Owners of a single-family rental property understand the significance of careful planning. It is your responsibility to find tenants, collect rent, oversee maintenance, and handle any other issues of owning and managing rental property. Surely, there must be a way to streamline this procedure, right? Well, there is PropTech!
PropTech is a term for technology used in the real estate industry. It covers everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality devices for viewing properties. Read on to find out how proptech can help you better manage your single-family rental properties.
What is PropTech?
PropTech, short for property technology, is a growing business that leverages innovative digital tools to change how we buy, sell, rent, and manage real estate properties through the use of cutting-edge online platforms that assist property owners in finding tenants and buyers. Screen tenants to smart home tools that maximize energy efficiency and security; proptech offers many cutting-edge solutions that streamline the entire property lifecycle.
Virtual reality tools are also a part of proptech, and they offer:
- In-depth property tours.
- System based on blockchain technology that enables more secure and transparent property transactions.
- Chatbots fueled by AI provide individualized assistance to customers.
The efficiency, ease, and openness of the real estate industry can all be improved via PropTech.
Real estate technology began with online listing platforms such as Zillow and expanded into the short-term rental space with platforms like Airbnb. Recent years have seen proptech expand to encompass a wider range of technologies, including but not limited to:
- Big data and analytics
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual Reality (VR) and Augmented Reality (AR)
The goal of Proptech is to streamline and simplify the process of buying, selling, and renting properties. To this end, proptech provides virtual walk-throughs of properties (for both rent and sale) and automates labor-intensive processes.
How PropTech helps landlords manage their properties
Managing single-family rental properties can be an intimidating job for landlords. Proptech can help simplify the process and make it more productive, offering numerous advantages such as:
- Quickly and conveniently locating and screening potential tenants
- Accepting online payment for rent
- Keeping up with demands for maintenance and repairs
- Keeping track of your properties and tenants
- Talking to your tenants is a must
While many proptech tools are still in the developmental stage, experts predict they will have a major impact on the real estate and rental market in the coming years. Now is the moment to start using proptech if you haven’t already!
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.
Furthermore, property management software like AppFolio and Buildium can be advantageous. But keep in mind that property management software alone can only take you so far. Finding a quality property management company that will make full use of the most cutting-edge proptech tools is the greatest approach to saving time and money and avoiding hassle.
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 developing, and we can anticipate additional changes in the rental market. These changes will have substantial implications for both landlords and tenants. For example, PropTech may make it easier for landlords to fill empty units, but it could also cause higher rents and security deposits. On the other hand, while PropTech has the potential to streamline the search and apply for rental properties, it also has the potential to increase rates and security deposits. How will PropTech affect the future of the rental industry? Only time will tell.
Look no further than Real Property Management Magic Valley if Jerome rental investment success is your goal. Market research and other helpful tools for real estate investors are part of what we offer. Please contact us online or call 208-734-4001 now!
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