JPMorgan Chase has entered the proptech industry with rent payment software targeting the multifamily industry, particularly smaller landlords that are unlikely to have existing management systems.

A look at the site for the product, which is called Story, shows that it includes automated invoicing, rent payment notifications that go out to tenants, and tenant reminders of overdue rent. The property management dashboard across all properties in a portfolio shows total expected rents, portion due, occupancy percentages, lease aging and renewal times, property lists, unit counts, and tenant profiles.

"The vast majority of rent payments are still done through checks," Yen said in a recent interview with CNBC. "If you talk to residents to this day, they often say 'The only reason I have a checkbook still is to pay my rent.' So there are lots of opportunities to provide efficiencies there."