The PropTech sector has seen a massive increase in development, and with an ever-expanding number of PropTech companies popping up; it is no wonder it is becoming more mainstream. Everyone from property investors to tenants are using some form of property technology, which is completely changing the way the property market operates.
Landlords are starting to use certain forms of PropTech in order to further their property’s prospects and make their job much easier. Read these top tips which will help you understand how PropTech can benefit your investment in more ways than one.
One of the most important jobs you have as a landlord is to advertise your property. Without property advertising, you would not gain tenant interest, as no one would be aware of your listing. In recent years, property marketing has become more apparent online, which has made the property market much easier to navigate. More landlords are promoting their property online, which helps to increase tenant interest as they are targeting a wider demographic.
PropTech companies have taken online marketing one step further with the introduction of artificial intelligence and virtual reality. Property experts like RW Invest utilise this technology to showcase their off-plan developments, which are yet to be built. This is beneficial for property investors and tenants to allow them to understand what they’re getting for their money.
Enhanced tenant management
Once you have gained tenant interest and decided on the right occupant for your property, you must consider the best way to manage your tenant. To avoid making any mistakes, you should consider using property technology which will help you manage tenants in a much easier and more efficient manner.
Some investors tend to take on a hands-off investment and leave it to property managers to deal with tenant complaints, as they may not have the time. Property management companies tend to use technology like Fixflo, which is a property maintenance software that enables you to respond and deal with complaints quickly, making sure all tenants are satisfied. This will ensure that you maintain a good reputation amongst your tenants, which will benefit you in the future.
Another issue many landlords face is a lack of communication with tenants. This can result in a build up of complaints, which may lead to your tenant moving out before their tenancy is over. The main for this decreased contact is due to the digital age, as tenants would prefer to deal with everything online instead of face to face. They may think handing in a repair request form is an inconvenience, so they are more likely to leave it, resulting in the issue getting worse.
The introduction of PropTech has enabled tenant and landlord communication to improve by moving it online and on apps like HeyLandlord. These new forms of technology simplify communication between everyone including landlords, tenants, property management companies and contractors. Introducing this type of technology will allow you to improve your service as a landlord and could also increase the value of your investment.