But, there is: proptech! Proptech is a term that refers to real estate industry-specific technology. Everything from apps for tracking payments and repairs to online tools for finding and managing tenants to virtual reality tools for viewing properties is covered. If you haven’t been using proptech yet, you’ve been missing out on a lot of benefits. Keep reading to discover how proptech can help you manage your single-family rental properties more effectively.
What is proptech?
The term proptech is used in real estate-related technology. It includes everything from online tools for finding and managing tenants to repairs to virtual reality viewing tools and even apps for tracking payments.
Real estate technology began with digital listing spheres like Zillow then branched into short-term rental spaces (think Airbnb). Recently, proptech has begun to comprise a wider variety of technologies, just like:
- Big data and analytics
- Virtual reality (VR) and augmented reality (AR)
- Internet of Things (IoT)
- Blockchain
- Software as a Service (SaaS)
Proptech seeks to make the process of purchasing, selling and renting real estate simpler and more efficient. Proptech seeks to change the way real estate investing and rental property owners have looked for decades, from automating previously time-consuming tasks to virtual walk-throughs of properties (both for rent and for sale).
How can proptech help landlords manage their properties more efficiently and effectively?
Proptech can help Nixa property managers improve their efficiency in a variety of ways. For instance, proptech can help:
- Find and screen tenants more rapidly and effectively.
- Rent payments should be collected electronically
- Keep track of service requests and repairs
- Keep an eye on your rental properties and tenants
- Keep your tenants informed.
While many proptech tools are still in the early stages of development, experts expect their impact on the real estate and rental markets to grow in the coming years.
What are some of the most popular proptech tools currently available?
These are some of the most popular proptech tools available right now:
- 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
Property management software, on the other hand, can only take you so far. A quality property management company like Real Property Management Momentum (which will adopt and utilize current proptech tools on your behalf) is still the best option 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 continues to inspire the future of the rental market in multiple ways. Landlords can now do the following thanks to real estate technology:
- Several rental platforms can be used to list their properties
- Screen your tenants electronically
- Electronically accept rental payments
- Track requests for repairs and maintenance.
- Maintain a record of their properties and occupants.
- Maintain contact with their tenants
- And more!
The rental market is likely to change even more as proptech expands. Both landlords and renters will be affected by these changes.
Proptech may make it easier for landlords to fill unoccupied units, but it also has the potential to raise rents and/or security deposits. Proptech may make it simple for renters to locate and apply for rental units, but it may also result in higher rents and/or security deposits. How proptech will continue to influence the future of the rental market is cannot be guaranteed at this time.
Would you like to learn more about how today’s digital tools can make owning rental properties less time-consuming? Contact us online today!