Technology is an evolving market that has drastically reshaped the world around us. There have been many key industries, like property industry, that have adopted this new trend as there has been potential for further development and progression in the sector. Using innovative new tech in everyday life allows for advancements, predominantly within a business, with the property industry welcoming new technology more so now than ever before.
So, how is tech changing the property industry?
Long gone are the days when the only way to find a property for rent was to flick through the newspaper, contact an estate agent, use word of mouth or see an advertisement in your local shop window. More recently, every property company of today uses technology successfully to attract new buyers and tenants. Whether this is through social media channels, their own website or sponsored marketing on the internet, technology gives property businesses the opportunity to raise their public profile and ultimately improve their sales. For some companies, the possibilities through technology run a lot deeper than this.
RW Invest property investment consultants are a prime example of how a UK based property company is utilising the rising tech trend. Virtual reality has been a huge progression in the industry as a means of showcasing the latest properties and their surroundings to those interested in purchasing. This has enticed investors from all around the globe due to creating the ability to view an off-plan property before the construction phase has begun.
When it comes to off-plan property, virtual reality isn’t only the tech trend that is a catalyst for its success. It is important for investors to view a property, or to at least have a vague idea of what the property plans to look like upon completion. As a result, the rise of computer-generated imagery is prevalent amongst the marketing of new build properties. As a vital element for so many property companies, the use of CGIs allows investors to preview how the build is set to look while simply scrolling online. However, it is not just the build that leaves investors questioning the potential of their investment. The surrounding areas are often as important as the property itself.
For investors that don’t have the money or time to travel to the site of their impending development of interest, the use of drones can be an incredibly beneficial form of technology. There has been a huge uptake in the number of property investment companies using drone footage to display the location of their existing and forthcoming properties, alongside the opportunity to highlight the progress during the construction phase.
Investors want to be certain that the location has everything they desire, not only for themselves but also for their target tenant. It would not be beneficial, nor attractive to a potential student if you invest in an off-plan student accommodation located a 10-minute train journey from campus. Opting to record drone footage regularly is a good strategy to stand out against competitors, as well as to provide peace of mind for overseas investors who have already purchased a property.
Advancements in technology have aided the industry to run more effectively and appeal to a wider range of investors and tenants. With momentous changes so far in the industry, it is exciting to think about what the future could look like. Over the forthcoming years, the rise of cryptocurrency is predicted to take effect and have a positive impact on a host of forward-thinking companies across the world.
Technology is gradually reshaping the world around us like it has done in property industry, but this is not where it will end, it has tendency to further development and progression in each sectors of our economy – in fact, it is a disruptive factor that would channel us into the next phase of economic development.