Every industry, from media to travel, has been and continues to be heavily influenced by technology. Technology has become such a necessity of everyday life, with smartphones, computers and the internet helping things run more smoothly for a variety of businesses. One sector that’s been hugely influenced by technological advances is the property industry. But why is this the case, and how are property investment companies using technology for the better?
Back in the day, those seeking a rental property would scour through newspaper ads and visit estate agents, but now they can do a quick search on their smartphone. While many of us might favour these simpler times, there’s no doubt that the internet has made things a lot easier for prospective tenants, property investors, and property companies. Every property company worth its salt now has a website of its own and works hard to attract the right visitors and potential clients. For many property investment companies, the technology they utilise spans further than just the internet.
Prop Tech (Property technology) is becoming a lot more common throughout the industry, and it isn’t hard to see why. Virtual reality is one technological advancement that has had a big influence on this sector. With the help of this technology, property companies can give potential investors a virtual tour of a property without them having to visit it in real life. This is perfect for those based overseas who are interested in investing in UK property, as it gets rid of the need to spend money to travel to a UK city before making the investment.
Much like virtual reality, computer-generated imagery is another tool that simplifies the buy to let investment process. Computer-generated imagery is incredibly useful when it comes to off-plan properties which aren’t yet complete, giving potential investors a preview of how the property is expected to look. Property companies like RW Invest are widely utilising this trend, offering a selection of off-plan properties in Liverpool and Manchester with high-quality, detailed computer-generated imagery that outlines the expected outcome.
Those who are keen to invest in property but don’t have the time or money to visit it in person can also benefit from property investment companies who use drones. Drone footage can help people see what a property looks like from above, as well as giving a better insight into the area surrounding the property and the neighbourhood. Sending drone footage to those who have finalised an off-plan investment allows them to see how the property is coming along in a unique way by providing real construction updates, providing peace of mind for the discerning investor.
There’s no doubt that property investors are, and will continue to thrive with the help of technology, but what does the future hold? Many other trends that are dominating the business world such as cryptocurrency, blockchain and big data are expected to be used by more and more forward-thinking property companies throughout the coming years, opening the industry up to a whole new world of possibilities.