As the globe adopts further digitalisation, technological advances have benefitted many industries, including the world of real estate. For landlords, the implementation of PropTech can make a real difference and positive change to their business models. But how exactly has PropTech changed the face of real estate and property management?
What Is PropTech?
Property technology, or PropTech, is the joining of two industries and the application of innovative solutions and technology that optimise real estate. By digitizing the real estate industry and ensuring both ease and efficiency, PropTech has enjoyed increasing popularity recently.
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How Does PropTech Benefit Landlords?
In its essence, PropTech works to disrupt the traditional real estate processes and reallocate system considerations, with the end goal of improving landlords’ relationships and business dealings with current and prospective tenants. The entire purpose of PropTech is to simplify and enhance the real estate industry for everyone involved. Here are six ways in which landlords can benefit from PropTech:
With the application of PropTech’s AI systems and machine learning, landlords can increase their property information uptime to 24/7. Any search site with a chatbot AI can answer customer queries and questions without any human assistance, making it easier for tenants to get answers when they’re needed.
AI tech also removes the risk of human error or oversight in data analysis, as the computer system is solely responsible for processing the data and statistics.
Because PropTech makes it easier than ever to promote and spread property ad information, landlords can find the right tenants for their listings quickly. PropTech and AI work to find the perfect match between landlord and tenant by providing correct data and statistics, employing smart algorithms in search sites, and automatically sorting potential renters by applicable preferences or requirements.
PropTech makes communication between landlords and their tenants, repair workers, maintenance teams, and any other involved parties fast and simple. And because of data storage and information caching, conversations are saved for later reference in case of legal or managerial issues.
PropTech also works to make communications between landlords and tenants and their dedicated financial institutions easier, leading to fewer disruptions in rent payment and fund maintenance.
It’s no secret that we all rely on mobile phone applications for our daily needs, and the real estate industry is no different. PropTech has amplified the number of mobile apps designed to help landlords with the rental process, from rent tracking and attracting the right tenant to keeping your important documents safe and managing repair services.
Such property management services save time by automating repetitive tasks, optimising finances, and efficiently organising rental holdings. By offloading the hassle of busywork, PropTech allows landlords to focus primarily on the essentials of navigating the rental business.
Direct digital engagement
As interaction with technology continues to advance and replace the need for interaction with a person or other non-digital system, real estate tech solutions abound. Some of the newest PropTech services for direct digital engagement in housing include:
- Cloud-based security systems with remote management.
- Contactless visitor management through access control systems.
- Digital registration/sign-in concierge.
- Touchless access control systems.
The scalability and uniformity of direct digital engagement is a great way to reduce costs and increase efficiency. At the same time, it gives property managers and landlords complete control over their properties from any location.
By removing the consideration of geography through virtual interaction technology, landlords are no longer bound by location. Virtual home inspections, house tours, viewings, closings, and even virtual front desks are all a part of PropTech’s mission to make real estate simpler.
Virtual reality-like interactions are becoming more prevalent in property management, including video conferencing, AI bots, and even two-way video intercoms.
The Benefits Of PropTech For Landlords
Because PropTech makes landlord-tenant relationships and the business of rentals so much simpler and more convenient, it acts as a draw for new renters in the market for a home.
Landlords already have many considerations for attracting and keeping good tenants, so letting PropTech services help achieve those goals is an excellent option for landlords. PropTech exists to bring ease and efficiency to the real estate market and all involved, so you might as well let it do some of the work for you.