Proptech has the potential to revolutionise the property sector. Technology continues to be introduced on a large-scale in the lettings sector, and according to a recent report, capital investment within the sector grew in 2017 to almost $12.6 billion. Proptech shows no signs of slowing its progress, and now is the perfect time to choose software which can save your business both time and money.
Here are five ways in which proptech are solving problems in the sector.
- Managing tenants
Proptech has created great solutions to aid agents in reaching new clients, as well as making it simpler for landlords to manage their clients when they become tenants.
For example, with an inventory base login and access to the inventory base system, clerks, agents and landlords can view a wide range of reports. By using software such as this, any disputes can be easily resolved with transparent, clear and professional inventories.
By using software such as this, any disputes can be easily resolved with transparent, clear and professional inventories.
There are some tedious chores for agents and landlords in the management of tenants, and tenancy management software can ease communication errors by offering instant communication between agents, landlords and tenants.
Tenants can report issues online and book contractors for a repair, which effectively removes the agent from this process.
Property managers can also use protech to onboard tenants, complete accounting and write reports. This makes property management much easier for all parties, and allows technology to resolve tedious, time-consuming issues.
- Securing mortgages
Proptech is also responsible for reinventing the entire process for mortgages from beginning to end. Mortgage applications generally take one month to be processed, which heavily depends on the lender. In some regions, the process exceeds a three month processing time.
However, now many investors are choosing online processes to handle their entire mortgage application. Online mortgage platforms can significantly reduce the length of the process to only a few days.
- Finding office space
There can often be a lack of collaboration and community experienced by professionals when working from a home office. Co-working spaces, however, encourage creativity and human connection.
According to recent statistics, co-working spaces for rent have risen by approximately 200 per cent during the past five years, with flexible office spaces emerging in many cities across the world.
This has provided professionals with the flexibility to work anywhere, with affordable short-term lets available and adaptable agreements from shared spaces to private offices.
- Finding flats and flatmates
Securing rental properties and finding the ideal roommate can both be overwhelming burdens, but proptech has proved it can help solve both of these problems.
Those searching for rooms to rent can often do so from their own homes and without setting foot in a letting agent’s office. Available rooms and compatible flatmates can all be found using proptech which matches homes and tenants in response to their preferences.
- Visiting properties remotely
Augmented and virtual reality allows agents to show prospective tenants around properties from anywhere in the world.
Using proptech, agents are even able to show tenants and investors around properties which have not even been constructed yet. This technology allows agents to let property easily, and provides tenants with confidence that they know what they are leasing, and the convenience of viewing property when it suits them.
Ensure you are being transparent and fair – start using a property inspection app today to produce professional inventories, check-ins, check outs, interim inspections, building inspections, risk assessments and more with InventoryBase.
Start your free trial here today.