If you’re a single-family rental property owner, you are mindful that there are numerous considerations to make. You must find tenants, maintain a record of payments and repairs, and oversee all the other responsibilities associated with owning and managing rental property. Wouldn’t it be amazing if there were an approach to make this process simpler? Luckily, there is PropTech!
PropTech means real estate industry-specific technologies. 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. Read on to find out more about how proptech can help you better manage your single-family rental properties.
What is PropTech?
PropTech, which stands for property technology, is a rapidly expanding industry that employs innovative digital tools to change how we purchase, sell, rent, and manage real estate properties through advanced online platforms that help landlords find tenants. Screen tenants to digital home devices that minimize power usage and improve protection; proptech supplies numerous cutting-edge solutions that streamline the entire property lifecycle.
On top of that, proptech comprises virtual reality tools that offer:
- Engaging property tours.
- Blockchain-based services which allow more secure and transparent property transactions.
- AI-powered chatbots that deliver personalized consumer services.
By enhancing efficiency, comfort, and openness, PropTech has the potential to change the real estate industry.
Real estate technology started with online listing platforms like Zillow and expanded into the short-term rental space with platforms like Airbnb. In recent times, proptech has broadened its scope to include various other technologies, such as:
- Big data and analytics
- Blockchain
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual Reality (VR) and Augmented Reality (AR)
Proptech wants to make the process of buying, selling, and renting properties simpler and more convenient. Proptech performs this by providing virtual walk-throughs of properties (for both rent and sale) and simplifying tasks that used to be complicated.
How PropTech helps landlords manage their properties
Managing single-family rental properties can be a challenging responsibility for landlords. Proptech can help simplify the process and make it more effective, resulting in a number of advantages such as:
- Quickly finding and screening prospective tenants
- Electronically collecting rental payments
- Following up on the request for repair and maintenance
- Maintaining property and tenant records
- Connecting with your tenants
Many proptech tools are still in the developmental stage, but experts forecast they will have an enormous effect on the real estate and rental market over the next few years. If you still need to start using proptech, now is an excellent time to do so!
Popular PropTech Tools Currently Available
There are a number of 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.
Plus, property management software, including AppFolio and Buildium, can be advantageous. Nevertheless, it is vital to keep in mind that property management software alone can only carry you so far. The most effective method to save time, money, and hassle is to hire a quality property management company that uses today’s proptech tools to their utmost potential on your behalf.
Future of the rental market and implications for landlords
Proptech is generating 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 continuously growing, and we can anticipate to see more changes in the rental market. These adjustments 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 end up in higher rents and security deposits. On the flip side, PropTech could help renters seek and apply for rental properties more effectively, but it could also give rise to increased rents and security deposits. PropTech‘s prospective impact on the rental market cannot be predicted at this time.
If you wish to make prudent real estate investments in Perrysburg, look no further than the Real Property Management Clarity Team. Our services consist of valuable market research and other tools for real estate investors. Please contact us online or call 567-200-2320 immediately!
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