Idaho Security Deposit Law: What Renters and Landlords Need to Know

How PropTech Solutions Are Changing the Rental Landscape

Author: Kasee Godwin
Date: 06.14.2023

In the fast-evolving digital world, Property Technology (PropTech) has emerged as a game-changing force, redefining the landscape of the rental industry.

It has effectively disrupted traditional processes, enabling rental property managers, landlords, and tenants to streamline operations, improve communication, and enhance the overall rental experience. From smart home technologies to sophisticated property management software, PropTech’s potential to revolutionize the rental industry is truly vast.

At the forefront of this digital shift in the rental landscape stands Qira, a cutting-edge PropTech solution designed to simplify property management and optimize tenant relationships. By simplifying complex tasks, Qira is helping to reshape the rental landscape, offering property managers a unique platform where they can easily manage rental properties while enhancing the tenant experience. The dawn of PropTech heralds a new era for the rental industry, and with platforms like Qira leading the charge, the future looks promising.

What is rental PropTech?

Property Technology in the rental sector, refers to the use of information technology to help individuals and companies research, buy, sell, manage, and optimize real estate. Essentially, it’s the application of technology to solve challenges and improve efficiency in the rental market. The scope of rental PropTech ranges from online property marketplaces, property management software, and virtual reality property viewings, to smart home technology, data analysis tools, and smart contracts for lease agreements.

There are many pain points along the rental journey that can make being a property manager, leasing agent, prospective renter, or renter difficult. 

Some examples of different kinds of PropTech include:

  1. Inventory software
  2. Property management software
  3. Virtual viewing 
  4. Automated payments
  5. Online repairs management
  6. Digital onboarding platforms

New PropTech solutions are popping up every day across the rental industry. As a property manager, it is important to ensure you have the best solutions for your renters and staff.

What can rental PropTech do?

Rental PropTech has many benefits. Although usually each PropTech solution is created for a specific party to leverage at a certain stage of the rental journey, here are a few ways that using the right rental PropTech can help your property management company.

Increased accessibility

Rental PropTech can alleviate issues of access and make it easier for people to “be” where they aren’t. Virtual viewing is a prime example of this, as it allows people in different cities, states, or even countries to view the properties that they are interested in. 

Increased communication, efficiency, and efficacy

It can be difficult for different parties to find the time to communicate on issues throughout the rental journey. For example, renters and property managers, property managers and banks, or prospects and property managers. 

The right PropTech can make it quick and easy to find information, raise issues, communicate, and solve problems.

Reduced costs

PropTech can reduce costs associated with supporting renters, following up on leads, or dealing with any rent-related issues around the clock. With solutions like Qira, you always get on time rent payments and coverages on damages.

Faster onboarding

Onboarding new renters can be a very time-consuming, confusing, and difficult task. PropTech can make it run more efficiently, taking care of tasks like security deposits, tenant screening reports, and more.

More financial options 

Money is often one of the worst pain points for all involved in the rental journey. Security deposits and monthly rent payments being the most notable. PropTech companies (like Qira!) can make payments easier for both property management and renters. From digital invoices and automated payments to security deposit alternatives!

A wider pool of prospects

Software and digital solutions make the pool of prospects available wider than ever. Some PropTech software gives property managers a way to reach more prospective renters through marketing. And with other software solutions, you may even be able to attract better renters for your available units with attractive offerings like rent reporting.

More data

Data drives decisions. It’s important to have in order to make well-informed choices regarding who will live in your units! For example, tenant screening reports are an essential aspect of property management that allows property managers to make the most informed decisions on who to rent to.

Some common issues with and complaints about rental PropTech

Multifamily residential PropTech has gone through several evolutionary stages, each one focusing mainly on different pain points or aspects of the rental journey. While PropTech is an amazing tool for all involved, there are some common issues and complaints about it nonetheless. 

Security and privacy 

The vast amounts of data that are involved when using PropTech can be a concern if the PropTech provider isn’t fully compliant and/or acts in bad faith with the data that they are entrusted with. A lack of PropTech-specific regulation exacerbates this problem. 

Resistance and limited adoption

Some people aren’t fans of working with PropTech, instead convinced that the old-fashioned and well-established ways are superior and that using PropTech is somehow wrong or cheating. Some also think that using PropTech detracts from personal interactions and human contact.

When considering the shift to PropTech solutions, it’s essential to ensure you’re working with a company that has great customer support to not only help you properly implement their software, but to also ensure all of your renters needs are being taken care of. It’s important to note in the digital age, sometimes not having software-based customer service can be an issue in itself, especially for younger renters.

Cost and affordability

Many PropTech solutions haven’t grown to a point where they can be affordable for the majority of those who would benefit from them or choose to price themselves at a premium. This is why it’s important to find software you can tailor to your business’s needs. Rather than working with a platform that has one solution and may not be integrated with other softwares, find something that has many different solutions you can choose from so you can have the best bang for your buck.

Integration

As a relatively new industry, PropTech can sometimes lack the integration ability that would convince its target market to adopt it. It’s nice to have technology that works alongside existing software (especially as there’s often so much of it) rather than separately. When seeking new software, make sure you talk to the company about integrations!

How Qira is different from other rental PropTech solutions

Qira is dedicated to revolutionizing rental PropTech. Qira reimaged renting by creating solutions tailored to renters while helping property managers streamline operations. From security deposit alternatives, to rent payment processing, to tenant screening reports.

Qira sets itself apart from the industry by offering bi-directional integrations with property management software such as Yardi, Rent Manager, ResMan, and Realpage. With a dedicated support team to ensure that our solution is a pleasure to use not only for property managers but also for their renters.

If you’re interested in leveraging the right rental PropTech for you, then you can learn more about how Qira can revolutionize your portfolio by booking a demo now.

kasee-godwin-80x80

Kasee Godwin

Position: Director of Marketing
Social Networks

Kasee is the Director of Marketing for Qira. She has nearly 15 years of experience in the real estate marketing industry, including 10 years on the client side. In her spare time, she enjoys reading science fiction, exploring new wineries, and fostering Golden Retrievers.

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