How is tech impacting the property industry?

Technology has advanced drastically over recent years, with a number of prominent industries now utilising tech trends. While every industry heavily relies on technology in some form, some businesses are seeking out ways to use technological advancements to help their company grow. One industry that’s started taking advantage of tech trends is the property industry.

The property industry has changed and adapted in a big way over the years. Gone are the days when the only way to find a rental property was through newspaper ads, word of mouth, or trips to the estate agents. Nowadays, every property company uses technology in some form through social media, their own website, and even smartphones for better communication. For some companies, however, the type of technology they use spans a lot further than this.

Based in Liverpool, RW Invest is one example of a UK property company that’s utilising some of the biggest trends in tech. More recently, this company have started using virtual reality as a way to showcase their investment properties to potential investors. This is a strategy that’s particularly useful with companies offering off-plan properties which aren’t yet complete, as virtual reality showcasing a visual display of how the finished property is expected to look gives potential investors a better insight and helps them decide whether or not to invest.

When it comes to off-plan property, virtual reality isn’t the only tech trend that’s intrinsic to the success of this type of property investment. No investor would buy a property without at least having an idea of how the final outcome will look. That’s why computer-generated imagery is such a vital element for so many property companies, allowing potential investors to preview the expected appearance of the property while simply browsing online. But what about those who are interested in taking a look at the area surrounding the property?

For investors who don’t have the time or money to travel to the site of the off-plan property they’re interested in, drones can be an incredibly useful piece of technology. A number of property companies are using drones to show an investor a birds-eye view of a property site and the surrounding areas, along with providing updates on construction progress. A lot of the time, investors want to be sure that the neighbourhood surrounding the property is equipped with certain features and amenities. For instance, if you’re hoping to appeal to families, having a park close by is an attractive feature, whereas young professionals or students may favour good transport links and a choice of leisure attractions. Regularly recording drone footage of the property’s location is a clever way to stand out towards potential investors, and provide peace of mind for those who have already purchased a property.

Laser imaging technology is another example of a tech trend that’s impacted the property industry. Instead of manually drawing out floor plans, laser imaging can scan a whole property and easily create 3D models and floor plans, along with doing net area and volume calculations, and providing surveyors and building managers with useful spatial data.

These type of technological advancements are definitely making life easier for both investors and property companies, but since new tech trends are constantly emerging, what does the future hold for this industry? For 2019 and beyond, some of the biggest tech trends set to influence the property industry include blockchain, cryptocurrency, big data and geolocation. These, along with other technological trends, are sure to be adopted by a number of forward-thinking companies and impact the property industry for many years to come.