The internet has changed many aspects of many industries and now the Internet of things (IoT) is revolutionising the way that properties are rented, sold and managed.
It’s important to understand what is meant when people use the terminology IoT, IoT is physical things/objects connecting or feeding information back to the internet, this could be via sensors or software that exchange information with other devices across the net.
What is PropTech and how does it work?
Proptech is an abbreviation for Property technology, and it refers to the tools and devices that property companies are using to research, analyse and optimise the way that people buy, sell and rent properties.
Essentially proptech is any new technology that doesn’t rely on human input that optimises the property market.
You may think that you have not actively used any proptech, but if you have booked a hotel on booking.com , or stayed in airbnb on vacation – then you most certainly have.
Another big example of how proptech has disrupted the way that traditional real estate works, is the automated valuation software tools that a lot of real estate agents now subscribe to. One of the valuation tools offered form a US company has been proven to provide housing valuations and rental estimates with only a 5% margin of error.
Other examples of proptech are keyless, digital entry to buildings. or automating the entire rental transaction right through to completion of lease agreements and payment.
Why is proptech important to landlords?
Like any new technology , it’s often easy to obtain but difficult to adopt. We look at the 6 major reasons that landlords should consider Proptech.
- Simplifying tenant checks
New automated tenant checks are changing the way and time landlords spend on reviewing tenant applications, from credit and reference checks employment history and affordability all of this can now be done with a few taps on the keyboard.
- Find the right tenant
Every landlord has different wants in terms of tenants much like a dating website matches couples together, new real estate software boasts the ability to match each landlord with their dream tenant.
- Tenant retention
A recent study showed that 23% of renters said they would be more likely to stay in a home with smart features, this doesn’t necessarily mean you need to turn your property into a statue of technology, but certainly such technology as high speed broadband or smart tvs will play a big part in retaining long term tenants.
- Real time landlord assistance apps
Being a landlord is by no means an easy task, but it’s being made slightly less time intensive with the introduction of landlord applications, these applications have changed the way properties are listed, viewed and rented.
New applications released offer a range of features from listing your property on portals, virtual viewing, e-signing documents remotely and automated rent collection.
- Drone assisted real estate
A breaking new development is the use of Drone Technology to show potential buyers a property from both arial and internal views. Drones also provide a 1st person view allowing the buyer/renter to experience the property as if they were actually inside it without the need to travel. This ideal for people who are relocating or buying a second property in a different city.
- Rent Payment Proptech
Tired of traipsing across town to collect rent each week/month, with new rent payment proptech you can literally be collecting rent electronically within minutes, no more chasing down the whereabout of tenants or having to manually send reminders all of this can be set up and tailored to your own criteria of what day rent is taken and how often reminders are sent.
Property Management Company Dublin
If you would like more advice on proptech or what it could do for you please contact one of our team. At KPM Group we can offer insight into all aspects of property investment.
KPM Group has helped countless landlords free themselves from the day-to-day management of their portfolios and trust us to deliver the maximum return on investment while providing quality property management services.
If you would like to speak to us here at KPM about your portfolio, then get in touch today, and a member of staff will be happy to help in any way we can.
