PropTech firms accelerating the industry’s innovation

Whether buying or renting, the process of securing a home is one we all go through in our lifetimes. However, following the events of this year the property industry has encountered a number of obstacles and the innovation of many PropTech firms has been thrust to the fore, helping the sector through what has been a hugely turbulent year.

The challenges have been plentiful for the industry, spanning from two national lockdowns, widespread redundancies all the way through to a stamp-duty holiday that has stimulated a huge rise in demand for property purchases and a particularly busy period for agents.

Below we’ve highlighted just some of the innovators currently helping to evolve and adapt the way we go about getting ourselves a new home.

Revolutionising the property ladder

Technology correctly implemented can help any aspect of the customer’s experience when dealing with property, whether that is a case of modernising some aspect of the journey or cutting a new path entirely.

That’s why it’s essential that every aspect of the renting & buying process can be transferred online or digitised, take for instance a recent partnership between PlanetRent and The360View. PlanetRent is quickly becoming a strong competitor in the PropTech arena, allowing for free listings as well as an all-in-one solution to document signing and storage.

However recently PlanetRent has teamed up with The360View, a growing name in the VR tech space, to offer virtual 360-degree viewings on their properties. This savvy partnership takes advantage of customers understandable reservation for in-face viewings in light of the pandemic and gives them a suitable alternative.

This need to be flexible has underpinned a lot of the strategies that industries have had to take to stay close to their customers this year and property is no different.

For DezRez this meant unveiling their ‘Rezi Anytime’ platform that provides an agent with 24/7 access to their customer maintenance service which houses live property updates, document signing & storage as well as appointment management. Access is also available for customers so agent and customer can instantly exchange documents and interact expediting the need for endless calls and emails.

This shift to a 24/7 accessible platform for workers follows in a growing theme of businesses adapting to the remote future of work and with it the shift from measuring hours to measuring output.

The pandemic has had a monumental effect on every aspect of the property industry and for many buyers/renters, the accelerated adoption of tech-led innovations has significantly improved their experience of the market.

An example of that in action is Flatfair, who are working to revolutionise the outdated process of putting a deposit on a property. This year has highlighted the necessity for care when it comes to consumer finances, and for many experiencing financial difficulties, the act of putting a sizeable deposit down on a new flat or home has unfortunately been a bridge too far.

According to Flatfair, there is over £5.2 billion locked up in deposit schemes, and with landlords waiting an average of two months to access any funds highlighting a drastic need for change and modernisation.

With Flatfair, tenants pay a small ‘checking-in fee’ (typically one week’s rent) as opposed to a sizeable deposit, and landlords can receive that money as quickly as one working day as well as being protected by Flatfair.

Customer service is also looked after with each tenant and landlord vetted by Flatfair’s in-house team to ensure maximum security from both parties.

Flatfair is a demonstration that no part of the property market is set in stone or can’t evolve for the better. Deposits have long been a burden on the prospective tenant much like the dread of referencing, but with modern technology, there should be no limit to PropTech’s transformative potential.

How will these changes improve the property industry into 2021?

So what do customers stand to gain from this exponential growth in PropTech going into 2021? In truth, a lot!

At their core, these PropTechs do something far more important than just ensuring that homes get bought, rented or sold. They help to instil a sense of confidence for every party, be it tenant, landlord, buyer or seller which if this year is anything to go off of, is an often overlooked aspect of the market.

Confidence in whichever shape or form means that the consumer can be sure they’re not being duped in any way, and from the seller’s perspective there is an assurance that they’re offering a product which is apt and valued correctly to their customers.

If you have a PropTech business that you’re looking to promote, get in touch with our award-winning team today to discuss how we could help.

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