The rise of Property Technology (PropTech) has grown over six times from 2015 to 2019. The approximate value of venture capital invested in proptech soared from $5.1 billion in 2015 to $31.6 billion in 2019. Even during the economic meltdown brought by the pandemic, a total of $23.75 billion was invested in proptech for 2020.
With proptech making it easier for rental owners and property management companies to own, lease, and manage properties, it’s no wonder many real estate companies have invested in this tech. By leveraging PropTech, rental owners can automate the rental process, providing a more convenient experience not only for them but also for their renters. This attracts more high-quality renters, encourages them to stay, and gives owners a more stable rental income stream.
Here are the latest PropTech trends and strategies that will help rental homeowners stand out in the competitive real estate market.
The demand for smart home devices is ever booming and this is all thanks to the power of the Internet of Things (IoT). The smart home market is expected to reach $158 billion in 2024. The driving factor for this demand is the benefits they provide.
For rental owners, IoT enables them to benefit from built-in motion detectors, smart locks, and two-way video communication. This is also great for providing better security to renters. technology additions like high-speed routers. Additionally, smart sensors that are connected to the IoT alert homeowners of maintenance issues such as plumbing leaks and broken windows, allowing them to address the issues quickly.
Poplar Homes uses IoT to power its tech. One of our product developments that uses this is generating access codes on our Renter Dashboard to allow prospects to do Self-Tours on our properties. It eliminates the back and forth on the phone or email to schedule a showing since renters can do it on their dashboard at their convenient time.
The pandemic has restricted human interaction and movement to an extent, making it more difficult to hunt for properties or schedule a tour. While proptech has been around for some time, it provides renters more convenience during these trying times to scout web listings and schedule a tour at the comfort of their homes. This will not only help busy individuals do their transactions faster, but also prevents renters from unnecessary socialization.
Companies such as Zillow, Trulia, and Poplar Homes have apps that allow renters to hunt for their next home from their mobiles. By automating traditional processes, transactions can be done remotely, creating a convenient and safe environment for end-users.
3D Property Imaging
Renters spend thrice as much time looking for listings with virtual tours. This is why using virtual tours is a good way to attract high-quality renters to your property. Virtual tours allow renters to have a realistic experience of a home and help them understand its architectural structure and flow.
Instead of visiting say ten properties in-person, renters can narrow down their choices using virtual tours. This reduces the time, energy, and expense associated with visiting multiple properties. Using virtual tours will not only scale up your rental business but also save time for you and your renters, so everyone can move forward with their lives much faster.
eSigning of Documents and Smart Leasing
Due to the pandemic, physical meetups to sign documents have become a challenge. eSigning has solved this problem by providing a way to sign documents digitally. There are several tools to make an e-signature, such as Adobe Sign, HelloSign, eSign PDF, and DocuSign.
Smart leasing, on the other hand, will help you organize important documents such as bills, receipts, titles, deeds, and agreements virtually. Instead of stacking these files on a large cabinet, you can simply scan them and keep them in a virtual cabinet. Free tools are available for a start such as Google Drive. By doing so, you’re making your documents fireproof, waterproof, and easily accessible at your convenience.
Data Analysis Software
Are you still managing your properties by the gut? Unfortunately, that won’t be enough anymore as technology continues to evolve. Data generated from surveys and research are now the basis for analyzing activities and trends in real estate.
For instance, you can use data analysis software to gather historical or real-time information on your property. This may include fire safety, electrical, telecommunications, or heating, ventilation, and air conditioning (HVAC) systems. With the translated data, you can then perform proactive maintenance.
You can also use this tech to analyze things like rental fees comparison, occupancy and vacancy rates, or home-value trends. The power of big data allows you to compile and collect data about consumer preferences. This will help you provide solutions and improve aspects of your rental business by enhancing operation efficiency, optimizing marketing campaigns, and improving customer service.
Proptech is here to stay and will only drive more innovation and solutions in the real estate industry. If you want to thrive as a rental homeowner, you need to be open for growth, innovation, and evolution. Now is the best time to leverage technology and optimize your business’ workflows so you can have an edge as a rental owner in today’s demanding real estate market.
Companies like Poplar Homes have these tech systems in place that will help you attract and keep ideal renters and have a sustainable and steady rental income. Be part of 1,500+ other homeowners who are empowered with our tech in managing their rentals. Sign up your property today.