PropTech Today - By laying stable foundations today we will reap infinite possibilities

From valuations to viewings, conveyancing to completions, technology has transformed our sector dramatically and permanently.

After comparatively slow beginnings, PropTech really took off in the early 2000s with companies like Rightmove and Zoopla solving a defining problem of the time – how to get more eyeballs on a property. In the process, these iconic industry portals have revolutionised the way people search for a new home.

Twenty years later, a vast array of tech providers offer solutions to any number of bottlenecks and barriers lurking around every corner of the housing journey, whether you’re an agent, landlord, tenant, buyer or seller.

And along the way, PropTech has evolved rapidly and continues to do so. In fact, as the song goes, ‘We’ve Only Just Begun’.

Used wisely, technology drives efficiency and opens up new service and growth opportunities for agencies, which boosts profitability and opportunity. The automation of mundane tasks creates time to take on the more complex challenges involved in running estate and lettings agencies. It offers convenience to buyers who prefer virtual viewings from the comfort of their living rooms, and it increases confidence for tenants who need to know their rental payments are safe and secure in dedicated client accounts – even if the property management company goes bust.

It's all out there, changing the way we work, satisfying the rising expectations of our clients, and enhancing an industry that at its heart must always be built around people.

On the agenda

Currently, we have the prospect of further innovations in areas like e-signing and generative AI that is already shaking up the way we create content.

Of course, along with the advances that come with faster, more efficient rental and sales processes, the sector still has severe problems – largely economic in nature. Mortgage rate rises and rent increases in the midst of a cost-of-living crisis have put housing firmly on the agenda of both major political parties.

Put simply, there just aren’t enough decent homes for people to live in right now. So can technology come up with a solution to that?

I believe it can help. Tech has already found its way into the planning process, developers are using it to identify the best brownfield sites, and architects are building the developments of tomorrow using virtual 3D models before the plans are even submitted.

Climate concerns

How long before bricks will be laid by robots on building sites across the UK? 3D-printed buildings are already being constructed in other countries. Automated tools to help speed up the construction process are out there, and could inject some momentum into the delivery of new homes at a time when they are desperately needed.

Climate concerns are also a major issue – particularly for younger people, and tech solutions that reduce the carbon footprint of new buildings and help manage the energy efficiency of current stock are already being used as the cost of living continues to climb.

Affordability is another major issue, as first-time buyers and renters struggle to save for hefty deposits. PropTech companies that can offer innovative financial models and credit checks to help ease mortgage provision at a reasonable price could flourish.

And always, the key to all this will be interconnectivity – providing platforms that can talk to each other and work together, even with government platforms like the upcoming Property Portal. Because we can and will go on innovating, searching for efficiencies and improvements, updating and upgrading, forever seeking to increase speed and accuracy.

Yes, there will always be economic booms and downturns, twists and turns in the market – that’s always been there and we would expect nothing less.

But what would help the most is a long-term pro-PropTech plan for the sector from the government, providing a stable and open industry to build on and for, encouraging investment into buyers’ and renters’ markets while improving the nation’s housing stock. Evolution has no end point: we can’t see into the future, but we can help to mould it to provide safe, decent, energy-efficient homes for the generations to come.