Proptech is the latest buzzword in the housing market. And with digitisation affecting every sector, the property management industry needs to stay in step. With the ability to totally transform the market, is it time for estate agents and landlords to embrace technology?
What is proptech?
As the name suggests, proptech, or property technology, is transforming the property sector through digitisation. Embracing everything from virtual reality to 3D printing, proptech could revolutionise the way we sell and lease property.
VR property tours
One of the most exciting developments in proptech is the ability to take a VR tour of a property. Whether you’re a landlord, buyer or renter, VR delivers new ways to manage and view property in our time poor world.
If you’re a landlord with a wide ranging property portfolio, imagine the ability to keep on top of maintenance through a handy app. The tenant reports a problem and uploads a photo for additional information, which then alerts the landlord to the situation. There’s no need for a visit and the problem can be fixed fast, to the satisfaction of all involved.
Easy property inventory
Property inventory software makes inspection and inventory straightforward. Using a product like https://inventorybase.co.uk, a landlord can complete reports faster in the field, then edit online before generating a professional report that can virtually eliminate tenant disputes.
Simplified rent collection
With the development of mobile banking and innovative open banking applications, landlords can automate rent collection by encouraging tenants to set up regular monthly payments. As these technologies develop, the process of rent collection could deliver added functionality in the future.
Smart home technology and the Internet of Things deliver intelligent control and energy monitoring for the home, reducing costs and delivering better value. Smart security features are a useful way to give landlords complete oversight of a property when empty, wherever they are in the world. Smart technology can deliver bottom line gains for landlords across their portfolio.
By moving tenant checks into the online space, proptech could make it much easier to find the right tenants. From easy online credit and employment checks to following up references, proptech streamlines management workflows. The development of AI is also making waves in the property business, by using smart data driven algorithms to match tenants and landlords safely and securely.