If you’re a single-family rental property owner, you are aware of the many things to take into account. Finding tenants, keeping up with payments and repairs, and administering all the other duties of owning and managing rental property fall under your purview. If there was a way to make this process go more easily, wouldn’t that be fantastic? Well, there is PropTech!
PropTech is a term for technology utilized in the real estate industry. It includes everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality tools for viewing properties. To learn more about how proptech can help you better manage your single-family rental properties, continue reading.
What is PropTech?
PropTech, or property technology, is a rapidly evolving sector that changes the way we purchase, sell, rent, and manage real estate properties by using innovative digital tools from sophisticated online platforms that assist landlords in finding tenants. Proptech offers a number of cutting-edge solutions that streamline the entire property lifecycle, from screening tenants to devices for smart homes that save energy usage and increase security.
Plus, proptech encompasses virtual reality tools that offer:
- Interactive property tours.
- Blockchain-based solutions that enable more secure and transparent property transactions.
- AI-powered chatbots that provide tailored customer support.
PropTech has the potential to alter the real estate industry by improving effectiveness, comfort, and openness.
Real estate technology started with online listing platforms such as Zillow and expanded into the short-term rental space with services such as Airbnb. Proptech has newly expanded its scope to include a variety of different 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 works to enhance the accessibility and efficacy of the process of buying, selling, and renting properties. Proptech does this by streamlining formerly laborious tasks and offering virtual walk-throughs of properties (for both rent and sale).
How PropTech helps landlords manage their properties
Managing single-family rental properties can be a complicated task for landlords. Proptech has many benefits that can improve and simplify the process, including:
- Quickly and easily finding and selecting tenants
- Electronically collecting rent payments
- Monitoring maintenance requests and needs for fixes
- Keeping a record of your properties and tenants
- Communicating with your tenants
Even though numerous proptech tools are still in the developmental stage, analysts predict that in the next years, they will have a significant impact on the real estate and rental market. If you still need to start using proptech, now is the ideal time to try it!
Popular PropTech Tools Currently Available
There are several 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.
Additionally, property management software such as AppFolio and Buildium can be helpful. Yet, it is important to take into account that property management software is not a panacea. The best way to save time, money, and hassle is to work with a quality property management company that will use the newest proptech tools to their full potential in your favor.
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
Since PropTech is continually evolving, more changes in the rental market might be expected. These developments will have significant implications for both landlords and tenants. For example, PropTech may make it easier for landlords to fill empty units, but there could also be higher rents and security deposits. Conversely, PropTech might make it easier for renters to identify and apply for rental properties, but it could also result in higher rents and security deposits. Only time can determine how PropTech will influence the rental market’s future.
If you want to make astute real estate investments in Berkeley, look no further than Real Property Management Pacific. In addition to other practical resources for real estate investors, we also offer market research. Please contact us online or call 510-900-4544 right away!
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.
