How is Technology Likely to Transform the Property Industry?

How is Technology Likely to Transform the Property Industry?

Nowadays, in the age of the ever-accelerating world, the slogan “slow and steady wins the race” became out of date. Traditional property industry practices more and more prove time-consuming, inefficient, and difficult to manage. If we take the process of buying or renting a property, for example, it traditionally means a huge number of phone calls and email chains in the hope of securing a viewing. A lot of time is being wasted on viewing properties that do not fully fit customers’ criteria requirements.

Becoming a customer-centred business

Digital platforms that emerged in the last years, have transformed the old-fashioned process of buying and renting a home, and the effects are incredible: modern online marketplaces aggregate huge numbers of property listings and offer solutions individually tailored towards a client’s needs. However, one of the main problems of the real estate industry is that it is not enough customer-centred.

PropTech as an opportunity

Digital trends in the real estate sector are opening up a world of new opportunities, and businesses are starting to take note. According to Property Week’s 2018 Power of PropTech survey, 49 per cent of property professionals quizzed reported they have already made a move towards a digital transformation. According to the Royal Institution of Charted Surveyors and Trident Building Consultancy, 92 per cent of the UK property owners view PropTech as an opportunity for disruption in their industry.

View a property remotely

The use of Augmented Reality is becoming overwhelmingly popular. One in eight real estate companies are likely to invest in AR and 360-degree videos for marketing purposes over the next five years. This is really a convenient thing! The technology allows people to view a large number of properties in a short time period without having to visit a property in person. Customers can view a potential property remotely through a smart device, but feel like they have been there.

A new wave of PropTech innovation

As the technology improves, we’ll see a new wave of innovation taking hold of the property sector. Ready Property International will soon present to the market a new In-App solution that will considerably speed up the process of finding a suitable property.

Buyers and renters will see all properties in one app, schedule smart viewing appointments via push notifications and automated alert system. This will allow to keep property searchers’ contact details private,avoiding persistent privacy violation from cold-calling estate agencies, which obtained contacts to arrange the viewings. 

Landlords, vendors and their agents will get fully automated tool to manage viewing arrangements, rental accounts, inventory checks, maintenance and negotiations in the quickest and the most efficient way.

The new systematic operations approach will optimise the supply chain logistics and communication process between all market participants by distributing and matchmaking in a balanced and decentralized way.

Property technology has not yet reached its full potential, and there are many exciting prospects ahead.

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