5 Ways Proptech Is Making Real Estate Investing Easier Than Ever

Rental property is a hot commodity right now. But the prospect of getting into rental property investing can be intimidating. From financing the property to tenant screening and managing the property, it can feel like a lot of moving parts to keep track of.

Fortunately, an increasing array of property technology (proptech) offerings are making it easier than ever. Let's take a look at a few of the ways proptech could make real estate investing simpler for you, too.

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An increasing number of proptech companies are competing to own the entire home search and purchase process from start to finish. They're helping you find an agent, schedule showings, and even apply for financing, all on their platform. This greatly reduces the amount of research you'll need to do yourself and the number of phone calls you'll need to make.

ALSO READ: 7 Things to Avoid When Buying a Rental Property

Once you've purchased your rental property, finding reliable tenants is crucial. You need to be sure they can afford the rent and don't have a history of leaving properties in bad shape. But going over all those applications, calling references, and performing credit checks can be incredibly time-consuming. That's why there are now proptech platforms that can put you in touch with prequalified tenants.

Sometimes, tenants forget to get the check in the mail on time. It happens, but late rent cuts into your bottom line. So, now there are apps that use the tenant's credit or debit card to automate paying rent each month. You can offer the tenant a small discount for signing up, and it may be worth it to simplify your life.

Some of these apps even offer tenants reward points for paying on time, which they can use for all kinds of things.

ALSO READ: 3 Decisions Landlords Need to Make When Thinking About Raising Rent Post-COVID

Taking care of maintenance and repair requests on your property can be cumbersome, especially if you haven't yet built a contact list of reliable contractors. Fortunately, some proptech platforms will put you in touch with their vetted contractors. Then you can explain what needs to be done, accept a bid, schedule the work, and pay the contractor, all right from the platform.

You're unlikely to run into any vacancy issues in the current market, but suppose you eventually did. Various proptech platforms can help you lease out your property for other uses. You could set it up as a small co-working office space and lease it out that way. Or maybe you have a lovely garden space that could be leased out for weddings and other special events.

You can also lease out all or part of your property as storage space or even as a movie or TV set -- all quite easily, thanks to proptech platforms.

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If you take full advantage of the resources available to you, proptech can be almost like having your own personal assistant working with you every step of the way on your real estate investing journey. Explore your options to see whether there's a proptech platform to address any issue that may be making your real estate investment less passive than you'd like for it to be.

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