The latest industry insight from Material Information and digital property pack provider, Moverly, has revealed that the vast majority of property sector professionals believe that technology has helped improve both the operational efficiency of the property market, as well as the consumer offering provided to buyers and sellers, with the evolution of property portal and online conveyancing voted amongst the most positive changes due to tech.
The survey of UK property professionals*, commissioned by Moverly, found that: –
- 90% believe that the advent and introduction of technology has notably changed the landscape of the UK property market.
- 76% believe that due to advancements in technology, the property sector has changed for the better when it comes to the operational efficiency of how we buy and sell homes in the UK.
- 70% also believe that the advancements of technology within the sector have helped to improve the experience provided to buyers and sellers.
But which improvements have made the most positive impact?
- Property professionals voted online property portals as the tech advancement that has made the most positive impact to the UK property market, allowing agents to advertise at a national level, whilst buyers and sellers can search for their new home from the comfort of their sofa.
- Property management technology such as cloud based systems ranked as the second most positive change, with online conveyancing also ranking high, followed by augmented reality and 3D floor plan technology and CRM systems.
- But while customer relationship management improvements may have ranked highly, digital services and chatbots used to manage these relationships were seen as the least positive tech advancement.
Gemma Young, Moverly CEO, says:
“The industry has come a very long way thanks to the evolution of technology and it has allowed us to streamline the property transaction process immensely, whilst also providing a better product to the consumer as a result.
However, it’s fair to say that there’s still some way to go and whilst there will always need to be a balance between great tech and great people, current technology offerings are fragmented at best.
As a result, there remain many areas of the home buying and selling process that are susceptible to operational inefficiencies and we believe that upfront material information is the next step in improving the process so that the other cogs in the machine can continue to turn unhindered.”
