If you’re a single-family rental property owner, you are aware that there are a lot of factors to take into mind. Aside from managing all other aspects of owning and managing rental property, you also have to find tenants and follow up on payments and repairs. If there was a way to streamline this process, wouldn’t that be great? Luckily, PropTech exists!
The technology employed in the real estate industry is referred to as PropTech. It incorporates everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality instruments for viewing properties. How proptech can help you better manage your single-family rental properties will be discussed below.
What is PropTech?
PropTech, short for property technology, is a fast-growing business that leverages innovative digital tools to revolutionize the way we purchase, sell, rent, and manage real estate properties from sophisticated online platforms that help landlords find tenants. Screen tenants to smart home tools that might reduce energy consumption and boost security; proptech offers various cutting-edge solutions that streamline the entire property lifecycle.
Proptech also encompasses virtual reality tools that provide:
- Appealing property tours.
- Blockchain-based approaches that facilitate more secure and transparent property transactions.
- Chatbots driven by AI that provide customized customer services.
The real estate industry stands to benefit from increased transparency, ease of use, and productivity thanks to the advent of PropTech.
Real estate technology began with online listing platforms like Zillow and extended into the short-term rental space with sites like Airbnb. Over the past few years, proptech has expanded to encompass a variety of technologies, including:
- Big data and analytics
- Blockchain
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual Reality (VR) and Augmented Reality (AR)
Proptech aims to make the process of buying, selling, and renting properties more simple and fast. Proptech accomplishes this by offering virtual walk-throughs of properties (for both rent and sale) and streamlining arduous tasks.
How PropTech helps landlords manage their properties
Managing single-family rental properties can be a difficult responsibility for landlords. Proptech can help simplify the process and make it more effective, bringing a number of benefits, including the following:
- Locating and evaluating tenants in a quick and easy manner
- Receiving rent payments electronically
- Maintaining a record of requests for repair and maintenance
- Supervising your properties and tenants
- Communicating with your tenants
While many proptech tools are still in the developmental stage, experts foresee that in the future, they will have a major effect on the real estate and rental market. If you still need to start using proptech, now is an excellent time to give it a shot!
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.
Additionally, property management software like AppFolio and Buildium can be suitable. But you must always remember that property management software alone can only take you so far. The best method to save time, money, and hassle is to collaborate with a quality property management company that will take advantage of the latest proptech tools for you.
Future of the rental market and implications for landlords
Proptech is contributing to 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
We expect more changes in the rental market as PropTech constantly develops. These changes will have substantial implications for both landlords and tenants. In one instance, PropTech may make it easier for landlords to fill empty units, but it could also result in higher rents and security deposits. On the flip side, PropTech may make the process of searching and applying for rental properties easier for tenants, but it could also lead to higher rents and security deposits. It is yet unknown how PropTech will have an impact on the housing rental industry in the future.
If you’re interested in making smart investments in Washougal, Real Property Management Vancouver is the company you should contact. Investors in real estate can come to us for information on the market as well as access to other helpful tools. Please contact us online or call 360-975-4683 today!
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