It is no doubt that everyday, technology continues to change the nature of the property sector and drive the rise of the Proptech space. Property data has become increasingly more available and is just one example of how technology is revolutionising decision making, productivity and planning for investors, developers and agents.
From an investor point of view, data insights play a pivotal role in helping make evidence-based decisions using historical market data to help predict future trends. Increased availability and ease-of-access to data allows investors to quickly search and analyse an array of information from capital growth rates and rental yields, through to in-depth street data and demographics – making their decisions more efficient and more informed. Investors can more easily map out their risks and returns based on a relevant set of variables in order to optimise their property returns and build a strong portfolio of assets. Here are some examples of the types of data increasingly being used for decision making.
Geospatial technology is increasingly becoming more important to property professionals. This type of proptech means that information such as the volume and location of new developments, their proximity to each other and the proximity of amenities and infrastructure to developments is always available. This data proves to be extremely useful for agents when presenting properties to clients, especially if their clients are based in another country and have limited access to the area they are considering investing in. There are currently thousands of satellites orbiting the earth collecting real-time data, alongside drones that are being used to capture aerial videos and photos of suburbs and properties, making geospatial technology a credible source of up-to-date data.
Virtual reality is an form of visual data that also means great things for the property industry, especially in terms of off the plan. Both agents and investors near and far can step inside and experience a 3D visualisation of a property, which is breaking down geographic barriers and widening sales opportunities for agents.
Machine learning is another area that will continue to develop in the future. This form of technology is pushing boundaries in terms of sorting data based on personal profiles and preferences and pushing out relevant, tailored information to make decision-making more efficient for investors and agents.
Proptech data will rapidly advance in the next few years and will become smarter, richer and more readily accessible, making the industry more transparent and making decision making more accurate.