Technology Is Changing The Property Market. Here’s How
The UK property market is developing, and continuing to trend positively. Looking forward into 2020 and beyond, technology will increasingly continue to intertwine with the different aspects of property, from investment, to development, to even tenancy and interior design.
Here are some examples of how technology is helping to accelerate the process of property investment and development, and make it more efficient going forward.
Virtual Reality and VR technology, which is quickly making industry strides and developing in fidelity, is not just being adopted into the homes of an increasing number of consumers, but also into the hands of business. Off-plan property investment – the process of investing in a property development before it has been fully completed – Is becoming a growing trend in the UK market, and many of the best deals on property come from this strategy, as they offer traditionally below market values for a slice of an area that has not yet flourished in excitement (and price).
RWinvest are a good example of a company working to tackle some of the previous trepidation associated with off-plan development. Alongside their in-office show apartment, which emulates the look and feel of a typical property they offer to investors, they use state-of-the-art VR headsets to give investors a fully immersive, 3D look at their product
The benefits of virtual reality extend beyond just the immersive viewing itself, too. Smartphones can view the immersive digital files, allowing them to be easily shareable and viewable remotely, and foreign investors can also emulate the viewing experience without having to come all the way down to the property site if far away. This process might not be as authentic as the real thing, but it’s getting closer, and it’s a lot more connected and accessible than the in-person meetup.
Drone’s are everywhere at this point, getting cheaper, safer, and more available to the public by the day, and while the distant future might not have surveillance war bots filling the skies as the newspapers might try to indicate, they are going to become more of a common occurrence in business.
Usage of drones in the property industry is probably exactly how you’d expect, but still smart, nonetheless. Developers can use high-quality drones with steady, functional cameras on board to survey ongoing or completed building site, assisting them in the planning stages by getting an airborne vantage point that wasn’t previously possible, and also providing buyers with 4K, crystal clear updates on how their investment is progressing in time for tenants to move in.
Again, helping in the process of visualisation on a consumer level, strides are being made with augmented reality, the distant cousin of VR.
- What Is Augmented Reality?
Augmented Reality, or AR for short, overlays objects and visuals onto an existing environment rather than completely simulating a new one. Tech companies and businesses use this tech with cameras in order to allow us to interact with our current surroundings in new ways.
Augmented reality is extremely useful for interior designers, investors furnishing their properties, and tenants redecorating. Apps such as InteriAR and Myty AR use the in-built camera to overlay different objects into a work-in-progress room, showing you what it will look like in different styles. Again, this accelerates the process for investors and developers who need to visualise the impression that their completed project will have on developers.