The Future of Property Management: 5 PropTech Innovations Changing The Game

Property technology (or ‘PropTech’) has done a lot to streamline communication, but when it comes to reducing workload or changing the outdated model of property management — innovation has lagged behind. Day-to-day, managing a rental property is still a demanding job.

In 2024, this is changing. Innovation is shifting beyond record-keeping platforms to further reduce the workload for busy rental home owners. PropTech is also expanding homeowner options beyond traditional property management companies. 

From never missing a rental payment to getting a competitive edge in the rental market, here are 5 top PropTech innovations that all landlords should know about in 2024. 

5 PropTech trends for landlords to try in 2024

1. Data-led pricing 

PropTech has changed that, with online real estate companies putting new data and research at our fingertips. Platforms such as Zillow, Redfin and Zumper publish rental data every month, making it easier than ever to look at trends in your local market. 

There are also innovators that are taking that a step further. Sophisticated algorithms and machine learning can make pricing more accurate than ever. In 2024 this offers a competitive edge, going beyond the square-footage calculation and uncovering what people are paying for. 

Belong for example, uses a clever combination of technology and human smarts to create accurate rental pricing for our homeowners. This includes looking at real-time demand for rentals, ensuring you’re getting the best price and adapting quickly to shifts in the market. 

2. App-powered financial flexibility

The pandemic pushed along mass adoption of financial technology, which simplified one of the biggest headaches of renting out a home: rent collection. 

But the biggest game-changing innovation to rent collection isn’t accepting online payments. It’s guaranteed rent. 

Belong pays their homeowners at the same time every month, regardless of when rent is paid by residents. This offers unique flexibility to residents, allowing them to use the Belong app to pay on a schedule that suits them, without impacting your cash flow. 

Belong’s payment innovations also offer homeowners the flexibility to manage their cash-flow and rental home expenses by splitting them over 12 months. Deducting an installment from rent each month, homeowners can use the Belong app to spread costs like insurance, maintenance, and those unexpected repairs that inevitably pop up. 

For landlords taking a DIY approach, apps can make rent collection safer, more flexible and traceable if you choose the right one. Popular apps like PayPal, Venmo and Zelle are simple and user-friendly, but aren’t designed for rent collection. This leaves homeowners open to disputes and rent payment fraud. Self-managing landlords can look at property management software such as RentPayment, Innago, Rentalfy, AppFolio, or LeaseRunner. 

Read More: How Flexible Payment Options Are Unlocking Positive Cash Flow for Landlords in 2024

3. Smart home devices and monitoring

Home automation was once too expensive for tenant-occupied homes, with little incentive for owners to invest in them for rental properties. But as tech becomes more accessible and affordable, this is changing. 

Smart home tech and devices can provide great time and cost saving benefits to owners of rental homes, such as:

• Security devices that improve resident safety and reduce insurance premiums
• Smart key locks that allow remote access for home tours, inspections and maintenance work to reduce your travel to the home
• Smoke detectors that check carbon monoxide levels, allowing you to evacuate residents if levels are dangerous
• Water sensors that alert of leaks to avoid flooding and excessive damage to your home
• Doorbells with video and/or motion sensor cameras that notify you of unauthorized access to the property when it's vacant
  
  
• HVAC monitoring to alert of filter changes and maintenance alerts, reducing the long-term costs of repairs

Newer smart appliances can also improve sustainability and reduce the daily running costs of your home — an appealing perk to your residents. If supply increases, this could give you a competitive edge over rentals full of older appliances that are costly to run. 

Read More: What Smart Home Tech Do Renters Want Most

4. Tech-savvy property inspections

Inspections are a great way to stay connected with residents and uncover any fixable issues before they become expensive repairs. Only problem is they can be hard to manage if you’re time poor or live in another state. 

That’s a whole lot easier in 2024, thanks to rental inspection platforms. From tech-forward companies that manage inspections and reporting to software that allows your tenants to complete their own, innovators in this space include Inspectify, Happy Co and zInspector. 

For Belong homeowners, we start our renting process with a comprehensive inspection that focuses on creating livable, move-in ready homes. This reduces vacancies by attracting (and keeping!) long-term residents. 

Read More: How Belong Inspections Reduce Vacancy and Prepare Your Home For New Residents

5. Extended contact hours with AI and chatbots

Being available around the clock is a tough reality for property managers. Life happens out of hours, so it’s also when renters discover a burst pipe or broken water heater. 

For residents, getting hold of someone urgently is easier said than done. Most property management companies rely on voicemail service for logging emergencies after hours. Tech innovations changing this include AI and chatbots, with some property managers opting to use technology to answer basic questions and log requests out of hours. 

Helpful…though we’re a long way off AI saving the day if residents need to speak to someone urgently! This is why Belong offers something that feels revolutionary but shouldn’t be: actual help, when you need it. Our support teams are available 24/7 to both homeowners and residents through the Belong app. 

Discover the tech-forward alternative to old-school property management

Belong is helping homeowners reach their financial goals with a better renting experience. Innovations like guaranteed rent add to a host of industry-disrupting services that Belong already offers, including:

• Fast access to maintenance and services, provided by vetted partners in our 10,000+ strong network

• Transparency over fees with no sneaky extras like setup costs or lease renewal charges

• Protection for homeowners against evictions with up to $15,000 of coverage to shield you from costly legal fees
  
  
• Access to dedicated landlords insurance to protect your asset (as well as coverage for your residents)

• Integration with the most popular rental platforms to get your home loved faster
  
  

Visit our homeowner's page to see why people are ditching old school property management in Seattle, Austin, San Francisco, San Diego, Los Angeles, Charlotte, Orlando, Jacksonville, Miami and many more.

Disclaimer: We don’t enjoy using the word ‘landlord’. We prefer to refer to members in our network as homeowners and residents, since we’re on a mission to upend and redefine the traditional landlord-tenant relationship. That said, this article is for homeowners taking the rental leap for the first time or are looking for answers with more common industry terms, which is why we have included them. This article is an overview of tech trends and is not an endorsement of any of the companies mentioned.