PROPTECH – TOP 5 PRODUCTS IN LETTINGS AND ESTATE AGENCY
Proptech, is the new ‘hot-word’ in property at the moment, people that are looking to develop their business seek property tech to allow fluent and thorough management, ensuring the best customer service. Adding different proptech components to business modules has become the way forward for many estate and lettings agents throughout the U.K. After attending the Future Property Tech Event in Spring, director Peter Vidler, talks PropTech, debating the top 5 best products on the market and those that seem to have found their place within the property industry.
Fixflo is an online repair and maintenance reporting software, it allows tenants to report maintenance in multiple languages, via an image-heavy based option page, which is available 24/7. The software also encourages tenants to make primary checks themselves to avoid any unnecessary call-outs, saving contractors time and money. Tenants can upload photos of the problems, as well as liaise with the property agent via the system, so there is no need to even pick up the phone.
“Fixflo is the best property maintenance software out there, with a large portfolio like ours, it is essential to ensure the best customer service for tenants, landlords and contractors and Fixflo allows this.”
Still early doors on Virtual Reality, with only Foxtons in London, making full use of the equipment to date, having said that, this was by far the most popular stall at the event. A novelty feature for viewing properties, allowing prospective buyers and tenants to get a feel for the property without actually taking the time to visit it. This equipment can help save agents and tenants time on viewings and can help narrow down a search for those who aren’t sure of what they want.
“I think the real market for Virtual Reality is in the development and construction industry, this tool is perfect for people buying off plan, and constructing 3D images of the finished site, people would be more confident purchasing off plan and seeing it could really seal the deal, there would be a clear return on investment.”
Crowd-funding has really taken off over the last twelve months, with its popularity in charitable causes, many people have seen a window of opportunity and adapted the crowd-funding module to multiple industries. Ultimately, Property Partner allows investors to purchase a share in a buy-to-let property for as little as £50 and then receive an income on the rent from that property. The property is maintained and looked after by Property Partner, making it an appealing option for investors who want all the benefits of renting a property. Some properties on the site have been crowd-funded in just 35 minutes, which shows how popular this way of investing has become and seems to have a clear future in the property industry
“For investors, Property Partner is very appealing, with the recent changes in legislation, including changes to Stamp Duty Land Tax, the crowd-funding way of investing in property seems an easy process in comparison to the legislative arena we are currently in.”
Docu-sign is well established and has already reshaped many industries, reducing administration times dramatically. With legally binding documents, it seems the property industry has been reluctant when it comes to using Docu-sign, with some letting and sales agents only just beginning to explore the ‘secureness’ of an e-signature. The Property Software Group have begun to offer this as a product, meaning contract signings and receipts of payments, can be signed via a link on an email and returned instantly, speeding up the lettings process as a whole.
“Docu-sign is a powerful tool, and has significant benefits when it comes to cost-saving. It removes the risk of human error as well as the hours of administration involved in sales and lettings. This will become the new norm, as much as searching for something on google, we will be signing documents via docu-sign.”
Many websites, have attached a Live Chat facility, where there is a pop-out box on the site, prompting visitors to instantly chat to an operative. The instant messaging service is appealing as the way we communicate shifts to the digital era. Automatic prompts and responses encourages the visitor to interact with the business when on the site, to ensure that connection is established straight away. This kind of technology helps boost customer service and can accommodate both new and returning customers.
“This facility helps connect the business to the customer, as online messaging such as Facebook Messenger and Wattsapp is becoming the norm, people tend to be more familiar with instant messaging, so it naturally becomes part of the user experience when visiting the website”
Only time will tell how well these products do in the market and how many more will be introduced. As the digital and property worlds develop, the gap between them will narrow as PropTech connects the industries together.
Published: July 5, 2016BACK TO NEWS LIST