Does the rental sector need a smart tech overhaul?

30 July 2021 36594 Views

Since the onset of the Covid-19 pandemic, technology has proven to be the answer for many problems faced by sectors across the globe – and the property market is no exception.

PropTech trends were already influencing the UK housing market, but it appears coronavirus has accelerated the use of tech to help drive the property market forward, with studies showing 58% of UK agents claim to now have a digital strategy.

With the industry showing a new-found enthusiasm for technology, we explore the main trends showcasing the peak of PropTech that is set to transform the lettings market as we know it.

Automation and AI

The ability to automate processes has given agents more visibility of their business flows and control over back-end functions, helping to make the process fast, accurate and seamless.

In the same way, cloud-based artificial intelligence (AI) systems can adapt how agents work, providing a holistic solution to their daily management and helping to streamline workflow, improve compliance and reduce costs.

Such tools can facilitate conversations between landlords and tenants, or agents and landlords. Rather than relying on emails or phone calls, AI apps can allow users to store all conversations in one place.

Virtual and augmented reality

Pre-Covid, the typical way to conduct viewings was to take tenants to different properties before they can make an informed decision. This required a lot of time, especially when tenants live far from the properties.

However, VR technology has created a solution, allowing renters to virtually visit properties while in the comfort of their own home. With VR headset, clients can experience immersive, three-dimensional walkthroughs of multiple locations.

Similarly, AR applications can simulate furniture and interior design products in 3D augmented reality in real time. Such apps allow renters to look at a collection of furniture items, choose between colours and visualise multiple models at the same time, all with the click of a button.

Here at Gnomen, we have launched a brand-new virtual tours facility that will allow agents to feature virtual tours on their website and enhance the property-searching experience for prospective tenants. Please get in touch to find out more.

Contract and finance solutions

There is an abundance of tools to help agents simplify the process of making contracts, as well as collecting digital signatures from all parties. These solutions ensure that agents have all legal paperwork processed correctly and store information in a single, secure place.

More recently, certain PropTech tools have combined with FinTech to assist with financial assessments of tenants. These can perform tasks such as credit checks, automated loan approvals or identify the best mortgage.

With so much to offer, PropTech is set to further revolutionise the rental market, helping businesses to expand their digital horizons in a safe, seamless and secure manner. It will be interesting to see how practices will change in the not-so-distant future, but it’s clear that PropTech is here to stay.

Here at Gnomen, we provide the best all-in-one, cloud-based software system and can provide you with an efficient 24/7 client portal to bring out the best of your business. For more information, please contact us today.