Technology is at the heart of businesses running in the post-pandemic world. The real estate industry is also leveraging technology to find contemporary solutions and ways to grow in the future. If you're a renter or property owner, you'll need to understand the ways technology is making an impact in the rental property market.
Increased visibility
Since young and tech-savvy tenants browse through property websites to find the house of their choice, digital platforms give you more visibility than offline marketing.
If you can manage to optimize your listing with relevant data, attractive images, and competitive pricing, your property will be visible to a larger number of quality prospects. You can also use VR and AR technology for virtual tours and negotiate with multiple buyers at the same time.
Accurate rent price
Quoting accurate rent prices is something every renter struggles with. After all, it's not easy for owners to use historical data and predictive models to fine-tune the pricing strategy.
Rent estimate tools can help you quote the right price for your property. They use property specifications, market data, and geographical positions to analyze the value. The reports generated by the tools also provide competitor rental data and local vacancy reports to help you form a clear understanding of where your property stands in terms of value.
Online rent collection
Technology has been at the forefront of contactless transactions. If you have a bunch of tenants, you can use online billing facilities to stay on track of rents. You can set up recurring payments, and send regular notifications in order to prevent late payment.
Online rent collection systems often include maintenance fees, security fees, and other charges that can be billed together. This way, tenants can pay rents from wherever they want and both parties can see payment status in real-time.
Communication
Property businesses are guilty of not facilitating seamless communications with the tenants. With multiple phone calls and email exchange, the complaints about faulty devices or breakdown of services take longer to resolve.
Renters can use tenant portals that bring streamlined communication to the fore. Tenants can lodge their complaints, see the status updates, and get notified once the issues are resolved. Renters can also quickly reply and provide effective solutions within the same platform, leading to tenant satisfaction.
Automation
If you want to scale your rental business quickly, you'll need to automate a good portion of your day-to-day tasks. You can connect calendars with property management systems and integrate listing platforms to see how they perform each day.
Automation is also useful for homes. Tenants look to pay more for properties that have an advanced level of automated services. Smart lighting, HVAC, and smart kitchen are some of the components that can increase the value of the house.
By infusing technology into the rental property market, business owners have been able to ride out the disruptions caused by the pandemic. If you're a home buyer searching for the property of your dreams, make sure it has the necessary technology to stay relevant in the future.
