Investing in Technology: How Online Letting Agents Can Use Technology to Their Advantage

The property sector is experiencing unprecedented change and many high street offices are being replaced with state-of-the-art websites that are run from centralised headquarters. Investors and buyers are following suit and are now far more likely to do the majority of their business online. With this technology led revolution in mind, we explore how online letting agents can use new technology to their advantage.

Property Searches

Many of the most forward thinking online letting agents have already integrated a wealth of digital technology into their business model and it is now de rigueur for investors and buyers to search for property online. Searches can, of course, be filtered and so that those looking can find the exact type of property they are interested in, then read a description and view images. In many cases this is where the search ends, but emerging trends and technology will look to make this experience deeper, richer and will enhance the user experience further.

Floorplans and EPCs

One of the assets that is undergoing a technological revamp is the once humble floorplan. Flat pencil like drawings are being replaced with high resolution, colour 2D and 3Da digital renders that give the viewer a far more detailed and lifelike impression of the properties layout. Energy Performance Certificates (EPCs) too can now be displayed as glorious colour charts that contain finite details regarding how “green” the property is and how much it costs to run it. Letting agents that are investing in this type of technology are seeing an excellent return on their investment and there are more advances to come.

Virtual Reality 3D Tours

Many industry experts would agree that virtual reality (VR) 3D tours are the future of property sales and letting. The investor or buyer will don a VR headset and will be able to view properties by conducting digital walkthroughs that offer a real sense of space. These remote viewings can be utilised in a number of ways, for example, they could be conducted independently from the viewer’s home, if they are in possession of a headset. A more likely scenario, at least in the short term, is that they will be used in the presence of an agent at an office or on a visit to a customer’s home.

UK Property Market

The current economic climate makes for interesting times for the property market, particularly for foreign buyers and investors and many regions are predicting “an array of fantastic new opportunities” ahead. Online letting agents who invest in new technology will be best placed to take advantage of such opportunities and offer customers an ever more sophisticated experience.