Actually, there 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. You’re missing out on a lot of benefits if you’re not already using proptech. Continue reading to learn how proptech can help you manage your single-family rental properties more effectively.
What is proptech?
Proptech is a term that refers to 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.
Real estate technology began with digital listings with platforms like Zillow and then grew into the short-term rental space (think Airbnb). Recently, proptech has included a wider range of technologies, such as:
- Internet of Things (IoT)
- Blockchain
- Software as a Service (SaaS)
- Big data and analytics
- Virtual reality (VR) and augmented reality (AR)
The purpose of proptech is to simplify and streamline the buying, selling, and renting of real estate. Proptech strives to alter the way real estate investing and rental property owners have appeared for decades, by automating previously time-consuming tasks and providing virtual tours of properties (both for rent and sale).
How can proptech help landlords manage their properties more efficiently and effectively?
Proptech can help Riverside property managers improve their efficiency in a variety of ways. Proptech can assist you in:
- Quickly and easily find and screen tenants
- Rent payments can be obtained electronically
- Stay vigilant over repair and maintenance
- Maintain a record of your properties and tenants
- Keep your tenants informed.
Although several proptech tools are still in the development phase, experts believe their impact on the real estate and rental markets will continue to grow over the years.
What are some of the most popular proptech tools currently available?
Here are some of the most commonly used proptech tools today:
- 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
Undoubtedly, property management software has its limitations. A quality property management company, such as Real Property Management Integrity (who will adopt and use current proptech tools on your behalf), is still the best way 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?
Proptech continues to inspire the future of the rental market in multiple ways. For example, real estate technology allows landlords to do the following:
- Enumerate all their properties on different platforms
- Tenant screening is done electronically
- Rent payments can be collected electronically.
- Keep track of all requests for repairs and maintenance
- Maintain a record of their properties and tenants.
- Keep in touch with their renters
- And much more!
As proptech continues to develop, the rental market will likely undergo even more transformations. These changes will have significant ramifications for landlords and tenants alike.
Although proptech may make it easier for landlords to fill vacant units, it may also result in higher rents and/or security deposits. Proptech may make it simple for renters to locate and apply for rental units, but it may also result in higher rents and/or security deposits. Time will only tell how proptech will greatly affect 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!