TECHNOLOGY
Smart Rental Management
It ’ s All on Your Phone
BY MONIQUE DU TOIT
S
everal local apps have popped up in the prop tech landscape . One of these , previously known as MyRentr in its beta phase , is Preferental .
As company CEO and co-founder explains , “ We started Preferental to change the game for private property owners . Innovative technology , like augmented and virtual reality , even in its infant stage , shows great potential to change the way property is bought , sold or rented out . The real estate market has been overpriced , underserved and neglected for far too long - change is needed .”
The app covers the entire process of being a landlord , from listing the property on leading websites , to a legal partnership with SSLR Inc . to manage leases , property inspections , and vetting potential tenants .
Increasingly popular with proptech apps around the world is the model of guaranteeing rent to the landlord . The app guarantees payment on the first of every month , reducing your stress when it comes to trying to collect . If things go downhill and an eviction is necesasry , the company once again comes to the rescue . Through it ’ s partnership with SSLR Inc . typically expensive and time-consuming aspects of evictions are taken care of . Insurance is also part of the package , with cover for damages to the value of up to two months ’ rental income .
What sets the app apart at this stage , is the reliance on augmented and virtual reality . Nearly all steps of the process is conducted online , leaving landlords with more time to get about their day . The app allows tenants to upload images to show the landlord that everything is in order . To ensure images are accurate , it adds a time and date stamp . Tenants are rewarded for good ratings or reviews , creating a mutually beneficial relationship . This all-inclusive offering will set you back 6.5 % of your monthly rental income , considerably more cost-effective than trying to source each individual service from different places .
THE FUTURE OF PROPERTY DISRUPTION IN SOUTH AFRICA
Many property owners and tenants have climbed on board the proptech bandwagon , with an unprecedented amount of property role-players now making use of online platforms for several services . Notably , the trend seems to have finally caught the attention of large and established companies . In late November , montage giant SA Home Loans acquired a 49 % stake in PropertyFox . Acting as a smart online real estate agent , PropertyFox launched in April of 2016 . Charing a 1.5 % commission fee , the platform provides both buyers and sellers an easier way to go about property purchases .
As co-founder and CEO of the tech company , Crispin Inglis explains , “ The investment from SA Home Loans will allow us to ramp up growth in 2018 , a critical time for the business . We are looking forward to having two SA Home Loans directors on our board and will benefit hugely from their combined 30 years of experience in banking , marketing and home loans .”
This move indicates a growing awareness of the impact of technology in real estate - a welcome change in pace for all involved .
SA Real Estate Investor Magazine DECEMBER 2017 / JANUARY 2018 25