Well, there is: proptech! Proptech is a term for technology used in the real estate industry. It comprises 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 making use of proptech yet, you’re missing out on various benefits and payoffs. 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 entails 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). Currently, proptech has commenced embracing a wider range of technologies that include:
- Big data and analytics
- Blockchain
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual reality (VR) and augmented reality (AR)
The target and goal of proptech are to make the process of buying, selling, and renting property uncomplicated and more effective. From virtual walk-throughs of properties (both for rent and sale) to automating those that are previously time-consuming tasks, proptech aspires 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 various ways that proptech can support and help Saint Louis property managers to be more proficient. To cite an instance, proptech can effectively help you:
- Determine and screen tenants sooner and without much hassle
- Collect rent payments electronically
- Keep up-to-date on repair and maintenance requests
- Keep track of your properties and tenants
- Communicate with your tenants
Even though a lot of proptech tools are still in developmental status, experts predict that their influence on the real estate and rental market will persist to develop in the next few years.
What are some of the most popular proptech tools currently available?
A few of the most popular proptech tools recently available comprise:
- 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
Naturally, property management software will certainly only get you so far. For real savings in time, money, and convenience, an excellent property management company, for instance, Real Property Management Endeavor (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 continuing to mold and shape the future of the rental market in many different ways. As an example, real estate technology is making it possible for landlords to:
- List their properties on a lot of rental platforms
- Screen tenants electronically
- Collect rent payments electronically
- Remain aware of repair and maintenance requests
- Keep an eye on their properties and tenants
- Communicate with their tenants
- And more!
As proptech continues to grow, we will possibly discover and see even more improvements in the rental market. These changes will have numerous 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 easier to discover and apply for rental units, nevertheless, it could likewise bring about 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 be interested to learn more about how today’s digital tools can make owning rental properties less time-consuming? Contact us online today!