Essential PropTech For Modern Property Management

Essential Proptech for Property Management Firms and Landlords

Property technology, or proptech, is advancing at a fast pace. The rapid improvements in technology in real estate and property management has not only impacted the businesses. Grasping this new tech can be crucial to remaining competitive for the independent landlords and property management companies alike. Here are the most efficient approaches for using these methods;
1. Adopt new technology: As consumers demand a more tech-savvy, data-driven approach to the apartment rental process, adopting new technology is essential not only to streamline overall rental processes but also to automate routine tasks such as property tours, rental applications etc for small landlords, investors and property management professionals.
Similarly, drones may appear a gimmick in real estate and proptech management, but they aren’t going anywhere and have the potential to change the market. Drones provide relatively easy and budget-friendly aerial photography that would have been prohibitively expensive just a few years ago.
2. Virtual and augmented reality: The latest and most meaningful new wave in proptech is SaaS platforms such that supercharge a tenant and property management professional to make better decisions. for example, tenants can use map search apartment rentals or houses in the desired neighborhoods by budget, by amenities or by distance and even do 3D home tours, saving tons of time not having to visit physically.
3. Tenant and landlord relations: Both Large landlord and property management companies can leverage proptech platform powered with AI chatbots and virtual assistants to engage in real-time with prospects 24/7 to address common questions and inquiries. This can avoid amount of missed opportunities that can range from as high as 40-60%
4. Big data application:  Proptech startups use of machine learning and artificial intelligence can help determine fair pricing of rental homes, as well as renters can find the fair rental rates based on analysis of big data from thousands of rentals within a defined geography. This is particularly useful for both tenants and landlords and is a win win for all.
 5. Go paperless, save time: The traditional processes that earlier needed multiple steps and took days or sometime weeks. These processes are namely; Property pictures, tenant background check, lease creation and even payment of deposits. Many of these today can be done online and paperless. Most smartphones today can produce quality pictures, tenant screening, lease drafting and payment arrangements can also be done paperless and online
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LEASEWELL is a premier property services company in Calgary. We help landlords with all aspects of their rental property so you can focus on things that matter most for you. while we do the heavy lifting for you. Let us help you find great tenants and keep your rental in top shape to maximize return on your property investment. ​For more please visit our website www.leasewell.ca or contact us at info@leasewell.ca