Technology may have been a latecomer in the rental industry, but it has transformed it in a profound and irreversible manner. Led by Proptechs like ApnaComplex Rentals, technology is changing the rental game, from the way we search for a property or a tenant to moving into a new home.
From a transformation in consumer behaviour to the regularisation of the industry, these changes mean greater transparency and convenience for the consumer.
Factors leading to the change
One can argue that Proptechs were an idea whose time had come. But it’s important to explore the factors that have contributed to their fast evolution.
Innovation of services: Change comes with innovation and this is where Proptechs have taken the lead. Robust competition has ensured that rental management companies are offering a bouquet of services at competitive rates to help the consumer.
Changing consumer behaviour: Much of the change is led by the consumer. The average consumer today starts by searching online. It is not surprising that search and discovery platforms led the first wave of digitalistaion in the real estate sector. With consumers now expecting end-to-end digital support, Proptechs have evolved to offer multiple services.
Greater awareness: The consumer today is highly aware and has access to multiple options. They are looking for solutions that ease transactions and include comprehensive support. Smaller brokers cannot offer such a broad scope of services. Proptechs, on the other hand, have the capability to evolve in step with these needs.
How tech is changing the rental game
From a transformation in consumer behaviour to the regularisation of the industry, changing the rental game has meant greater transparency and convenience for the consumer.
Widening the scope of services: Proptech have widened the scope of options and services in the rental industry from just search and discovery. ApnaComplex Rentals offers end-to-end services that include support with negotiations and rental agreements. The ApnaComplex app further eases the moving-in process with affiliate services like movers and packers.
Smooth rental process: Proptechs are changing the rental game by making it more convenient and quicker than ever before. A landlord can list his / her property and receive inquiries within minutes. Similarly, house hunters can find multiple options, select and close the deal in a short time span. ApnaComplex Rentals ensures that the user has a smooth journey, from search and discovery to moving into a new home.
Access to information: Today, the consumer has access to an unprecedented amount of information. They can check different options, rental trends, yields, and industry regulations. This helps them make informed decisions and increases transparency. It has gradually helped shift the power to the consumer.
Encouraging online payments: As web platforms, Proptechs’ focus on encouraging online payments. This can include brokerage, affiliate services, and rent. It helps both landlords and tenants to keep track of their payments. Thus, it helps in promoting transparency and reducing conflicts.
Information transparency & security: Proptechs create a robust data vehicle for consumers. It offers a secure data repository to both landlords and tenants. For instance, landlords with multiple homes can track the progress of each property. When a tenant moves into a gated society, community management Proptechs like ApnaComplex offer access to important information like community rules and regulations, minutes of Annual General Meetings, and contact information for Management Committee members.
Regularisation of the industry: The rental industry has been dominated by independent brokers who often operate in an unregulated manner. This is further compounded by the lack of tenancy regulations in almost every state. In one of the most far-reaching and significant impacts, Proptechs have helped in regularising the industry by ensuring the inclusion of rental agreements and online payments.
Learn more about how ApnaComplex is changing the rental game here. You can learn about the features and benefits of leveraging technology to find a home or tenant. To know more, write to us at firstname.lastname@example.org.