Different forms of technology are developing every day, which benefits a variety of businesses, including those within the property sector. This industry has profited from the introduction of PropTech and other technology advancements which have transformed the way real estate works.
If you’re an investor looking to enhance your property’s prospects, you should take a look at the following technology, which is currently taking the property sector by storm.
Home Automation
One of the best ways to enhance your profits is by installing smart technology in your property. This could include everything from Bluetooth-operated lighting and home hubs to hi-tech security and safety systems. By implementing any one of these devices, you can increase the rent as you’re offering luxury features that protect your tenants, while also making their home more efficient and convenient.
Home automation devices can attract a wide range of tenants who are looking for a low-maintenance and efficient home that will reduce their household bills. An example of this is the use of smart thermostats, which are ideal for monitoring energy usage. Having this in your property will allow your tenants to become more aware of their energy bills, which will also result in them reducing their carbon footprint. This is ideal for younger tenants, who have become more eco-conscious in recent years.
Virtual Reality
Once you’ve updated your property and it is ready to rent, you need to create an engaging listing that will gain a lot of tenant interest. Property companies like RW Invest utilize virtual reality technology like 3D virtual tours to showcase their off-plan developments, which are properties that sell before they are complete. This offers reassurance to investors, as it gives them an insight into how the finished property will look.
Landlords can also use this technology for their listing on their website or even social media, where it is guaranteed to generate interest. Using virtual reality is also more convenient for tenants who may not have the time to visit the property. It will also save you a significant amount of time on viewings, which will allow you to focus on your current property as well as building up your portfolio.
Property Management Software
Managing a property is a massive responsibility, which is why some landlords hire an external property manager or company to help run their investment. Companies tend to use high-quality software to take on tasks such as tenant management, rent collection, financial checks, maintenance, and repairs. This type of software is in place to track these jobs to make sure they are dealt with properly, which prevents tenant complaints and costly disputes.
If you’ve decided to make a hands-on investment, then you will be responsible for these management tasks, so you should definitely consider using property management software. For assistance, you should take a look at Appfolio or Rent Manager, which are designed to streamline everything from rental applications to asset checks and more. This will ensure that your job is much easier and will also offer a more efficient service to your tenants.
