Clicks vs Bricks
Here at Mr Homes, we go to great lengths to stay at the helm of the industry, eager to work in a modern manner and support our customers. Having witnessed many trends over the years, nothing has impacted property as much as technology, with the way we search for, buy, invest and sell property being a far cry from the pre-internet days. But, what real advantages has the integration of modern technology had on the industry?
Advantages of online estate agents
The impact technology has had on property is immeasurable, with the task of walking the streets to size up a house and the area no longer a thing. Below we have itemised just a few positives:
Valuations – Whether you are looking to buy or sell your home, you will need to have it valued. Traditionally, you would have to find a reputable valuer that would work with your lender, often taking weeks to gather the right information in order to process your mortgage application. However, with the introduction of modern technology, property valuations can be obtained instantly. Here at Mr Homes, we offer a FREE online valuation tool, allowing our customers to gain an idea of what the property they are selling or looking to buy is really worth at current market value. While we do recommend that you have a more formal valuation conducted following this, such support simply speeds up the process; just one example of how technology is streamlining the industry.
Finding the right property – Again, before we fully adopted the wonders of the internet, finding the right property was a well drawn out process, having to attend an estate agent's premises, look through a list of available properties, book viewings and physically check each and every room. Now, this can all be conducted online, with all types of buyers and tenants accessing images and details of properties from the comfort of their own smartphone. From here, properties that seem fitting to taste and budget can be arranged to be seen in the flesh!
Area research – Up until the last few years, those looking to move into a new area would have to rely on their peers or newspapers to inform them of an area's culture, transport connections, schools and much more. Now, estate agents actively gather this information to feature on their website, ranking each property on the aforementioned factors.
Due Diligence – When it comes to renting a property, the tenant has to be vetted, giving the landlord the confidence that they can afford the monthly payments and look after the property during the tenancy period. Needing proof of income, credit records, CRB checks and much more, this used to delay things, pushing the move-in date back as a result. This can now all be carried out online, with tenants uploading their files for landlords and agents to review instantly.
The future of property
While you can now invest in property online through crowdfunding platforms and other digital tools, there is certainly more in store for the world of property. According to many sources, Virtual Reality will play a prominent role in the future of property sales and lettings, with agencies feeling VR will revolutionise the property search experience.
Taking 360-degree photos, which are then stitched together, the potential buyer/investor can enjoy a fully immersive experience, panning around the rooms and accessing every nook and cranny!
We also expect to see a huge upward trend in second property investment, with the success of businesses such as Airbnb illustrating the lucrative market of short-term renting.
However, with the forever-in-development nature of the industry, only time will really tell what is next for the world of property.