In almost every activity, in almost every field of human endeavor, the impact of technology has been profound, while the pace of change has been astounding. The property industry is clearly no exception. Here are a number of current tech trends that really need to be followed.
A revolution in how transactions are carried out, while at the same time opening up markets to ever-more investment, blockchain generates a great deal of excitement and has the promise of increasing liquidity within the property market, while offering less regulation, simpler processes and the bonus of cutting time and costs. It shares similarities to crowdfunding in the way that it helps people to form groups who wish to share ownership or co-fund a property. Long-term, it is envisaged that blockchain will also make transactions safer.
How does a blockchain work
Another exciting innovation, crowdfunding, via online platforms, enables a large number of people to come together and fund a project or venture. The genuine uniqueness of the concept is in the numbers: many individuals invest small amounts of money. Not surprisingly, in giving opportunities to people who might not have previously had access to the property market, crowdfunding is seen in some ways as being an egalitarian system that helps unite investors and developers, both of whom benefit as a result.
There are many platforms online offering crowd sharing opportunities to just about anyone around the world. It seems remarkable upon first sight, but the feeling is that this is only the beginning. Growth and innovation will surely follow and it’s important for those in the property industry so watch this space and be prepared to adapt with whatever develops from this new opportunity.
How does Crowdfunding work
Obviously, when purchasing overseas, you may enter a world where everything is done differently and everything slows down due to the complexities of a different system. Cryptocurrencies may cut through many of these difficulties, simplifying the transaction process, while possibly negating the need for such intermediaries as notary publics, etc.
How do Cryptocurrencies Work
The internet is awash with demographic data. Agents also have access to a huge amount of property industry data. Combine the demographic data with the property industry data, and you have a fantastic tool in understanding the property market and the potential clients within that market. Some typical questions that this technology attempts to answer include, ‘What do clients expect?’ ‘What do they want?’ ‘What do they need?’ An agency that understands the answers and adapts to them clearly has an advantage. Big data improves targeted marketing, helping agencies to offer clients properties that better suit their needs. Big data also helps in building predictive models such as property-value trends and neighborhood-value trends. The agent armed with such information can advise a client on all manners of issues and will be better placed to develop more effective marketing strategies.
Another revolution in mapping technology, geolocation allows professionals within the industry to really get to grips with an area, both geographically and commercially. Imagine a map that gives you data on property sale values and property types. All of this is now possible, better enabling the commercial understanding of an area, the development of trends and niches, while making predictive modeling more accurate.
Exciting, dynamic and innovative, the property industry continues to develop in ways that surprise many. No doubt this will always be the case, but to be truly competitive, all property industry professionals need to keep abreast of these new openings and always be ready to adapt.