The property industry has experienced a multitude of changes in recent years, from the introduction of tenant background checks like can be found on the AAOA website, to virtual property viewings that can be completed via video chat. Although the most noticeable difference as of late is in the form of the hi-tech innovation – PropTech. This is a type of technology that covers all things property-related, and is designed to make real estate processes much quicker and easier for everyone.
Take a look at these top three trends which are taking the property market by storm, ensuring that you achieve success as a property expert.
Many property experts have vested their time into smart technologies, which allow them to improve property management as a whole. These include a wide range of smart devices that are connected to the Internet of Things: a network that enables technology to work without the aid of humans.
The majority of properties now feature hi-tech devices like home hubs and smart meters, which can help tenants monitor their energy usage and reduce their energy bills. This also allows landlords to understand their tenant’s behaviour and gives them an insight into what tenants look for in a property. This is beneficial for investors who are looking to expand their portfolio, as this data will allow them to choose a property with a high amount of tenant demand that has sought-after facilities.
Advertising property is one of the very first things a real estate professional should consider, as the more interest you generate, the more profits you should expect to receive. This is where virtual reality comes in – one of the most prominent PropTech trends, which is transforming the way properties are marketed.
Property investment experts like RW Invest use virtual reality for advertising their off-plan developments, utilising computer-generated imagery to create a model of what their luxury apartments will look once they are finished. This is a reassuring alternative for off-plan investors who are investing in a property that is yet to be built. It is also ideal for investors who want to buy ready-built properties without having to visit the site – using technology like 360 virtual tours and drone imagery. Investors can gain high-quality insight from this, which will help them decide whether this piece of real estate is right for you.
Sustainability and technology go hand in hand in the real estate industry, as everyone from developers to tenants are interested in reducing their carbon footprint, as well as their outgoings. The introduction of GreenTech has transformed the way properties are constructed, as more renewable resources are being used. Companies like PHYSEE are innovators in transparent windows that generate electricity through the conversion of sunlight. This new invention is an excellent addition to any property and is most beneficial to tenants who are looking to cut down their electricity bills while also maximising space with natural light.
Many more companies are following suit with the intention of creating appealing, efficient and eco-friendly properties that are guaranteed to sell quickly. These sustainable PropTech improvements have also enabled the real estate sector to become a sustainable industry that continues to thrive and influence more traditional property companies to do the same.