Technology has changed the world we live in today and it looks as if the level of growth in the tech industry is likely to continue to increase. Minding the fact that some of these technical terms have now become industry buzzwords, this post makes an attempt to take a look at how the property industry might be impacted by technology in 2018.
(1) Machine to Machine (M2M)
Machine to Machine (M2M) technology has and will continue to revolutionise the way in which we live. In today’s society we are all extremely busy, on the go but we still expect to be connected at all times. The introduction of M2M technology has facilitated the ability to stay connected and in control even from afar. The benefits of M2M technology for the property industry just like in other industries are great, from SMART heating systems and lighting to SMART dehumidifiers. All controlled remotely and often all unified by an artificial intelligent (AI) device such as Amazon Echo or Hive. M2M technology enables homeowners to be more efficient and to have greater control. An increasing amount of property owners are opting to convert and integrate smart technology into their home and this trend is likely to continue in 2018.
Could this be the year for the Blockchain technology. Perhaps 2018 will finally enable the ability to transact property in a more efficient and transparent way, allowing access across markets with less regulation. Blockchain technology keeps a binding ledger of transactions; it can be programmed to record not just financial transactions but almost anything of value. Using blockchain technology within the property industry can eliminate uncertainty and holds everyone within the process accountable. There will no longer need middlemen such as lawyers, speeding up asset transfer as well as the entire house buying process.
(3) Big Data
An increasing amount of people looking to buy property, enter data online using property search filters on sites such as Zoopla and On The Market. In today’s society busy property investors are often looking for a tailored experience and quick informed results. This has led to an increase in the amount of companies within the property industry who are attempting to capture data like this to make the user experience more personalized, building up consumer profiles and segmenting their target market. As the demand for personalisation and filtered results continues to grow 2018 is likely to see an even greater influx in the amount of companies within the property sector looking to use big data to enhance their services.
Real estate mapping technologies have become increasingly advanced and maps are no longer just maps. Addresses now come with a variety of different data fields such as sales values, points of interest, building types, natural hazard risks etc. The key to all of this is that knowledge is power, for those looking to buy a property they can now access a wealth of information before deciding to buy, which eliminates some of the uncertainty for buyers. For developers the benefit of this is that they can put together more accurate valuations and predictions as to how much revenue they can achieve from a particular plot of land.
(5) Augmented & Virtual Reality
Augmented & virtual reality allow greater visibility and therefore leave less to the imagination. In 2017 we saw an increase in the amount of proptech companies offering augmented & virtual reality services in order to enhance user experience. Creating realistic views of what ‘could be’ enables both property owners and trade professionals to design and plan for every minor detail of property build and even renovation projects. Creating such transparency before any structural work is carried out can save time and money.
Byoot will be rolling out the full online platform in 2018, truly making building your home simple at last. We will be digitising the construction sector from plans, cost, monitoring, payments, and creating visible transparency. 2018 will make way in disrupting one of the most physical and tedious processes in the industry into a more seamless and virtual user friendly experience.
Byoot makes building your home simple at last by providing a full turnkey solution from planning, architects, structural engineers, building control and the build, leaving our clients to focus on their day jobs while we do ours. If you are thinking of extending, renovating or improving your home speak to one of the team on 0208 4509185 or send us an email at email@example.com