As with every other business sector thriving at the moment, the property investment market is both utilising and leveraging developments in technology in order to further itself and become more efficient than it has ever been. Nicknamed ‘PropTech’, and a subset of FinTech (which refers to the wider area of financial technology), these developments can take many different forms.
Interested in how proptech is working to simplify the investment process, and put buyers in further control of their investment prospects? Here are some different examples of proptech, and how proptech can simplify an investment strategy in 2020.
Property listings and visibility
Websites such as Zoopla and Rightmove have revolutionised the property industry in recent years. Not only do they increase the visibility of potential properties for investors, landlords and tenants, benefitting all parties involved, but it gives those looking at properties a newfound level of control over the properties that they can explore. They put those involved in direct, instant communication with one another in a way that wasn’t really possible before – at least as quickly as it’s done now.
The process of off-plan investment
With cities growing in numbers and attracting more and more students, young professionals and entrepreneurs every day, the demand for suitable residential property around the UK is surging. Off-plan developments, investments into accommodation that has not yet been completed and is still in the initial phases of construction, are rising in popularity as a way to combat this demand, and prepare for the future of these cities. While some investors approach off-plan with a level of uncertainty, alongside doing due diligence and making sure they’re working with a reputable developer, proptech can also help massively with this particular investment process:
- Virtual Reality technology, while not originating in a Proptech capacity, is being used effectively in order to give potential investors an immersive, realistic visualisation of what their property might look like once it’s been completed. RWinvest, a property investment company with off-plan developments throughout growing cities in the UK, are a good example of a company that use this technology as part of the package they offer to enquiring investors.
- Drones are another example of technology that has been given a new purpose within the proptech sector. Throughout the construction process, drones can be used to photograph and contextualise the development within the city for investors in a way that again has not been previously possible. This development suits remote investors perfectly, as they don’t have to travel from wherever they are to view the progress that’s going on with their investment, getting the latest delivered to them directly, even when abroad. In future, it is expected that drones will also be able to assist in the construction process, which will help to speed up construction by helping workers through automation.
Modern construction techniques
One of the benefits of investing in a modern, forward thinking property as opposed to an older existing build is that you get the latest facilities and amenities, and properties of this kind are also increasingly being interweaved with proptech technology to make them even more efficient. From 3D printing to ‘special bricks that act as batteries for solar panels’, materials are being utilised in unique and exciting ways, and they are sure to benefit the investors themselves while attracting a host of tenants that want state-of-the-art apartments and flats to live in while staying in the city centre.