Over the past few years, there has been a significant rise in technology within the property sector, resulting in improved operations which have transformed the real estate industry for the better. Technologies such as Proptech have changed the way letting agents and property investors manage their properties, as well as their relationship with consumers and third parties.
Proptech is basically any form of advanced technology used by real-estate professionals. This includes everything from big data leads and artificial technology to monitoring energy usage with smart meters and smart lighting. There are never-ending possibilities with this type of technology, as tech companies continue to develop new developments, which will not only improve the property industry but will also make it much more competitive.
Whether you’re just starting out in the property market or are an experienced investor, Proptech can help you enhance your business in several ways. Read these top benefits to help you understand why using technology leads to success in the property world.
Advanced market insight
One of the main issues property investors face is looking for a property that is affordable and displays a high rental yield. While this can be a difficult search, it is much easier with the use of Proptech, as there are a variety of platforms that allow you to analyse data for specific markets and regional trends.
This is a great way to narrow your search and uncover what your target market is looking for – helping you establish their ideal property and location. By using this innovative technology, you can spend less time on market research and more time focusing on ways to increase capital appreciation.
Once you have uncovered efficient market insights and found the right property, you then need to consider an effective advertising strategy to increase tenant interest. While there are already a number of ways to advertise your property online, such as social media, you can take it one step further with virtual reality (VR).
VR is especially effective for off-plan developments, which are advertised while they are still under construction. Property investment companies like RW Invest utilise VR on their website to showcase their current on and off-plan developments, offering a real-life perspective of the property without viewing it in person. This is ideal for buyers or tenants who live overseas or plan to move to a specific area, as this removes the need for viewings.
Improved property management
Proptech is also a great way to improve management operations, as cloud technology has enabled the introduction of property management software. This also develops better landlord and tenant relationships, as this type of technology can allow tenants to respond to tenants queries much faster. This removes the threat of complaints, as response time will be much quicker, resulting in satisfied tenants.
Real estate technology is also a great way to improve database management in relation to your property. This involves storing and sending everything from tenancy contracts to maintenance requests, which again results in consumer satisfaction but also speeds up the moving process, allowing you to profit straight away.