Estate Agents need to embrace PropTech

Why Estate Agents should embrace PropTech

Ola Bello By Ola Bello on 2nd May 2017,

It’s an exciting time for the property industry right now. Every day, PropTech takes another step forward in revolutionising the property industry. More start-ups are established, more deals are made and with innovative solutions always in the pipeline, we’re entering an era where PropTech will be the face of property. PropTech is no longer on the verge of a breakout, it's here and it’s in full swing.

But despite the easy and efficient use of PropTech, there remains a reluctance to embrace technology in the property industry as a whole. Understandably so, anyone who has built a successful agency on the back of using traditional methods will be very wary of change, but there's a big problem with that. The world has moved on and time waits for no one, the need to accept and embrace PropTech has never been more apparent.  

Here’s why estate agents should embrace the change:

Clients, agents and landlords

PropTech products have revolutionised the way the property industry works. The rise of Rightmove and Zoopla have changed the way properties are bought with now a staggering 80% of all home buyers searching online, a real indicator of how times have changed and why we need to embrace change and adapt to meet clients requirements.

Transactions such as buying, renting or managing a property can cause friction between clients, agents and landlords. This is where PropTech comes to the fore, with software like Fixflo and Goodlord playing a prominent role in soothing frayed nerves. The latter, a cloud-based platform aiming to improve efficiency for agents by processing contracts, credit references and payments through one app, reducing the time it normally takes to rent a property from a couple weeks to just a couple days. The former is a smart, web-based software for managed rental properties that enables tenants to report their maintenance issues online, as well as assisting landlords and property managers in delivering repairs more quickly and efficiently.

It's all about increasing efficiency and making the most of the technology at our disposal.

PropTech products everywhere

There are vast array of technologies that agents can now use. Ranging from presentation technologies for 3D walkthroughs and 3D floorplans, to marketing strategies like SEO (Search Engine Optimisation), and social media marketing, the reality is that agents need to keep their mind open to new methods. Virtual reality is now in high demand and the expectation is that it will go on to play a prominent role in the property industry. The ability to view properties anywhere at anytime, as if you were actually there is certainly something that excites people. Marketing strategies like SEO offer agents the chance to showcase their properties to a global audience, by increasing their Website's visibility to Search Engines. This “tech” is growing more prominent and isn't going anywhere, so why not jump on the bandwagon?

Here to help rather than hinder

Has PropTech disrupted the property market? Yes. Does “disrupt” mean it has impacted negatively? No. Rather than having a negative impact, it’s been a breath of fresh air. PropTech is allowing us to do things in a better and more cohesive way, which is something worth looking at.

Utilising technology to its full potential will help you stand out from other agents and with so many more possibilities in the PropTech arena, the future is certainly bright. Embracing it will not only help your agency grow but it will improve efficiency. If you want different results, you have to try different approaches and if you are unsure on how to do that, feel free to contact us. We will be more than happy to nudge you in the right direction.

The digital age is in full force, so let's take advantage of it!

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