Even if you’re new to the property investment market, you will have probably heard the phrase prop tech. However, more than likely, you don’t understand it fully. To help you get to grips with this new technology here is all the information you need to implement it into your investment.
What is prop tech?
Prop tech is an umbrella term for any type oftechnology used within the property sector. Thisincludes everything from online property search engines to e-contracts and more. The real-estate industry values it, as it is establishedas a relatively untouched conceptwhich many property professionals are capitalising on.
Prop tech is continuing to develop, and more money is being invested to ensureit reaches its full potential. You may be wondering how prop tech can enhance your real estate operations, so here are a number ofreasons why you consider using it to enhance your investment.
One of the main benefits of Prop tech is that it can increase tenant engagement by using new technology to attract potential tenants. Thisis utilised by various property investment companies, like RW Investwho use virtual reality technology to showcase off-plan developments. They advise the use of prop tech, as it has the potential to increase return on investment significantly.
This technology is beneficial to use on your website or social media to allow potential tenants to tour the property online instead of in person. Thisis ideal if the prospective tenant lives elsewhere and cannot travel to view the property, and can, therefore, have as many viewings as they wish.
Instead of you seeking out tenants, some forms of prop tech enable them to come to you. One quick search will allow them to gain access to properties within a specific location with however many bedrooms they need in line with their budget. Thissaves both of you from wasting time and money searching for a suitable matchand results in much faster and efficient processes regarding completion. Thisalso ensures that you reap the benefits of your investment sooner rather than later, as it simplifies the sale and lease processes.
Document automation is also a big advantage, as this saves you from wasting time working through mass amounts of paperwork. This type of technology can also act as a diarymanagement system, where you can store rent due dates, viewings and more. This documentation process is especially beneficial if you are managing more than one investment.
Improved customer service
Prop tech is purposely designed to streamline property investment processes; however, unlike other forms of technology, it still offers excellent customer service. This is especially prominentin the residential sector, where prop tech is used to simplify tenancy agreements and additional documents, allowing you to form a strong landlord and tenant relationship.
Customer satisfaction is also increased, as prop tech is used to double check the accuracy of all documents, making sure that no mistakes are madewhiledrawing up the tenancy agreement. Thissignificantly reduces risk, making sure both your tenants and investment are fully protected.