There is one: proptech! Proptech is a term used to refer to real estate 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. Keep reading to know how proptech can assist you in better managing your single-family rental properties.
What is proptech?
Proptech is a term that refers to real estate-related technology. It includes everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality viewing tools.
Real estate technology began with digital listings with platforms like Zillow and then grew into the short-term rental space (think Airbnb). Proptech has started to provide a greater variety of technologies in recent years, such as:
- Virtual reality (VR) and augmented reality (AR)
- Internet of Things (IoT)
- Blockchain
- Software as a Service (SaaS)
- Big data and analytics
Proptech aims to make the process of buying, selling, and renting real estate more convenient and efficient. Proptech aims to revolutionize real estate investing and rental property ownership by automating previously time-consuming tasks and providing virtual tours of for-sale and for-rent properties.
How can proptech help landlords manage their properties more efficiently and effectively?
Proptech can help Pompano property managers be more efficient in a variety of ways. Proptech can assist you in:
- Quickly and easily find and screen tenants
- Rent payments should be collected via the internet
- Keep track of all requests for repairs and maintenance
- Maintain a record of your properties and tenants
- Talk to your tenants
Although many proptech tools are still in the early stages of development, experts think that their impact on the real estate and rental markets will grow in the future.
What are some of the most popular proptech tools currently available?
The following are some of the most popular proptech tools currently available:
- 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
Obviously, property management software can only do so much. A quality property management company like Real Property Management United (which will adopt and use current proptech tools on your behalf) is still the best way to go for real-time, money, and convenience savings.
How will proptech continue to shape the future of the rental market, and what implications will this have for landlords?
Proptech is continuing to shape the rental market’s future in several ways. For example, real estate technology allows landlords to do the following:
- Enumerate all their properties on different platforms
- Tenants can be screened electronically
- Rent payments can be collected electronically.
- Keep track of all requests for repairs and maintenance
- Monitor their properties and occupants.
- Keep in touch with their renters
- Plus a lot more!
The rental market is likely to undergo even more changes as proptech advances. Both landlords and tenants will be significantly impacted by these changes.
Proptech may make it very easy for landlords to fill vacancies, but it may also result in additional rents and/or security deposits. Proptech may make it easier for renters to find 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!