Well, there is: proptech! Proptech is a term for technology used in the real estate industry. It encompasses everything from online tools for finding and managing tenants to apps for tracking payments and repairs to virtual reality tools for viewing properties. If you’re not utilizing proptech yet, you’re losing out on several perks. Keep reading to learn more about how proptech can help you better manage your single-family rental properties.
What 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 tools for viewing properties.
Real estate technology started in the digital listings sphere with platforms like Zillow, then branched out into the short-term rental space (think Airbnb). Most recently, proptech has begun to embrace a wider range of technologies, such as:
- Big data and analytics
- Blockchain
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual reality (VR) and augmented reality (AR)
The purpose of proptech is to make the process of buying, selling, and renting property simpler and more effective. From virtual walk-throughs of properties (both for rent and sale) to automating formerly time-consuming tasks, proptech intends to alter the way that real estate investing and rental property owners have looked for decades.
How can proptech help landlords manage their properties more efficiently and effectively?
There are a variety of methods that proptech may assist Eagan property managers in being more effective. For instance, proptech can help you:
- Search and screen tenants more efficiently and simply
- Collect rent payments electronically
- Stay on top of repair and maintenance requests
- Keep track of your properties and tenants
- Communicate with your tenants
Even though several proptech tools are still in progress, experts predict that their influence on the real estate and rental market will keep rising in the next few years.
What are some of the most popular proptech tools currently available?
Some of the most popular proptech tools available at the time include:
- 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 will only get you so far. For actual savings in time, money, and convenience, a reliable property management company such as Real Property Management Fidelis (who will adopt and use current proptech tools on your behalf) is still the best way to go.
How will proptech continue to shape the future of the rental market, and what implications will this have for landlords?
Proptech is striving to affect the future of the rental market in various ways. For instance, real estate technology is making it possible for landlords to:
- List their properties on numerous rental platforms
- Screen tenants electronically
- Collect rent payments electronically
- Remain on top of repair and maintenance requests
- Keep an eye on their properties and tenants
- Communicate with their tenants
- And more!
As proptech continues to expand, we will certainly see even more improvements in the rental market. These changes will have several implications for both landlords and renters.
Proptech may make it easier for landlords to fill vacant units, but it could also lead to higher rents and/or security deposits. For renters, proptech may make it simpler to discover and apply for rental units, but it could also result in the same issue of higher rents and/or security deposits. Only time will tell how proptech will continue to shape the future of the rental market.
Do you want to know more about how today’s digital tools can make owning rental properties less time-consuming? Contact us online today!