Proptech — otherwise known as property technology that aims to improve the real estate market — is rapidly expanding throughout the U.S.
And as more startups develop tech for a market that’s traditionally lacked innovation, real estate investors, landlords, and property managers have more powerful tools at their disposal than ever.
While a broad field, proptech can include products or services for homebuyers and sellers, smart-home devices, office administration, building management, marketing, construction, and even city-planning. In this piece, we’re going to focus on a handful of tools that will not only save you some time but can help generate more income and bigger returns.
Based in Portland, Oregon, Cozy is an online service for landlords that want to digitize their the renting process and interactions with tenants.
From collecting rent online and screening tenants to market listings and tracking maintenance requests, the six-year-old company’s mission is to make renting simple, secure, and intuitive for landlords and renters.
Perhaps most remarkable about the platform is its cost: free. In 2014, the startup announced that its basic services for landlords are free. Instead of a monthly or annual fee, Cozy generates revenue through background checks, credit reports, credit card processing fees, its rental insurance, and additional premium services for landlords.
More than 12,000 property management companies currently use Boston-based Builium’s mobile- and web-based platform.
Offering accounting, payments, marketing and communication tools for landlords and property managers, Builium also offers a variety of resources for clients aimed at improving their competency of real estate. Such educational tools include news, informative video tutorials, guides, and a cost saving calculator.
Buildium earned a spot on the Inc. 5000 List for Fastest Growing Private Companies for six years in a row between 2012 and 2017, enabling it to open additional offices in St. Louis and Portugal.
Headquartered in Goleta, California, Appfolio offers a software-as-a-service app for property managers who want an automated system to manage their portfolio. The tool enables apartment, residential, commercial, student housing and community association property managers to administer their business.
The mobile and web-based platform allows managers to handle accounting, payments, rental applications, communication with tenants, marketing, maintenance requests and more. Pricing varies according to how many units and the types of units you want to be managed on the platform.
The publicly-traded company launched in 2006 and has rapidly grown thanks not only to its real estate software but also its legal tech.