How Technology is changing the Property Market
Find out how the advancements in tech in the property industry can help you manage your investment.
Find out how Technology is shaping the way forward for the property market, making managing your rental online easier than ever before.
Technology has revolutionised almost every aspect of our lives, and the property market is no exception. From online rental listings to virtual property tours, technology has made renting a property easier, faster, and more convenient than ever before.
We're taking a closer look at how technology has changed the rental market, what it means for property owners and how RentBetter's technology can help.
Online Listings
One of the most significant changes technology over the past 20 years has brought to the rental market is the ability to list and search for rental properties online.
Gone are the days of scanning classified ads in the local newspaper or driving around the neighbourhood looking for rental signs. Today, tenants can search for rental properties from the comfort of their own homes, using online platforms and apps like Domain.com.au, Real Estate.com, and Rent.com.au.
Owners can also list their properties online and reach a wider audience than ever before utilising tools like RentBetter. You can advertise your property for rent on Australia’s leading property sites, at a fraction of the cost and find a tenant fast.
If you’ve got a Commercial property the platform also connects you with the platforms to enable you to find a tenant and manage your commercial lease.
Looking to sell your property? For just $399 you can advertise your property and find a buyer. Find out more here.
Virtual Property Tours
In the past, potential tenants had to physically visit a rental property to get a sense of its layout, features, and condition. However, with the advance of virtual property tours, tenants can now take a virtual walkthrough of a property without ever leaving their homes.
This technology has been a game-changer for long-distance renters or those with busy schedules who can't visit properties in person. It has also allowed landlords to showcase their properties more effectively and attract tenants who might have overlooked their properties otherwise.
Online Rental Applications
The days of filling out paper rental applications and delivering them to landlords are over. Today, many landlords and property management companies use online rental applications, which can be completed and submitted entirely online.
This technology streamlines the rental application process, making it faster and more convenient for both landlords and tenants. Online rental application tools also provide landlords with a more efficient process for screening tenants and verifying their information.
The National Tenancy Database (NTD) is a tool that is available to owners to check the background of their tenant and minimise the risk. It is the most extensive database of tenant information in Australia and you can access it for $18-25 per check.
On RentBetter, managing your applications is simple. Tenants will fill out their rental application using the industry-standard form by 2Apply and applications will sync to your RentBetter account. You’ll find a record of all applications, which are easily accessible on your 'My Properties' dashboard. No confusion, printing or multiple websites – they’re all in one place.
You’ll receive instant alerts and notifications when new applications come through for your rental advertisement. And you can select your preferred tenant, then run an instant digital tenant check and create your lease agreement online.
Digital Payments and Other Property Management Tools
There has been a shift towards digital payments throughout every industry and a majority of people now no longer carry cash around. Technology has changed the way landlords and tenants handle their rental payments, providing them with more flexibility and convenience when it comes to paying rent.
Tenants can now pay by either credit or debit card or directly from their bank account and software can track the payments, and issue reminders and notifications to ensure that payments are made on time.
Property management software, like RentBetter, ensures that payments are tracked and automatically flow into a rental ledger to enable owners and tenants to know exactly where they stand throughout the tenancy.
The platform offers numerous additional benefits to property owners, such as digital lease agreements, bond collection, condition reports and inspections, management of maintenance requests, bills, expenses, and report generation.
You can check out more of the features here - https://rentbetter.com.au/features
Exciting changes forecast ahead!
Technology has changed the property market in so many exciting ways, making the process of renting a property faster, more convenient, and more transparent for owners and tenants.
From online listings to virtual property tours, digital payments and the full suite of property management software available, technology has made renting a property more accessible than ever before whilst also reducing management costs for owners and enabling them to manage their properties from their pocket.
With the rise in the cost of living pushing even more people to the DIY model, the need for traditional real estate agents is shifting as more and more Aussies are confident in being able to manage their properties themselves with the help of technology solutions.
As tech continues to evolve, we can expect to see even more changes in the rental market, further enhancing the experience for both landlords and tenants.
At RentBetter, we’ve got a bunch of exciting announcements coming out on the platform this year that are going to revolutionise the way you manage your property so make sure you stay tuned and connected!
