The introduction of Proptech and FinTech has revolutionised the real-estate sector in more ways than one, and with more businesses setting up shop in this industry, it is time to start embracing this modern change.
Both forms of technology have been created to improve the property sector and make all processes much easier and more efficient for everyone, including property investors.
What is PropTech?
PropTech is the umbrella term for technology used within the real estate sector. This includes everything from artificial intelligence and big data to property management software and more. All of these technology solutions are designed to modernise and improve all things property-related by making processes much more efficient.
The benefits of PropTech
If you’re a property investor looking to improve your investment, then using some sort of PropTech can offer you the following advantages:
Enhanced Advertising
Property technology, such as virtual tours, are a great tool used by property experts like RW Invest. They use this technology to showcase their off-plan properties, which are properties yet to be built, in order to give property investors an idea of what the finished product will look like.
Property investors themselves can also benefit from virtual reality and other forms of artificial intelligence, which can be used to market their property online. This can also benefit tenants, as they can access a 360 view online instead of having to view the property in person. This will speed up the renting process and should lead to you receiving fast returns on your investment.
Improved Tenant management
The introduction of Proptech apps like Goodlord has allowed landlords to improve the way they manage both their properties and tenants. This has replaced traditional methods which make your job as a landlord tedious and time-consuming.
Rentify is also a great platform which allows landlords to manage everything from tenancy agreements and rent processing to maintenance requests and deposit protection. Without PropTech, these procedures would take a while to complete and could lead to tenant complaints. By incorporating this type of technology, you can offer complete satisfaction to your tenants, which will establish you as a reputable landlord.
What is FinTech?
FinTech is the term used to describe businesses who utilise new technology to provide financial services to businesses. This ties in with the property sector in relation to mortgage lending, crowdfunding and more. Overall, this makes property investment much easier for everyone, including both landlords and tenants.
The benefits of FinTech
As FinTech continues to develop, property investors need to start adopting it within their business strategy in order to can gain the following benefits:
Faster funding
The main issue with the financial side of property is that it can be extremely time-consuming due to the amount of data that must be processed. This is where FinTech steps in, as it streamlines mortgage applications and other monetary procedures, which saves a lot of time and removes the need to employ financial experts.
Property investors are always looking for quick finance approval. This can be achieved with financial technology which sources alternative lenders. With the help of FinTech, you may even apply and receive capital confirmation within 24 hours.
Efficient payment
Many landlords find difficulties in receiving quick payment from tenants. To accelerate this process, you should use applications like IZettle, which is a mobile payment company which offers portable point-of-sale solutions. This is downloadable on any smartphone and is extremely easy to set up, so you can collect rent with ease.
This is also ideal if you have taken on a hands-off approach to your investment by hiring a property management company. Using a FinTech platform will allow you to pay contractors or employees their wages to ensure that property operations continue in a safe and reliable manner.
About Mohammad Mustafa Ahmedzai
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