How Tech Will Shape the Property Sector

There are undoubtedly going to be long-lasting changes to many aspects of life due to the pandemic, of which one is the idea of a workplace being a fixed physical location.

Like many sectors, the property market experienced immediate slowdown in the wake of the pandemic, and in some cases, a complete stoppage – however, the property sector is set to make a steady recovery in 2021.

We can’t say what the future might hold, but we can rest assured that the future will be digital.

Here are our thoughts on how tech will shape the property sector in 2021:

Providing a lifeline

With more people working remotely than ever before, made possible and effective by technology, many companies are looking towards reducing costs when it comes to office space.

This could mean costly losses for landlords and investors, and decent savings for businesses – unless those in the property sector leverage the technology at their disposal.

From digital viewings to AI chatbots, utilising technology paves the way towards recovery…but only if this is part of an integrated solution.

Utilising this technology is only effective as part of an integrated digital strategy, as otherwise, you have a lot of data with no strategy, and therefore no means for improvement.

Added value

As mentioned above, an integrated digital strategy can provide that much-needed boost.

Cloud-based solutions and property technology have a greater focus on data quality, which in the long-term can give clients more sustainable and engaging workplaces.

For the property market, this translates in aspects of technology such as virtual viewings, augmented reality (AR) and virtual reality (VR) allow a more immersive, engaging experience.

Being able to view a project from the planning stage up until construction commences is extremely beneficial to clients and allows an opportunity to inspect property with a level of detail that they may have assumed only an in-person viewing could have provided.

Growth in engagement and productivity

For landlords and property managers, admin takes up a huge portion of the lettings process.

However, most of this can be automated by a data-driven, efficient process, including the process of signing contracts digitally.

The ways in which technology can be utilised in order to increase productivity are seemingly endless, including the ability to create a full e-conveyancing system that can evolve over time.

Creating a digital experience that is so similar to a face-to-face customer service is vital for customer engagement, and often, the digital alternative is more efficient for both parties.

The benefits that increased use of technology in the property sector can bring are vast, yet there is still a hesitance towards digital transformation and the effect on productivity, efficiency and positive client experience it can bring.

However, digital transformation is integral to the survival of the property sector, so choosing the best provider for your business is essential, and we’d be happy to help.

Call us on 0345 121 7770, or go to our website to find out more.

For further information on the role of digitalisation in a changing world, read our whitepaper.