Property technology, commonly referred to as Prop Tech, is the future of real estate, according to a study by Oxford University. Even though property sales and lettings in the UK remain buoyant, property investors are aiming to further improve things by employing the use of property technology. Processes involved in the sales and rental of property are typically time-consuming, lacking in transparency and generally stressful. Thankfully, there are certain technological advances that have come to the rescue, and are making transactions in the property sector seamless by streamlining listing, viewing and final settlements. To start us off is virtual reality viewing.
Virtual Reality Viewing
Of all the technologies that have aided the evolution of the real estate sector, virtual viewing is the most impressive. Photos and videos can, at times, be inadequate when making a decision on whether or not to rent a house. This necessitated the application of virtual reality in the property sector. Using three-dimensional visualization technology, property owners are now able to showcase digital 3D models of a property completed or under construction remotely. This means potential tenants are able to view a property's interior and exterior without a physical visit. It also means potential tenants now have the ability to view about 30 properties using the time it would have taken to view one physically. This has led to quicker rentals for agents, and savings in terms of time and money for tenants, as they can now avoid going to houses that do not meet their style requirements and preferences.
Taking quality pictures and videos enhances interest generated towards a property. Ground photography typically has its limitations, which motivated property landlords to invest in drone technology to capture property images. Drones allow a landlord to showcase a home's splendid look with clear shots of all its additional features and aerial views. From drone images, potential tenants can assess proximity to social amenities such as shops, sports courts, swimming pools and road networks. This helps them to ascertain the suitability of a property they may be interested in. Aerial photos also have the advantage of adding the extra appeal of a property that is not possible from interior and exterior photography, thereby putting the landlord in a position of advantage.
Augmented Reality Technology
In addition to being able to see how a house looks virtually, augmented reality has made virtual home staging possible. This technology allows prospective tenants to see how a new property will look with decor and furniture added. They can swap images of couches, tables, lamps and wall colours until they get an ideal look perfect for their home. This reduces instances of clashing colours or furniture not fitting in available spaces in a home. Some of the available augmented reality applications for smartphones available in the UK include Ikea Place and Measure Kit.
Real Estate Apps
Smartphones and UK millennials continue to be inseparable. It's for this reason that property landlords are investing in real estate apps so as to capture the attention of the young demographic. When properties are listed in set up apps, tenants can scout for potential homes from their smartphones. This makes the rental process convenient, as there is a wide variety of houses available to choose from with little hassle. For property owners investing in real estate apps, it's important to ensure it has an attractive and easy to use interface. Additionally, post high-quality photos that have the ability to make your properties stand out from competitors. Apps such as E-docs are also being used to streamline the whole transaction process. Using E-docs, documents such as tenancy agreements can be viewed and signed online. With the elimination of the need to travel to and fro to sign documents, transactions now happen quickly and easily for both parties.
Technology use in the property industry has proved to be very beneficial to the sector. Tenants are now able to walk virtually into buildings to view and plan a perfect house interior set up. They also have access to a wide array of properties to choose from the comfort of their homes, provided they have smartphones. Time has never been more right for the widespread adoption of these technologies to further ease real estate transactions for both tenants and landlords.
GUEST POST BY KYLEE RYERS.