Suppose you’re a single-family White Plains rental property owner. In that case, you’d need to find tenants, keep track of payments and repairs, and take care of all the other aspects of owning and managing rental property. Wouldn’t it be really good if there was a certain way to make this process uncomplicated?
Well, there is: proptech! Proptech is a term for technology used in the real estate industry. It involves 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 some advantages. 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 consists of 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). In more recent times, proptech has been starting to comprise a wider range of technologies, like:
- Big data and analytics
- Blockchain
- Software as a Service (SaaS)
- Internet of Things (IoT)
- Virtual reality (VR) and augmented reality (AR)
The purpose of proptech is to make the process of buying, selling, and renting property simple and more efficient. From virtual walk-throughs of properties (both for rent and sale) to automating formerly time-consuming tasks, proptech strives 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 ways that proptech can help White Plain’s property managers become more effective. For instance, proptech can aid you to:
- Recognize and screen tenants more swiftly and hassle-free
- Collect rent payments electronically
- Keep aware of repair and maintenance requests
- Keep track of your properties and tenants
- Communicate with your tenants
Conceding that numerous proptech tools are still in the stage of early development, experts predict that their influence on the real estate and rental market will proceed to grow in the next few years.
What are some of the most popular proptech tools currently available?
A few of the most popular proptech tools 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
Needless to say, property management software will only get you so far. For real and sustainable savings in time, money, and convenience, a good property management company, in particular, Real Property Management DePenn (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 influence the future of the rental market in quite a lot of ways. For example, real estate technology is making it possible for landlords to:
- List their properties on numerous rental platforms
- Screen tenants electronically
- Collect rent payments electronically
- Keep well-informed about repair and maintenance requests
- Keep a close watch on their properties and tenants
- Communicate with their tenants
- And more!
As proptech continues to improve and develop, we may see even more progress and changes in the rental market. These changes will have countless 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 identify and apply for rental units, although it could probably bring on 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 know more about how today’s digital tools can make owning rental properties less time-consuming? Contact us online today!
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