If you’re a single-family rental property owner, you have a lot to consider. You need to find tenants, remain aware of their payments and repairs, and handle all the other tasks involved in owning and managing rental property. Wouldn’t it be wonderful if there was an opportunity to make this process more convenient? Yes, there is PropTech!
PropTech refers to the technology used in the real estate industry. It has everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality tools for viewing properties. Read on to find out about how proptech can help you better manage your single-family rental properties.
What is PropTech?
PropTech, short for property technology, is a fast-growing industry that uses innovative digital tools to change how we buy, sell, rent, and manage real estate properties. It includes online platforms that help landlords find tenants. Use smart home devices to screen tenants and save energy while improving security; proptech delivers many cutting-edge solutions that streamline the entire property lifecycle.
Proptech also incorporates virtual reality tools that provide:
- Interactive property tours.
- Blockchain-based platforms that enable more secure and transparent property transactions.
- AI-powered chatbots that provide personalized service to consumers.
PropTech can change the real estate industry by making it more efficient, convenient, and transparent.
Real estate technology started with online listing platforms like Zillow and later grew into the short-term rental space with platforms like Airbnb. Recently, proptech has expanded its scope to incorporate various other 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 seeks to make the process of buying, selling, and renting properties easier and faster. Proptech makes things easier by providing virtual walk-throughs of properties (for both rent and sale) and automating tasks that used to take a lot of time.
How PropTech helps landlords manage their properties
Managing single-family rental properties can be an overwhelming task for landlords. Proptech can help simplify the process and make it more quickly, offering numerous benefits like:
- Locating and screening tenants simply and fast
- Using electronic methods to collect rent payments
- Keeping track of repair and upkeep demands
- Managing your properties and tenants
- Talking to your tenants
Several proptech tools are still in the developmental stage, but experts think they will have an enormous influence on the real estate and rental market soon. If you still need to start using proptech, now is the best time 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.
Property management software such as AppFolio and Buildium can also be valuable. However, it is important to remember that property management software alone can only take you so far. The ideal approach to save time, money, and hassle is to employ a quality property management company that will utilize the latest proptech tools to their maximum potential on your behalf.
Future of the rental market and implications for landlords
Proptech is bringing about 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 progressing, and we are going to see more changes in the rental market. These adjustments 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 cause higher rents and security deposits. On the contrary, PropTech could help renters locate and apply for rental properties more easily, but it could also lead to increased rents and security deposits. We will have to wait and see how PropTech affects the rental market in the future.
If you want to make smart real estate investments in White River Junction, choose Real Property Management Beacon. We offer market research and other helpful resources for real estate investors. Please contact us online or call 603-448-8808 now!
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