Interest and investment in proptech continue to make waves in the property sector. Whilst it has had its detractors, property technology is continuing to make life easier for landlords, property owners and tenants. Obviously, estate agents and letting agencies with a good reputation for their customer service will thrive and many are embracing technology. It is proptech’s ability to improve their core services and administration that is helping companies become more efficient, faster and more profitable. By catering for many of the administrative duties, new technology gives property companies more time to focus on what really matters – their clients and tenants.
The property sector is changing quickly, largely through the influence of proptech. As an example, technology has helped landlords keep on top of ever-changing regulations and taxation. It can provide ‘prompts’ to tell landlords or agents that a contract is about to expire or a gas safety certificate needs updating. Increased regulations such as the need for carbon monoxide alarms and smoke alarms in rental properties has led to IT developers looking for technological solutions to these additional responsibilities. It is also much easier for tenants to view properties. They can take 360º tours or watch videos showcasing properties, undertake research about comparable rents, and find out about the neighbourhood – all online. They no longer have to visit properties personally either. Companies such as Spotahome have agents on the ground who personally visit the properties and make videos. The tenants know all they need to about a rental property from their home, which can be thousands of miles away. They can book online and only walk through the door when their tenancy begins. Other challenges which are being eased through technology are the impending ban on letting agents’ fees and the introduction of client money protection deposits.
With all these changes, more of a landlord’s time could be taken up with ensuring existing and forthcoming regulations are complied with, as well as all the contractual issues and finances. Technology is saving a lot of time, improving accuracy and ensuring transparency, as all transactions and communications are documented. Clients are also demanding 24/7 attention and services available outside normal office hours. Proptech enables them to research properties, book their next home or air any issues with their landlord or agent at any time online. This makes life easier for all parties concerned.
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