The term ‘property tech‘ is being bandied around a great deal these days as the sector sees unprecedented growth. The trend is set to continue into 2016 with big money being invested into start-up companies which are directly or indirectly concerned with the property sector.
With so many people working smartly and remotely by downloading apps on their phone or tablet, and with cloud technology making it so easy to share and store data and information, it is little wonder that technology is playing such a major role in the property world.
Now technology is changing the way in which properties are bought, sold, rented, managed or invested in.
Just think how many people are looking at property to buy or rent online through sites such as Zoopla, which covers the residential market, and easyProperty started by easyJet founder Stelios Haji-Ioannou. These and many other property portals allow you to take a tour of the property through videos and 360º tours without leaving home.
They are also causing problems for the traditional estate agent as they can often save sellers a few thousand pounds into the bargain. The online sites make it so much simpler for buyers and sellers as you can see photos, videos, 3D images and floor plans on your phone.
The search functions make it easy to put in the size of property you want, your price range and the location. You can see the neighbourhood on Google Maps and then whittle down the properties you actually want to view.
Other platforms are available which cut out the middleman in the rental property market by connecting renters directly with property owners. There are even platforms offering investment in property through crowdfunding.
Landlords and property managers also have apps and software such as InventoryBase at their disposal which allows them to manage their inventories, deal with checking tenants in and out, and conducting interim inspections. This makes life simpler for landlords who can conduct their business on the go using any online device. Voice notes can be made and photos taken.
This means that landlords can complete reports far faster than if they were required to make notes for subsequent transcription and data entry back in the office.
With the advancements in computer technology, new apps and platforms will undoubtedly be brought to market with the aim of simplifying a wide range of activities for those involved in the property business. For example, there are now apps available to help renters split the bills fairly. No doubt we will be reporting on further innovations in the coming months.