Is PropTech the same as RentTech?
RentTech is the new word on the scene to describe the technology that letting agents, landlords, and tenants need to use for the best rental experience.
The property technology industry - more commonly known as PropTech - is booming. But with such a large and busy sector, PropTech is becoming too big a sector to clearly define. That’s why RentTech is becoming more important for landlords, letting agents, and tenants.
What is PropTech?
PropTech - property technology - sums up all the tech tools that people in the property and real estate industry use. It's a booming industry, quadrupling between 2020-2021, and seeing more than £1.6 billion worth of investment in 2021 alone.
Companies working in the PropTech field use technology to offer solutions tailored to the property industry across mortgages, home improvement, surveying, selling and buying properties, and more.
Goodlord fits into this category. However, the segment of the property industry that Goodlord caters to is much more specific - the rental market.
Where does RentTech fit in?
PropTech is a huge umbrella term for the entire property industry. Rental technology solutions are becoming an increasingly large part of it.
RentTech is any technology that specifically landlords, agents and tenants can use as part of the modern-day lettings process. Almost a third of homes in the UK are privately rented. This means millions of people need to find software and solutions that are relevant for them.
More and more RentTech companies are being founded every year, catering to the specifics of the rental market and contributing to elevating the rental experience.
From bills and utilities to data and analytics, maintenance to e-signatures, and much more, the list of potential solutions to help improve processes and experiences is ever growing.
How can lettings agents use RentTech?
Letting agents don't need to know that a solution fits into the RentTech ecosystem to use it effectively. Yet, understanding the scope of the solutions available offers agents a valuable opportunity, especially in the current, highly competitive landscape.
When looking for ways to be more efficient, it's often a combination of solutions - and how those providers already work together through integrations to create a seamless experience - that can provide the best results.
For example, you can offer your tenants a fully online service, with extra products and services to help them get move-in ready, all in one place. Goodlord partners with leading companies across the RentTech sphere to offer a single space where this is possible.
Is RentTech just a trend?
As the lettings sector becomes increasingly digital, more companies are entering the sector.
The government's "lifetime deposit" solution - originally part of the Renters' Reform Bill - fell by the wayside in recognition of the solutions already being created by the market, such as deposit alternatives.
Open banking and facial recognition are a mainstay in the industry, yet new technologies are now opening up a world of possibilities. Artificial intelligence solutions such as ChatGPT provide agents with new ways to offer the best customer service, while lightening the load for team members.
That's just the tip of the iceberg. It’s clear that technology is rapidly progressing and in ways we’ve not really seen for a long time. This creates gaps where innovative companies can provide real solutions to the challenges that the industry faces.