Technology is now a huge part of our world, impacting every sector from health, travel, and media. One industry that has received a boost from the help of technology is the property sector, with exciting new technological advances improving the way the UK property market works. Let’s look at some of the ways technology has impacted the property market in the UK for the better.
One area of the property market that’s been improved with the help of technology is property viewings. In the past, potential buyers would have to visit the city of the property they’re interested in investing in, which can be time-consuming and expensive, particularly for those from overseas. Today, however, virtual reality can give investors a chance to view a property from the comfort of their own homes, getting an idea of the look and feel of a property in a hassle-free and efficient way.
This type of technology is especially useful when it comes to off-plan developments. These types of developments aren’t yet complete, therefore even if an investor wanted to view the property in person before making the investment, it wouldn’t be possible. That’s why advanced computer-generated imagery can help people see how their property is expected to look once development has been completed. RW Invest is one property investment company that uses this type of state of the art technology to promote their off-plan properties to potential investors.
For property investment companies and agents, property technology is an advancement that can make things a lot easier. Laser imaging technology is a feature that can get rid of the need to draw floor plans, being used to scan a property and create detailed floor plans and 3D models. Items like a Go-Pro and drones can be used by property agents to show their potential client the site of an off-plan property, or even one that’s complete. Seeing the property site from up high is helpful for investors who are interested in purchasing a whole block of apartment units and want to get a better sense of the surrounding area.
Although not a particularly recent advancement, the internet is one technological tool that’s changed the property market drastically. Instead of having to scour through newspaper ads or visit an estate agent in person, investors can find all the information they need with the click of a button. The use of algorithms and search commands help narrow down potential property investments from around the world, leaving potential buyers with the opportunity that’s most relevant to them.
For overseas investors, communication has never been easier, with the potential for online video calls and mobile messaging allowing round the clock advice and access to their property agent. The days when investors would have to collect rent from tenants are also over. The process of purchasing property is now significantly quicker and easier with the help of online banking, allowing for smooth transactions in regard to every area of investment.
Future plans in technology are only expected to improve the property market further in the UK. From improved smart homes to advancements in construction, there’s no limit to how this sector could change in many years from now.