Actually, there is: proptech! The term proptech is used in real estate-related technology. It has online tools for locating and managing tenants, apps for tracking payments and repairs, and virtual reality tools for viewing properties. If you haven’t used proptech yet, you’re missing out on numerous advantages. Continue reading to discover how proptech can improve the management of your single-family rental properties.
What is proptech?
Proptech is a term that refers to real estate industry-specific 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 platforms such as Zillow, then expanded into the short-term rental sector (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)
The function of proptech is to make the buying, selling, and renting of real estate simpler and more effective. From virtual walk-throughs of properties (both for rent and sale) to automating previously time-consuming tasks, proptech intends to modify the way 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 numerous ways in which proptech can improve the efficiency of Manchester property managers. For instance, proptech can assist you with:
- Tenants can be found and screened more quickly and easily
- Rent payments can be obtained electronically
- Take account of requests for repairs and maintenance
- Monitor your properties and tenants
- Stay in contact with your tenants
Though many proptech tools are still in development, experts predict that their impact on the real estate and rental markets will continue to expand over the next few years.
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 reliable property management company like Real Property Management Absolute (which will implement and use current proptech tools on your behalf) is indeed the best route to go for real savings in time, money, and convenience.
How will proptech continue to shape the future of the rental market, and what implications will this have for landlords?
In a variety of ways, proptech is continuing to shape the rental market’s future. As an example, real estate technology enables landlords to:
- List their rental properties on multiple rental websites
- Electronically screen tenants
- Electronic rent payment collection
- Handle surveillance over requests for repairs and upkeep
- Maintain a list of their properties and tenants
- Consult with their tenants
- And there’s more.
As proptech continues to advance, it is likely that the rental market will undergo even more advancements. Both landlords and tenants will be impacted by these modifications.
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. However, it remains to be seen how proptech will continue to influence the rental market’s 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!