Any modern business knows the importance of utilising the latest and most up to date technology. Property firms are no different when it comes to innovation and embracing new technology. Not only does technology have the ability to improve customer experience, but it also makes everyone’s lives easier when it comes to sales and even marketing. Long gone are the days of walking into a high street letting agent and wasting hours of your life walking around a property just to find out you don’t actually like it. The property industry is shaking up the market and giving a new lease of life to what used to be worn out techniques. The property companies out there making use of technology have seen a large growth in both customers and revenue over the past few years, and as long as they stay on top of everything, this growth will continue rapidly.

From drone technology to virtual and augmented reality, below is some more information on how the property sector is utilising Proptech and other modern technologies and using them to their advantage.

What is Proptech?

A collective term for the new wave of tech that is innovating and disrupting real estate markets all over the world, Proptech is both an exciting and useful way for companies to entice and gain new clients and customers. Essentially, Proptech allows for property companies and those in real estate to give their clients a modern yet efficient journey, whether they are purchasing a home or investing their life savings into a new development.

With the rise in off-plan developments across the country, Proptech is utilised by creating imagery of the potential of the property so people can invest before construction is started or the foundation is laid. Previously, off-plan was a risky and unpredictable investment meaning many investors opposed it, but now it’s a highly lucrative option. The development of Proptech means investors can feel secure in knowing what the development will look like from both an exterior and interior.

The importance of staying up to date with technology

Staying updated with new technologies can be difficult, especially if you’re only a small business or company that doesn’t have a lot of spare cash. However, the only way your business will thrive is to keep everything as modern as possible. This is mainly because you’re naturally competing to be the best against your competitors. Unfortunately, you don’t want to be lagging behind your competition as they can quite easily steal away the clientele. Plus, newer technology is much more efficient and effective, meaning it’s a win-win situation.

Drones

Drones are becoming more popular as the days go on, despite their reputation in the media of being disruptive to airports and cities, property companies are finding the use of drones extremely helpful. Rather than taking average, ground-level pictures of developments during construction, there is now the availability of 360-degree angles of the property from high above. Liverpool-based property company, RWinvest use drone technology in their construction updates to keep investors aware of the changes to the property as their investment becomes a reality. 

Virtual and Augmented Reality

Originally created for use in the gaming industry, VR and AR are highly popular in the property sector due to being able to virtually tour properties from anywhere in the world. Property companies can use the VR to help with the sale of development even if they haven’t started construction yet. However, they can also be used for those in a different country! They’re popular because despite costing an expensive initial price, they’re sure to make you your money back in property sales quickly.