How PropTech is Changing the Way Landlords Rent.
September 4, 2019
You have likely heard of the term PropTech before. PropTech is not a new concept. In fact, the term has been used since the late 90s. However, it has only been in the most recent years that PropTech has been gaining popularity.
While most industries were fast to adopt and integrate new technology, the real estate industry was always more old-school. And now they have some catching up to do. With Millennials, Gen X, and Gen Y as the most prominent demographic of renters today, it will be essential for landlords to adopt PropTech in their practice.
The reason is that advertising online is the primary way to reach younger demographics. In fact, according to a NAR report over 50% of Gen X and Gen Y renters used a mobile device during their rental hunt. If landlords want to reach their target market they will need something to go with their FOR RENT sign: an online strategy,
Luckily for landlords there are sites like Trintals.com to help with all of their rental service needs. Instead of going through the tedious task of listing their property on different rental sites, they can simply list once on Trintals and have their listing pushed to all the top sites where tenants are searching for a place to rent.
When landlords take full advantage of sites like Trintals they can save time and earn more money because they will have fewer vacancy days, on average. They can also manage tedious paperwork like applications and leases because it is all integrated on one platform. And these are just some of the many advantages PropTech brings to the real estate industry.
PropTech can also help connect landlords and tenants, so the days of sending emails back and forth are over. Today many sites allow tenants to schedule viewings online in just a few clicks of the mouse. Tenants are also sent notifications about their favorite properties directly to their mobile device, and from there they can contact the owner directly.
Of course, we must keep in mind that matching the perfect tenant to each landlord is not an easy task. But that’s where PropTech comes into play again because now with sites like Trintals, background and credit reports can all be done through the same platform.
But there are still many other ways PropTech will change the real estate industry. Virtual Reality and Artificial Intelligence will also play their role. We can already see the impact they have. VR tours are already common in the industry, and AI also helps match tenants to homes with their specific preferences.
The future of PropTech is exciting. It will be interesting to see how technology will change the old-school, face-to-face industry that is Real Estate.