Technology in the property industry (Proptech) has revolutionised the real estate market across the globe. Proptech experts are finding more ways to improve the industry; from buying a home off plan to fixing snags. Simplified solutions are now available at a touch of a button.
Signing on many dotted lines…
Blockchain, the technology that is powering Bitcoin, is rapidly hitting the mainstream, and real estate has much to benefit from it. Blockchain-based contracts can transform the real estate’s core operations, especially property transactions.
How does this help a home buyer? With smart contracts, limited human intervention is needed. Agreements and transactions are concluded, execution guaranteed with all protocols and checks in place.
A smart contract is transparent to everyone who has access to the network, which means that forged documents, rental scams and false listings are impossible. Smart contracts can also speed up the verification and processing of ownerships.
Buying a home is as easy as 1, 2, 3
According to ThinkMobiles.com, augmented reality is gaining traction in almost every industry, including real estate. “Some agencies have already made use of this modern technology in several ways, from refreshing their print catalogues to interactive demonstrations at installation and on a mobile screen. Clients are able to view all angles of any apartment of their interests without leaving their office or home. They may browse, compare and analyse houses in great detail.
Blok Property Developers in Cape Town’s Atlantic Seaboard wanted to push property visualisation to the next level by converting two-dimensional floor plans into three-dimensional interactive virtual tours. The Blok app walk-throughs allow potential buyers to experience an apartment in real time, which enables them to view an apartment the way they want to, from room to room. “We want to give a first-hand, and an almost present feeling of our apartments in order to communicate their spatial qualities. Our clients are able to explore the architectural designs of the apartments and buildings, as well as the surrounding amenities nearby. This is great, especially for investors from other provinces and overseas”, Says Lior van Embden, Blok’s Brand Manager.
Need a plumber, no problem
Gone are the days when trying to communicate a problem is as time consuming as waiting in a long service queue. It’s always a hassle when there is a problem in the house. Nowadays, you don’t have to go through the telephone directory, or google the nearest service provider, and then wait for them to come around.
An app called Snagr is a client facing digital mobile application that facilitates snagging processes. It can operate off a phone, where layouts of apartments are viewed and a user can drop a pin in the place on the plan where the issue lies and include a photo.
The developer can then view the issue and its location to effect remedial action. Once the work is carried out to resolve the issue, the status of the app is updated, informing the owner. This app is simplifying other informal processes and eliminate issues such as time wastage, error and miscommunication. With this app, a property buyer can also easily record issues at handover, but also be kept in the loop as to the ongoing status of snags.
