their full potential.
Future of the rental market and implications for landlords
Proptech is resulting in 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 constantly evolving, and we can expect to see further changes in the rental market. These changes will have significant implications for both landlords and tenants. For instance, PropTech may make it easier for landlords to fill empty units, but it could also result in higher rents and security deposits. On the other hand, PropTech could help renters search and apply for rental properties more efficiently, but it could also contribute to higher rents and security deposits. Only time will tell how PropTech will shape the future of the rental market.
Investing in Real Property Management Southern Utah is your best bet for making a profit in La Verkin’s real estate market. Our offerings include market research and other essential resources for real estate investors. Please contact us online or call 435-673-4242 now!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.