Technology is already being leveraged and used in a myriad of different ways in the property industry. Adapted from fintech solutions, proptech platforms (such as those used by the likes of Zoopla, Rightmove, etc.) that have been developed over the last few years have revolutionized the industry, connecting tenants, investors and developers with the right properties for them in way that wasn’t previously possible.
There are some developments, however, that has not been developed and created solely for this arm of the business, but rather created for other purposes and then pivoted into the property industry. One prime example is Virtual Reality, a window of immersion which is proving to be particularly useful during coronavirus.
During this difficult pandemic, many investors with their funds in more volatile markets are beginning to shift into something more secure and long-term, such as property investment, for example. However, you might think that with investors being stuck in their homes, it’d be hard for them to go to viewings and decide on a piece of real estate. RWinvest, a property investment company from the UK, have utilized VR in order to provide a solution. It’s a viable business strategy that allows investors to get the next best thing when looking for investment prospects from the comfort of their own homes.
A fully-immersive, 3D look at a prospective apartment or home, VR doesn’t just give investors the chance to look at their property investment portfolio from afar, but it also provides a window into the future for developments that have not yet been completed, showing what they will look like, too. As part of the viewing package, there are also other supporting files and documents, such as guides and advice on certain investment hotspots and areas, and even construction update videos and podcasts.
For those interested in the idea of general tech being adapted and changed to suit different purposes, virtual reality isn’t the only technology that’s being adopted in the property sector. As mentioned above, drone tech is extremely useful, benefitting not just the visibility of property development, but also even in its construction.
Drone photography is something that you will likely have seen a lot of over the past few years, and it really does present unique possibilities for angles and shots that weren’t before possible. In the property industry, drones allow investors to get a look at off-plan developments that are still in production, and see how they’re getting along, as well as how they slot into their surrounding environment (something that’s particularly useful if investing in a city center).
Drone construction is another exciting prospect for the future. While it isn’t commonplace on construction sites globally just yet, many are developing bespoke drones that can help with tasks such as lifting and propping up heavy materials on the construction sites, aiding massively. This will help to not only keep things safer, but help workers to get jobs done faster and more efficiently, too.