Practically every industry in the world has been revolutionised by advancements in technology, and it looks like the time has finally come for proptech to change the face of the property industry in 2021.
Of course it’s especially timely right now, when face to face interactions are few and far between, but technological developments in the property market have been a long time coming.
New technology has made almost every facet of our lives easier; we now have Alexa to turn our lights off, and we can control our heating from an app while we’re out – most things are now at the touch of a button.
And while some industries have embraced technology, property transactions are still renowned for being pretty slow. We’ve come a long way over the years, but there’s still some way to go.
Rob & Rob have discussed proptech on an early episode of The Property Podcast. The world of tech has changed rapidly since then but we reckon it can still get taken up a notch.
We’ll always fly the flag for tech that can make our lives simpler. If you’re a hands-off property investor, you’ll pass most things over to a letting agency and a good accountant.
But if you’re pretty hands on with managing your property portfolio, your time will be valuable. And luckily, there are some nifty tools on the market to help you.
My Property App is a cool bit of proptech that could change the industry in 2021, and become the new best friend of investors. It does away with the need for endless spreadsheets, and has the ability to calculate your ROI and cashflow situation at the touch of a button.
This is a real no-brainer. You’ll be able to work out your maximum offers, see all your rent payments in one place, and even work out any stamp duty benefits available to you, handily reducing your stress levels.
Think of it as a way to manage the act of managing your portfolio – and the less time you’re spending digging through countless apps and programmes, the more you can spend on strengthening your investments.
Another app which makes being a landlord much easier is Imfuna. Once downloaded, you can log all of your inventories, and store all of your reports in one safe place.
The app reminds you of any upcoming check-in and check-out dates, and even mid-term inspections for all your properties. It essentially works as your own personal property assistant, all at the touch of a button.
And if you’re after a handy tool to assess planning, Planning Portal could be your new best friend. We’ve all spent time scouring the internet for the most up to date information on planning permissions and building regulations for our newest projects. Planning Portal does away with all of that.
This site is interactive, so you can quickly and easily find out the permissions you need if you want to renovate your property – it also simplifies the application process, allowing submissions at the click of a button.
We know what it takes to be a landlord – you could even say we’ve written the book on it (cheeky plug there!)
Being a landlord can be tough – so if there are apps and programmes that make life easier for landlords, we’re in!
Lendlord – Let’s face it, the idea of having your entire property portfolio in one place is an amazing one that nobody would turn down. That’s where Lendlord comes in.
It consolidates all your paperwork into one neat and easily managed application. And not only does it reduce the need for countless excel sheets, it also analyses any and all data you input and offers personal insights into ways to improve your portfolio.
This bit of proptech could really change the industry in 2021 while it saves you time and money – who would say no to that?
Then we’ve got the management of letting enquiries and viewings which can be time consuming – and that’s without factoring in the logistical complications of viewings with COVID-19 restrictions in place.
That’s why MakeUrMove.co.uk is making waves in the world of proptech.
The app lets you arrange video walk-throughs of properties in your portfolio, which allows you to narrow down the list of real prospective enquiries without anybody needing to leave their home.
Another app that makes buying and selling properties incredibly simple is Moovshack, which hosts everything you need in one place.
The app invites multiple different estate agents to send in their valuations, marketing approach and terms so you can easily compare and make the most informed decision.
Once your offer is accepted, the app has a unique sales completion tool which lets you track the progress step by step. It brings buyers, sellers and agents together for clear visibility on where everyone is in the process.
In a more niche instance of technology improving the face of the property industry, new fintech company M:Qube was launched with the aim of “transforming the UK mortgage market by eliminating many of the inefficiencies from which consumers and intermediaries suffer from.”
This company’s ethos of doing away with old-school ways of thinking in order to simplify the process of getting mortgages approved is perfectly in line with the idea of proptech improving our industry and bringing it into the future.
While the apps and programs we’ve mentioned are ready to make your property investment journey a much simpler one, there’s still so many avenues proptech can explore to change the face of the industry.
One such development that takes the phrase ‘change the face’ quite literally has just won government support. Etive has won a government grant to improve the ID verification process in the buying and selling process, via “a digital identity trust system”.
This is exciting! It cuts down on the many different identification stages in buying a home, saving time for both buyers and sellers, but also brings the industry into a more modern space.
But there’s still so many potential tech developments yet to come that’ll make investing in property more seamless and less stressful.
Processes like conveyancing and mortgage approvals are slowed down to an insane degree by the need for wet signatures. Endless paperwork is still sent out via the post, which inevitably creates delays and hurdles for people on every side of the process.
Something as simple as a program or app that legitimises, checks and ultimately accepts online signatures at all the stages of letting and buying a property could save hours of time and ultimately thousands of pounds for property investors.
There are endless ways our industry can move into the modern era, and in the process make various scenarios easier for investors and other people interested in property.
As you can see, there is lots of proptech that could change the industry in 2021 and make your life easier – however it’s important to consider the time and energy you’d need to dedicate to them to make them work for you.
If you’re the kind of investor who has less time on your hands, we’d recommend sourcing the most reputable letting agent near you to manage your portfolio for you.
Note: The technology and businesses we mention here are in no way an endorsement or recommendation of any kind. There could be costs involved too. Please do your due diligence on any platform or technology you choose to give your details to.