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 utilizing proptech yet, you’re missing out on a lot of benefits and gains. 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 comprises 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). These days, proptech has clearly started to include a wider range of technologies, such as:
- Big data and analytics
- Blockchain
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual reality (VR) and augmented reality (AR)
The point of proptech is to make the process of buying, selling, and renting property effortless and more efficient. From virtual walk-throughs of properties (both for rent and sale) to automate a number of previously time-consuming tasks, proptech continues 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 many proven ways that proptech can enable Palatine property managers to be more effective. As an example, proptech can support you to:
- Search and screen tenants more quickly and effortlessly
- Collect rent payments electronically
- Stay current on repair and maintenance requests
- Keep track of your properties and tenants
- Communicate with your tenants
Notwithstanding that various proptech tools are still in a state of development, experts predict that their influence on the real estate and rental market will certainly continue to grow and widen in the next few years.
What are some of the most popular proptech tools currently available?
Some of the most popular proptech tools newly 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
Obviously, property management software will only get you so far. For real and lasting savings in time, money, and convenience, an ideal property management company particularly Real Property Management Chicago Group (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 greatly shape the future of the rental market in many wonderful ways. For instance, real estate technology is making it possible for landlords to:
- List their properties on various rental platforms
- Screen tenants electronically
- Collect rent payments electronically
- Keep up-to-date repair and maintenance requests
- Check their properties and tenants
- Communicate with their tenants
- And more!
As proptech continues to flourish and develop, we will, in all likelihood, find even more changes in the rental market. These changes will have a lot of 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 determine and apply for rental units, but on the other hand, it could also cause 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 and know more about how today’s digital tools can make owning rental properties less time-consuming? Contact us online today!