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What Single-Family Rental Property Owners Need to Know About Proptech

Business Man Holding a Tablet with a Holograph of a Home Above ItSuppose you’re a single-family Snellville rental property owner. In that case, you should find tenants, keep track of payments and repairs, and cope with all the other aspects of owning and managing rental property. Wouldn’t it be better if there was another way to make this process simple?

Well, there is: proptech! Proptech is a term for technology used in the real estate industry. It covers 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 the best use of proptech yet, you’re missing out on numerous 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 covers 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 recent times, proptech has started to involve a wider range of technologies, comprising:

  • Big data and analytics
  • Blockchain
  • Software as a Service (SaaS)
  • Internet of Things (IoT)
  • Virtual reality (VR) and augmented reality (AR)

The objective of proptech is to make the process of buying, selling, and renting property trouble-free and more effective. From virtual walk-throughs of properties (both for rent and sale) to automating beforehand time-consuming tasks, proptech tries to disrupt 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?

There are numerous practices that proptech can aid Snellville property managers to be more advantageous. By way of example, proptech can effectively help you:

  • Identify and screen tenants quicker and favorably
  • Collect rent payments electronically
  • Keep well-informed about repair and maintenance requests
  • Keep track of your properties and tenants
  • Communicate with your tenants

Although countless proptech tools are still in the developing steps, experts predict that their influence on the real estate and rental market will definitely continue to increase in the next few years.

What are some of the most popular proptech tools currently available?

Many of the most popular proptech tools available today cover:

  • 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

But on the other hand, property management software will merely get you so far. For huge savings in time, money, and convenience, a great property management company like Real Property Management Citywide (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 influence and shape the future of the rental market in various ways. For instance, real estate technology is making it possible for landlords to:

  • List their properties on countless rental platforms
  • Screen tenants electronically
  • Collect rent payments electronically
  • Stay in the know on repair and maintenance requests
  • Monitor their properties and tenants
  • Communicate with their tenants
  • And more!

As proptech continues to develop, we may identify even more developments in the rental market. These changes will have lots 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 see and apply for rental units, however, it could also result in 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 know more about how today’s digital tools can make owning rental properties less time-consuming? Contact us online today!

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