How is Technology Changing the World of Property?
In 2021, technology is creeping into every corner of our personal and professional lives, but how is it changing the way we buy a property? Take a look…
In a rapidly evolving world, advances in technology help us keep up with it all. One industry in which technology is right at home is that of the property sector. Despite a global pandemic and ongoing wrangling due to Brexit, the UK property industry generated a whopping £68.1 billion in 2020 and employed 542,000 people. This kind of resilience simply would not have been possible without some valuable tools provided by technology.
From online property conveyancing in the UK to chatbots, technology brings a new way of buying property. In this article, we’re going to look at how technology is changing the world of property in 2021.
6 Ways Technology is Changing the World of Property
Very few people look forward to the conveyancing stage of a property transaction as this can often be lengthy, costly, and involve being slowly buried in paperwork. That said, technology now allows for online conveyancing, which offers a number of benefits, including:
- A faster and more efficient process;
- Cost savings, as you’re not limited to conveyancing solicitors within a local area;
- Convenience, as remote conveyancing, means that you don’t need to take time out of your busy schedule.
Remote conveyancing gets the job done by optimizing efficiency and minimizing stress and inconvenience.
While property viewings are an essential part of any property transaction, they can also be incredibly time-consuming and involve traveling costs and time off work. This is exacerbated when looking for properties within a different town or city to your own.
During the pandemic, Zoom and video calling became an integral part of the workday for many people, and this valuable tool is now also used to view properties. Estate agents are getting on board with video chats to provide property viewings for clients from the comfort of their own homes or office. This has become incredibly popular with buyers who can now view several properties within a day.
This speeds up the process of finding a new home while saving a significant amount of time and money. In addition to these savings, remote viewings provide a safe solution to those who would otherwise be traveling and viewing properties alone.
Getting The Big Picture – Virtually Speaking
As well as agent-led video viewings, virtual reality offers an alternate way of checking out a new property. Once the domain of gamers, virtual reality is now used within several business sectors, including real estate.
Through a VR headset, potential buyers can take a stroll around a property in their own time. This form of viewing has several benefits; not least, viewings can be enjoyed at any time of day or night, without the need for an agent to be present.
Although drones may have hit the headlines for the wrong reasons in recent years, they can be a pretty helpful tool for the property industry. While video calls and virtual reality can be used to view the interior of a property, drone technology can offer a valuable insight into the surrounding area.
In 2021, estate agents are using drones to showcase a local area by showing areas of natural beauty, shopping areas, and transport. Drone footage can also be really useful in mapping out plots of land by offering an aerial view of what’s on offer.
Crunching The Data
They say that information is power, which is never more true than within the property industry. In the commercial property sector, in particular, being able to get your hands on accurate information – and fast – is vital to avoid missed opportunities. Artificial Intelligence now allows for vast amounts of data to be collated, processed, and analyzed in a concise amount of time.
Having essential data at their fingertips means that decisions can be made faster and with more confidence for businesses and individuals alike. AI can lend a hand with some property-related activities, including price trends and forecasting, allowing for more educated financial decisions to be made.
Love ‘em or hate ‘em, chatbots have increased in sophistication to a massive extent since their introduction by the developer Rollo Carpenter in 1988. Created to simulate human conversation, these clever bots can respond to common customer queries and offer information without the need for an actual human being.
These can be extremely useful for estate agents and conveyancing solicitors, as they free up employee time for more complex queries and allow clients to gain answers at any time of day or night.
Has Technology Changed the Property Industry for the Better?
The property industry will always rely heavily on knowledgeable and passionate human beings. We’re certainly not suggesting that the tech is about to gazump the team.
On the contrary, advanced technology can enhance an estate agent team by taking over simple, repetitive tasks. This leaves employees free to offer comprehensive and outstanding customer service. We can only hope to see these technological advances improving the picture even more in the future!