How Technology is Impacting the Process of Renting

With surveys predicting an almost fully digitally connected world within the next decade, most services are in the process of going online. A report by World Economic Forum’s Global Agenda Council on the Future of Software & Society had noted, among other things, a world as early as 2022 where everything from clothes to your street will be online. With more than 80 percent of the global population having a digital presence and internet access a basic right, smart homes and cities will be the norm.

Here in India too, things are changing. More and more of the population in cities now shop online for groceries, clothing and gadgets. A lesser-known service available is that connected to managing your property. Owners of property as well as those looking for a rented place can now get assistance online.

End-to-end online rental solution for tenants and property owners is making life easy for many. For the tenant this does away with precious time wasted checking out for suitable rented space, as well as handling documentation work, utility connections and actual moving in. The rent can be paid online too.

Owners can benefit in property managementand in finding the right tenants.

Beginning with a click on verified property listings, a prospective tenant is connected to numerous properties, avoiding brokers. The immersive virtual experience allows for a picturisation of the property with features such as’360degree view’ taking one in and around the place.

Complete details like locality, square feet, rent, commutation, availability of hospitals or a super market in the vicinity are loaded on these sites. This helps tenants to pick and choose and save a lot of time.

Technology also does away with ambiguity in terms of rent as well as negotiations by providing the standard market rent, arrived at from data analytics. There is a humungous amount of data that is generated; data that can be mined and analysed to discern a pattern or trend. Property management firms are among those cashing in on such data to provide satisfactory services for owners and tenants.Some firms employ their own personnel in crunching and analysing the numbers derived from ground and online research, while some others use readymade software to arrive at conclusions.

From checking the general time taken in signing up a potential tenant, the time between signing the agreement to moving in, client preferences, whether it fits into any particular age dynamics or one based on income, any change in pattern across time, effective marketing route, conversion ratios from visitors to clients, etc data mining has come in as a useful and necessary task in the world of real estate.

Digital technology makes the process of agreement easier too. The standardised format clearly shows where one signs and the process is completed without hassles for both owner and tenant.

In the next step too, with payments made online through direct bank transfers, there is no worry of cheque bouncing and fraudulent payments are done away with. Tenants also get payment reminders online.

Online sites also connect tenants to the best packers and movers in town, available at affordable prices.

Beyond all this, online services also help tenants find vendors online to undertake maintenance issues and repairs covering power, water, fumigation, etc. There is no need to run from pillar to post looking for a plumber or electrician.

For the property owners, the services include a thorough background check of prospective tenants and an assured, maximum rent. Tenants with dubious background or weak finances can be weeded out.

Portals developed specifically for online payments, tenant screening, immersive virtual tours of property, accounting and so on helps reduce workload and make the process free of human errors. Free cloud services make available personal portals for owners, tenants and service providers to communicate, pay and collect rent, tie up with vendors, upload pictures and manage requests.

Help is just a click away in the digital world. From a click to a thought or signal could be the next step. Implantable mobile phones to be available within the next ten years will not only monitor the health of the person but allow him or her to communicate with just a thought. Visualise a dream house and the signals will connect you to the best options in the market.

Welcome to the 21st century.

About the Author:

A Start-up enthusiast with more than 3 years of expertise Nagaraju M, CEO of Rentprop4u is a great motivator and team leader. He possesses great business acumen with an MBA degree in hand.