Are you looking for an effective way to market your property? If your target market is millennials (also known as Generation Rent) who are the most avid technology users, why not use this to your advantage? Using innovations like Proptech can vastly improve your investment, making it much easier and more efficient to fulfil your landlord duties while gaining extensive profits.
If Prop tech is a whole new concept to you, then you may not be aware of the many benefits it holds for you as a property investor. Read these top advantages to discover how Proptech can help you increase your investment prospects and assist with property management.
A great stepping stone into Prop tech is to implement technology features into your property. This could include smart meters for gas and electricity, which is a great way to attract tenants, as it enables them to monitor and pay their bills on their phone.
The most obvious technology perk is high-speed internet, which is an absolute must if you want to be considered by tenants. Property investment companies like RW Invest have even implemented smart lighting in their modern developments. This is another technological trend that is used to attract tenants. Smart lighting can help reduce energy costs, as less is being used due to the lights only turning on when someone enters the room.
Once you’ve added all your smart features in your property, you can then start to market it, and what’s the best way to do this? Advertise online of course. There are plenty of ways to do this, with one of the most recent trends for pursuing tenants is through tenant finding apps, which work by matching landlords with their target tenants.
Another great way to market your property is by utilising virtual reality technology to allow potential tenants to take a tour of your property online. This can help speed up the tenure process, as the tenant may not have the time to look at the property in person and can instead decide based on the online tour. Then if they decide the property is the right fit for them they can complete an online application, which can easily be created on your website.
Hi-tech tenant screening
Once you’ve received enough interest from your property, then you will need to narrow your search down by conducting thorough tenant screening. The issue with this is that it can be extremely time-consuming, due to the time spent interviewing tenants and conducting background and finance checks to ensure you’re choosing the right tenant.
Prop tech in the form of Customer relationship management (CRM) systems can help cut down your time significantly, making the search for a tenant much easier. This is because CRM systems take care of lead management and flow making the screening process more efficient for both you and your potential tenants. You should also consider implementing a property management system, which will allow you to monitor tenancy fees, as well as any tenant requests which can easily be submitted online. This will improve your landlord service by enabling effective and simple communication with your tenants.