Since the internet and its associated technological advancements have emerged, the property sector, like most industries, has been revolutionised. Thanks to today’s technology, a prospective buyer can now view a property from many thousands of miles away, using virtual touring and drone technology. They can even purchase the property without ever actually taking pen to paper. 

Here are some of the technologies disrupting the property industry today and beyond.

Blockchain

If blockchain is to fulfil its promise, it will bring transparency, heightened efficiency and security to major real estate transactions for the sector. Blockchain essentially enables businesses to process major transactions without the involvement of intermediaries like governments, credit card companies or even banks. The greatest blockchain impacts will be:

1. Tokenisation

In real estate terms, using cryptocurrency to split assets and store those assets as tokens within blockchain is called tokenization. This paves the way for two significant changes:

• Previously ineligible individuals will have access to investment opportunities
• Portions of property could be sold off by landlords, with shares also being sold by investors via secondary exchanges on the open market 

2. Smart contracts

With smart contracts, rather than going through a bank, buyers could use an encrypted block to submit their information, thus reducing the risks of fraud and speeding up the transaction

3. Sharing economy

Thanks to the events of 2020, the demand for effective remote working is increasing more than ever, and so with it, is what’s known as the sharing economy.

More and more people are opting for renting goods and properties instead of buying them, and consequently, a number of innovative companies have emerged within the real estate sector to facilitate mobile, shared lifestyles.

• Co-working spaces have become the focus for companies like WeWork, to allow for businesses to operate without the need to sign ten year office-lease space
• Companies like Zeus with forward thinking vision are enabling home owners to lease their properties to businesses – as well as making furnished homes available to businesses for extended stays
• Monthly furniture rental companies, like CasaOne are affording businesses, as well as individuals, the option to rent furniture and thus avoid buying items at full price only to lose money when reselling down the track

Virtual reality

As is the case with many industries, virtual reality (VR) has the potential to speed up property market sales cycles significantly. Allowing customers to experience properties instantaneously,, VR puts agents in touch with prospective buyers who are already further along in their purchase-making process.

Until now, agents have spent valuable time staging spaces and hosting multiple viewings, but with VR, much of this is fast becoming a thing of the past. Many agents are already utilising the benefits of 360 degree video to show their listings, whilst some fast movers are already offering potential buyers 3D virtual property tours. Using drone footage and 3D technology, buyers can virtually explore properties, experiencing everything from the size and shape of rooms, the heights of doorways and showers, and the feel of the outside areas and neighborhood – all from the comfort of their own homes.

Internet of things

With the internet of things (IoT) further integrating intelligent living by the minute, properties are growing smarter and with that, their management is becoming infinitely easier.

Everything from automated light switches and doors, to superior security features can be accessed by an authorised person remotely. This allows for both property managers and owners to control and monitor their properties and security measures from near or far with ease. Additionally, data can be collected to better understand and monitor patterns such as the most utilised spaces or habitual heating uses etc. The temperature of a building can be controlled remotely. Utility interruption reports can be sent out site unseen. The real estate industry is scrambling to keep up with how quickly these advances are becoming the standard expectations of many.

CRM and property management software

Customer relationship management (CRM) software, such as PipeDrive or Salesforce, assist real estate agents to stay ahead when it comes to managing their appointments, calls, emails, leads and sales. Property management software also makes it significantly easier for property professionals to manage their accounting, keeping all their files and data safely in the cloud, and automating cumbersome tasks, such as the collection of rent.

Read More: Property management technology trends

Mobile apps

Hungry? Need to get somewhere? In today’s convenient world, there’s an app for everything and people spend more time on their highly versatile devices than ever.

When it comes to the property sector, apps like Portico Direct have created platforms that are centralised for both landlords and tenants to freely browse, receive notifications for new listings or potential tenants, let and rent property and get things like referencing done. 

Applications like workplace experience platforms have become increasingly popular too within the property sector, with more and more landlords adopting technology to improve their amenities and services to set themselves apart from the competition. 

Final thoughts

In such a fast changing world, it can seem like there are too many technological advances occuring to keep up. Into the 21st century, these changes are continuing at a rapid pace, and to stay in the game, we need to keep changing with it.

Now more than ever, any failure to recognise that many technologies are becoming essential to optimal property industry performance, will most certainly result in missed opportunities.