Well, there is: proptech! Proptech is a term for technology used in the real estate industry. It encompasses everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality tools for viewing properties. If you’re not putting to use proptech yet, you’re missing out on several rewards and benefits. Keep reading to learn more about how proptech can help you better manage your single-family rental properties.
What is proptech?
Proptech is a term for technology used 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.
Real estate technology started in the digital listings sphere with platforms like Zillow, then branched out into the short-term rental space (think Airbnb). Most recently, proptech has started to cover a wider range of technologies, involving:
- Big data and analytics
- Blockchain
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual reality (VR) and augmented reality (AR)
Proptech intends to make the process of buying, selling, and renting property worry-free and more advantageous. From virtual walk-throughs of properties (both for rent and sale) to automating most of the previously time-consuming tasks, proptech intends to disrupt the way that real estate investing and rental property owners have looked for decades.
How can proptech help landlords manage their properties more efficiently and effectively?
There are several methods that proptech can help make Lawrenceville property managers more effective. Take one example, proptech can enable you to:
- Distinguish and screen tenants more rapidly and aptly
- Collect rent payments electronically
- Stay in the know on repair and maintenance requests
- Keep track of your properties and tenants
- Communicate with your tenants
Though lots of proptech tools are still in developmental processes, experts predict that their influence on the real estate and rental market will further grow in the next few years.
What are some of the most popular proptech tools currently available?
A few of the most popular proptech tools recently available include:
- 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
Certainly, property management software will only get you so far. For real savings in time, money, and convenience, a property management company like Real Property Management North Point (who will adopt and use current proptech tools on your behalf) is still the best way to go.
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 and mold the future of the rental market in many ways. As an illustration, real estate technology is making it possible for landlords to:
- List their properties on lots of rental platforms
- Screen tenants electronically
- Collect rent payments electronically
- Stay current on repair and maintenance requests
- Watch closely their properties and tenants
- Communicate with their tenants
- And more!
As proptech continues to advance, we will probably see even more advancements in the rental market. These changes will have various implications for both landlords and renters.
Proptech may make it easier for landlords to fill vacant units, but it could also lead to higher rents and/or security deposits. For renters, proptech may make it easier to spot and apply for rental units, though it could likewise result in the same issue of higher rents and/or security deposits. Only time will tell how proptech will continue to shape the future of the rental market.
Would you want to learn more about how today’s digital tools can make owning rental properties less time-consuming? Contact us online today!