If you’re a single-family rental property owner, it is evident that there are numerous factors that require careful consideration. You are responsible for finding tenants, maintaining records of payments and repairs, and managing all the other aspects of owning and managing rental property. Wouldn’t it be advantageous if there existed a method to facilitate this process? Well, there is PropTech!
PropTech is a term for technology employed in the real estate industry. It encompasses a wide range of resources, from online tools for finding and managing tenants to apps for tracking payments and repairs and even virtual reality tools that facilitate viewing properties. Keep reading to acquire further knowledge on how proptech can help you better manage your single-family rental properties.
What is PropTech?
PropTech, an abbreviation for property technology, is an industry that is experiencing rapid growth. It utilizes innovative digital tools to revolutionize how we purchase, sell, rent, and manage real estate properties from advanced online platforms that help landlords find tenants. Screen tenants to smart home devices that optimize consumption of energy and enhance protection; proptech delivers a lot of cutting-edge solutions that streamline the entire property lifecycle.
What is more, proptech incorporates virtual reality tools that provide:
- Immersive property tours.
- Blockchain-based platforms that enable more secure and transparent property transactions.
- Artificial intelligence-powered chatbots that provide customized assistance to consumers.
PropTech can alter the real estate industry by improving efficiency, comfort, and transparency.
The beginnings of real estate technology can be traced back to the emergence of online listing platforms such as Zillow and expanded into the short-term rental space with platforms such as Airbnb. In past years, proptech has expanded its reach to cover various other technologies, including:
- Big data and analytics
- Blockchain
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual Reality (VR) and Augmented Reality (AR)
Proptech intends to make the process of buying, selling, and renting properties more open and more time-saving. Proptech achieves this by offering virtual walk-throughs of properties (for both rent and sale) and automating undertakings that used to be time-wasting.
How PropTech helps landlords manage their properties
Managing single-family rental properties can be a challenging endeavor for landlords. Proptech can help simplify the process and make it more well-organized, proving many benefits such as:
- Efficient and expedient tenant finding and evaluation process
- Acquiring rental payments through electronic means
- Ensuring prompt repair and upkeep requests
- Maintaining records of your properties and tenants
- Engaging communication with your tenants
Even though many proptech tools are still in the developmental stage, professionals predict they will have a significant effect on the real estate and rental market in the coming years. If you still need to start using proptech, now is the best moment to try it!
Popular PropTech Tools Currently Available
There are many 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 helpful. However, it is advisable to keep in mind that property management software alone can only take you so far. The ideal approach 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 on your behalf.
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 it is reasonable to anticipate additional changes in the rental market. This transformation will have significant 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 side, PropTech could help renters find and apply for rental properties more efficiently, but it could also cause higher rents and security deposits. Only time will determine how PropTech will shape the future of the rental market.
If you are seeking to make prudent real estate investments in Plymouth, go no further than Real Property Management Viking. Our services encompass market research and other valued resources for real estate investors. Please contact us online or call 612-230-3953 now!
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