Technology is changing the property market and leading to new discoveries
Technology is one of the main industries that has had a positive effect on the property market. As well as helping progress the property landscape in more ways than one, it has provided a platform to help execute property transactions more efficiently. As technology is beginning to have a place within the property industry, a new Prop Tech trend is emerging. This refers to a blend of the words technology and property and is a term that is becoming increasingly known and referred to.
Drone footage and virtual reality are just some of the progressions made in the property market due to the advancements in technology. James Dearsley, an advocate of Proptech states,
“Proptech is one small part of a wider digital transformation in the property industry. It considers both the technological and mentality change of the real estate industry, and its consumers to our attitudes, movements and transactions involving both buildings and cities.”
New technologies have made the property industry faster, more accessible, and actually more cost effective too, hence why a number of Prop Tech start-ups have performed incredibly well over recent years. Around $6.4 billion has been raised in the past 4 years from over 800 real estate start-ups as Prop Tech is helping the process of buying and selling property. Forward thinking property companies are keen to adopt this new trend, as the new tools available through Prop Tech are proving to be beneficial to the property and its associated economies.
UK property investment company RW Invest have welcomed this new technology, from online documents used during the conveyancing process to utilising innovative virtual reality headsets in order to preview their property. Virtual reality headsets give investors the feeling that they are walking around their chosen property. This unique experience is particularly beneficial for off plan investments at it allows the client to visualise the project and choose which units they would like, even before the building process has begun. CGI’s can also provide investors with a vision as to what their development will look like. Similarly, drone video can be used to entice investors to the area as it aims to highlight the attractions on offer, as well as nearby transport links and local universities.
If you delve into the past and consider how property transactions used to be carried out, it is easy to understand just how much the property industry has changed since the rise of technology. Online portals are perhaps the most notable change that has had a positive effect on the property industry. Online portals allow access to previous selling prices, floor plans and detailed information about the build, even without contacting an estate agent. These portals are a valuable tool for vendors to find out how much the prices are in the area, to ensure they don’t under sell their property, and to make maximum profits.
Technology has had a real impact on communications with property professionals from overseas as everyone is just a video call, voice note or phone call away. This instantaneous communication helps to progress the sales process as documents can be sent for a client’s perusal at the click of a button. These can then be returned easily, with a secure electronic signature attached. It is clear that the property landscape has been evolving with emerging technologies and it continues to cease all opportunities to improve in the future.