Vast majority believes technology has significantly transformed the market for the better
Technology is transforming the UK property market, with the majority of industry professionals citing significant improvements in both operational efficiency and consumer experience, according to a recent survey by digital property pack provider Moverly.
The survey, conducted among UK property professionals, revealed that 90% believe technological advancements have substantially altered the landscape of the property market. Furthermore, 76% noted that these changes have positively impacted the efficiency of buying and selling homes, while 70% agreed that technology has enhanced the experience for buyers and sellers.
Among the most influential technological developments, online property portals were highlighted as the most beneficial. These platforms allow agents to advertise properties on a national scale, enabling buyers and sellers to search for homes conveniently from their own homes.
Property management technologies, such as cloud-based systems, ranked second in terms of positive impact, followed closely by online conveyancing services. Other notable advancements include augmented reality, 3D floor plan technology, and customer relationship management (CRM) systems. However, digital services and chatbots used for managing customer relationships were seen as the least effective technological improvement.
“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, while also providing a better product to the consumer as a result,” said Gemma Young (pictured), chief executive of Moverly.
“However, it’s fair to say that there’s still some way to go, and while 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.”
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