The property market has adapted and introduced many innovations in recent years that have made the process of moving home easier. In 2024, these innovations are reaching new heights, from virtual home tours to apps that help us manage our money better.
In today’s fast-paced digital age, technology has become an integral part of nearly every aspect of our lives, including the way we search for our dream homes. Gone are the days of flipping through newspaper listings or driving around neighbourhoods in search of “For Sale” signs. With the advent of innovative technologies, the process of finding a home has been transformed into a seamless and efficient experience. Here are the main ways technology is changing the way we find a home:
Online Applications and Approvals
One of the most significant changes in recent years – driven in part by COVID – has been the rise of online applications. This includes both tenancy and mortgage applications as well as other aspects of the legal process of buying letting or renting a property. The ability to apply online has simplified the application process, making it less time-consuming, and allowing people to progress their applications from anywhere. New Artificial Intelligence (AI) algorithms enhance this process further by swiftly assessing applicant data to determine creditworthiness and risk. At Lifeboat Lettings we use Goodlord for the applications and referencing process for this reason.
AR and virtual home tours
Virtual home tours and Augmented Reality (AR) are improving in popularity. They offer renters and purchasers the ability to tour properties remotely, without the need to sacrifice large amounts of time. They are also popular with both lettings agents and Estate agents for the same reasons. Virtual reality (VR) and 360-degree tours enable prospective buyers to explore properties as if they were physically there, offering a more immersive and realistic viewing experience.
Virtual tours not only save time for both parties but also broaden the search area for potential applicants who can now consider properties beyond their immediate area. For agents, this technology means there is a larger pool of potential applicants and reduced time in which properties spend on the market.
Drones
Drones are used to capture aerial footage and photographs of properties, providing potential buyers with a unique perspective of the surrounding area and property features.
Geolocation Services
Location-based services enable users to receive real-time information about properties in their desired neighbourhoods, including nearby amenities, schools, and transportation options.
Rise in the use of Artificial Intelligence
Home movers can now use AI tools to understand and control their own spending habits better. This enables them to more efficiently manage their finances, thus helping with the finances of the move process, be that a purchase or rental of a property.
It is also likely in the future that these tools will help improve property valuation by using historical sales data from nearby properties to accurately predict future property values and possible trends.
In addition, artificial intelligence algorithms analyse user preferences and behaviours to provide personalised recommendations, helping users find homes that best match their needs and preferences.
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Blockchain
Blockchain technology is being used to streamline the process of buying and selling property by providing a secure and transparent way to record and verify transactions, reducing the risk of fraud and speeding up the process.
Data Analytics
Big data analytics tools analyse market trends and historical data to provide insights into property prices, demand and investment opportunities, empowering buyers and sellers to make informed decisions.
Chatbots and Virtual Assistants
Chatbots and virtual assistants can answer questions, schedule viewings, and provide assistance throughout the home buying process, saving time and improving customer service.
The Rise and Rise of Property Apps
The ever-growing number of mobile apps are simplifying the complex processes of buying, selling, letting and renting properties. These digital platforms, including the likes of Rightmove and Zoopla but also popular apps commonly used on smartphones or tablets, allow users to access detailed information about prospective properties with just a few clicks, streamlining searches significantly.
Apps such as Purplebricks allow owners to sell their homes by themselves without using an estate agent. The sophistication of such apps is also reducing the traditional costs associated with purchasing a property, such as fees for solicitors and estate agents.
Smarter properties
In addition to helping the searching and moving process, technology is changing properties themselves. Smart home technology is becoming commonplace in the property market, with many new properties incorporating smart technology; including video doorbells, smart thermostats and integrated security and sound systems.
In the future, we can expect these features to become even more integrated and user-friendly. Enhancing the living experience by making homes more energy-efficient, secure and convenient.
In conclusion, technology has revolutionised the way we search for homes, making the process more convenient, efficient, and personalised than ever before. As technology continues to evolve, we can expect even more innovations that will further enhance the home finding experience. Embracing these technological advancements will undoubtedly shape the future of the property industry in the UK and beyond.
At Lifeboat Lettings we will always help and advise landlords and assist where we can.
If you would like some help with any of the subjects covered above or anything else relating to properties or lettings, please email contact@lifeboatlettings.com.
