How landlords can benefit from using Proptech

Whether you’re just starting out as a landlord or you have a large portfolio of properties, you can benefit from using the technology phenomenon – PropTech. This is an umbrella term for hi-tech operations within the property market, and this technology benefits several people including letting agents, property companies, tenants and of course landlords.

PropTech comes in a variety of forms, as it can be used for CRM systems, property match services, real estate completion, property management and more. All of these forms of new technology offer full assistant to landlords to make their job much easier.

Read the following advantages to help you uncover the wide range of benefits for landlords who implement PropTech into their everyday operations.

Enhanced advertising

The introduction of PropTech has enabled property marketing to be much more efficient. For example, technology such as virtual reality (VR) is being used more and more by property companies like RW Invest, who utilise VR for virtual tours in order to showcase off-plan developments which are under construction.

This offers investors a chance to see the finished product before it is complete, and provides them with reassurance about their investment. More advanced technology like Augmented Reality (AR) is also deeply rooted in PropTech, which allows in-person viewings to be much more enhanced.

All you have to do is wear AR goggles, and you will be shown the finished product of your investment right in front of their eyes. This also offers assurance to the landlord before they decide on purchasing the property.

Tenant management

After purchasing and marketing your property, you then need to decide on who you want living in your property. The most effective way to do this is through a tenant screening process. Although the traditional way may seem like hard work, property technology enables a much quicker and easier procedure. This is because some PropTech companies have come up with a way to simplify the process by using technology that processes background and financial checks in a fast and efficient way.

Once you have the right tenants and you have signed the contracts, it is time to manage your occupants. You should definitely consider using specialised technology to avoid the tedious tasks associated with being a landlord. This includes managing maintenance requests, which can be extremely long-winded. However, there are now apps in place which makes this process much easier.

This technology allows the tenant to submit a repair request and it is sent automatically to you if you can handle the task, or to a maintenance worker who can fix it as soon as possible. This will reduce the number of tenant complaints, making your job as a landlord much easier.

Efficient paperwork

One of the most tedious jobs that comes with being a landlord is completing paperwork, such as tenant files, credit check documents, guarantor information and more. You may feel inundated with it, and it can become too much. To alleviate your workload, you can download apps like Goodlord, which can help you avoid error and reduce down the amount of time you spend on admin.

You can also use hi-tech tools, which allow you to receive tenant documents in quick succession. This is great for getting the ball rolling on a tenancy; for example, you can collect IDs and bank details quickly and securely, which will also allow you to receive tenancy deposits and rent much quicker than you would before PropTech existed.