The technology industry and technology itself has developed over the last few years, creating new opportunities for people and industries alike. One industry that has benefitted as a result of technological developments is the property industry, with a number of advantages across the board.
The property industry in the UK in particular already uses technology to its advantage, but constant developments to technology mean that even more opportunities are being created, especially in terms of buying a property.
Technological Advancements Influencing the Property Industry
Some of the most notable ways that emerging technological advancements are likely to influence the market include:
Operating faster in the Property Market – In this day and age, consumers demand speed and efficiency in anything that they do. Whether that is online searching, advertisements, communication or anything else involved in property, consumers demand that each step of the process is completed in quick time, and so this means that property companies have to adapt to such demands. New technology allows these types of businesses to work in a much quicker way, which in turn allows the business to develop and achieve success in such a demanding market.
As well as this, we live in a fast paced world where there aren’t enough hours in the day, so for people to truly understand and interpret something like advertisements, they need to be quick and to the point. Without such speed, opportunities for business can be lost and your business can be left behind in a continuously growing industry.
Creating New Investment Opportunities – The way in which investors are approaching their work as an investor is being changed by constantly developing technologies, more notably in the way that new investment opportunities are being uncovered to replace more traditional investments. For example, as the retail industry has grown online and has started to suffer in terms of physical stores, investors are looking towards industrial warehouse investment opportunities, capitalising on perhaps the direction that the industry is heading in. With the growth of online retailers comes the increased need for industrial warehouse space, particularly as much more of this type of space is needed when compared to more traditional retailers.
Changing our Property Searches – Developments to voice recognition technology has meant that the property industry has seen additions to the way it operates like many would have never imagined. People in 2018 have a fascination with using their voice to make simple actions on their devices, and this trend is one that is beginning to make an appearance in the property industry. Soon enough, all users making searches for opportunities will be able to make use of voice recognition to do so. The idea of this technology is to allow users to speak their search queries into their device, in order for a quick and simple way of searching for what they are hoping to find.
Personalisation of Content – One technology that is already having an impact on estate agents is digital signage. The days of static property listings being displayed in an estate agent shop window will soon be gone and in its place will be an interactive digital signage display that can personalise content to the user as they walk past or stop to browse the available properties in the shop window. The use of facial recognition and demographic profiling will allow the content to be personalised based on a customer’s age, gender, social status and lifestyle and the property listings tailored based on this profiling, which will result in a more effective marketing tool for estate agents, helping to entice more customers through the door and increase the number of enquiries into the business.