Well, there is: proptech! Proptech is a term for technology used in the real estate industry. It includes 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 using proptech yet, you’re missing out on many benefits. 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 includes 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). More recently, proptech has started to embrace a wider range of technologies, some of which are:
- Big data and analytics
- Blockchain
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual reality (VR) and augmented reality (AR)
The goal of proptech is to make the process of buying, selling, and renting property easier and more efficient. From virtual walk-throughs of properties (both for rent and sale) to automating previously time-consuming tasks, proptech is intended to disrupt 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 number of ways that proptech can help Gray property managers be more efficient. For instance, proptech can help you:
- Find and screen tenants more quickly and easily
- Collect rent payments electronically
- Stay on top of repair and maintenance requests
- Keep track of your properties and tenants
- Communicate with your tenants
Although many proptech tools are still being developed, experts predict that their influence on the real estate and rental market will continue to rise in the next few years.
What are some of the most popular proptech tools currently available?
Some of the most popular proptech tools currently available 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
Of course, property management software will only get you so far. For real savings in time, money, and convenience, a quality property management company like Real Property Management Vesta (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 going to shape the future of the rental market in a number of ways. For example, real estate technology is making it possible for landlords to:
- List their properties on multiple rental platforms
- Screen tenants electronically
- Collect rent payments electronically
- Stay on top of repair and maintenance requests
- Keep track of their properties and tenants
- Communicate with their tenants
- And more!
As proptech continues to evolve, we will likely see even more changes in the rental market. These differences will have many 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 finding and apply for rental units a bit easier, but it may also lead to 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.
Would you like to learn more about how today’s digital tools can make owning rental properties less time-consuming? Contact us online today!