How has technology transformed the property industry?

How has technology transformed the property industry?
How has technology transformed the property industry?

Technology seems to have impacted every aspect of our lives, and the property industry is no different. From viewing a property to transferring funds to planning a new development, technology has pulled the property industry into the future at a rapid pace. The term Proptech has risen to prominence in the real estate sector, and it is used to sum up the massive changes that have been caused by technology in the property market. There are now conferences, books and businesses based around Proptech, but how has it really impacted the property industry?

Property investment

Property investment firms like RW Invest are a great example of how forward-thinking property companies are using technology to give their clients the very best experience. Drone footage is available to allow investors to see where their new development will be located, and how the project is coming along, with a totally unique perspective. CGIs are used to bring architects drawings to life, as are virtual tours and VR. From Whatsapp messages, booking viewings on online calendars, to currency converters and automated property management systems, the impact of technology can be seen all over the real estate industry.

Online property databases allow homeowners, property experts and investors to compare and contrast potential properties, and even view them alongside each other in a way never possible before. Instant access to market reports, housing statistics and population information allows property investors to be more well informed than ever about their purchases. Floor plans, 3D virtual tours and multiple photographs mean that prospective property buyers can get a far clearer picture of what they might be purchasing.  Online maps like Google Maps and Google Earth can show exact locations, with a street view perspective available to people around the world. They can also be used to check out schools, hospitals, and transport routes, all of which are factors which affect the value of a property and its appeal to potential tenants.

Like in any sector, one of the main benefits of technology is the speed and efficiency it has brought to previously arduous processes. With so many documents and regulations, property transactions used to be incredibly slow, however technology has enabled almost instantaneous transfers of information, speeding up the whole process. Looking into the future, one transformative factor in the property industry is Blockchain – a new ingenious technology which can transfer a range of assets from one owner to another.

Blockchain has already caused a dramatic shift in the financial industry

Blockchain has already caused a dramatic shift in the financial industry and it looks set to revolutionise global property transactions too. Blockchain is a digital ledger capable of recording, transferring and sharing data and transactions. It runs on a constantly updated database which is held in multiple locations. Previously, legal contracts took days of paperwork and signatures, but with blockchain’s easy transfer method, this has become a smart, paperless and efficient process. Though the property industry may take some time to adopt this technology for standard transaction, forward-thinking experts are seeing this as an ideal and secure way to sell property around the world. 

The more the property industry adopts technology, the quicker, more connected and more efficient everything becomes. Today’s property market of virtual tours, online bank transfers and CGIs is just the beginning.

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