Assume you own a single-family Coppell rental property. In that case, you’ll need to find tenants, track payments and repairs, and handle all of the other aspects of owning and managing a rental property. Wouldn’t it be wonderful if there was a way to make this process go more smoothly?
There’s one: proptech! Proptech is a term that refers to 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. If you haven’t been using proptech yet, you’ve been missing out on a lot of benefits. Continue reading to find out how proptech can help you manage your single-family rental properties more effectively.
What 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.
Real estate technology began with digital listing platforms such as Zillow, then expanded into the short-term rental sector (think Airbnb). Proptech has started to provide a greater variety of technologies in recent years, such as:
- Virtual reality (VR) and augmented reality (AR)
- Internet of Things (IoT)
- Blockchain
- Software as a Service (SaaS)
- Big data and analytics
The function of proptech is to make the buying, selling, and renting of real estate simpler and more effective. From virtual walk-throughs of properties (both for rent and sale) to automating previously time-consuming tasks, proptech intends to modify the way real estate investing and rental property owners have looked for decades.
How can proptech help landlords manage their properties more efficiently and effectively?
Proptech can assist Coppell property managers in a lot of different ways. Proptech can assist you in the following ways:
- Find and screen tenants more effectively and efficiently
- Implement electronic rent payment collection
- Keep track of all requests for repairs and maintenance
- Organize your rental properties and tenants
- Maintain contact with your tenants.
Although many proptech tools are still in the early stages of development, experts think that their impact on the real estate and rental markets will grow in the future.
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 Engage (who will adopt and use current proptech tools on your behalf) is still the best way to go 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 is continuing to shape the rental market’s future in a variety of ways. Real estate technology enables landlords to do the following, for instance:
- Several rental platforms can be used to list their properties
- Tenants are screened electronically.
- Electronically accept rental payments
- Handle surveillance over requests for repairs and upkeep
- Keep track of their tenants and properties.
- Consult with their tenants
- Plus a lot more!
As proptech continues to advance, it is likely that the rental market will undergo even more advancements. Both landlords and tenants will be impacted by these modifications.
Even though proptech may make it quicker for landlords to fill vacant units, it may also result in increased rents and/or security deposits. Proptech may make it easier for renters to find and apply for rental units, but it could also result in increased rents and/or security deposits. Only time will tell how proptech will shape the rental market in the future.
Would you like to learn more about how today’s digital tools can make owning rental properties less time-consuming? Contact us online today!
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