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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 Santa Rosa rental property owner. In that case, you must find tenants, keep track of payments and repairs, and deal with all the other aspects of owning and managing rental property. Wouldn’t it be great if there was some way to make this process easier?

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 employing proptech yet, you’re overlooking numerous rewards. 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 corporates 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). Most recently, proptech has 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 objective of proptech is to make the process of buying, selling, and renting property simpler and faster. From virtual walk-throughs of properties (both for rent and sale) to automating previously time-consuming tasks, proptech seeks to shift 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 several methods that proptech can help Santa Rosa property managers be more efficient. As an illustration, proptech can help you:

  • Locate and screen tenants more fast and easy
  • Collect rent payments electronically
  • Remain on top of repair and maintenance requests
  • Keep track of your properties and tenants
  • Communicate with your tenants

While many proptech tools are still under development, experts predict that their influence on the real estate and rental market will continue to grow in the next few years.

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

Some of the most popular proptech tools presently 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

Of course, property management software will only get you so far. For true savings in time, money, and convenience, a property management company such as Real Property Management SonoMarin (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 impact the future of the rental market in numerous aspects. As an illustration, real estate technology is making it possible for landlords to:

  • List their properties on numerous rental platforms
  • Screen tenants electronically
  • Collect rent payments electronically
  • Stay on top of repair and maintenance requests
  • Keep up to date with their properties and tenants
  • Communicate with their tenants
  • And more!

As proptech keeps growing, we will likely see even more shifts in the rental market. These changes will have many 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 locate and apply for rental units, but it could also 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 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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