The property industry has undergone a digital transformation in recent years. From augmented reality home tours to automated valuation models, technology is changing how properties are marketed, valued, and sold. This technological evolution aims to improve efficiency, reach more buyers, provide a better customer experience, and gain a competitive advantage. Lets dive into some property marketing technology.
The Rise of Online Property Portals
The early days of property marketing centered on print ads in local newspapers and magazines. This evolved into proprietary property websites in the 1990s where estate agents listed properties for rent or sale.
The launch of digital property portals such as Rightmove in 2000 and Zoopla in 2008 ushered in a new era, providing U.K. home buyers and renters an easy way to browse properties from the major estate agents on a single platform. Their popularity has made them an essential online marketing channel for agencies to feature their property listings and maximise exposure. Today, over 75% of prospective buyers use these portals when house hunting.
The Influence of Social Media
While online property portals remain dominant, social media presents new marketing possibilities for property agencies. Over 80% of home buyers use social networks like Facebook and Instagram during their research process.
Agencies use platforms like Instagram to give quick video tours of new listings. Facebook groups focused on properties in specific cities or neighborhoods to build connections with engaged local audiences. Strategic use of social media expands an agency’s reach beyond property portals. If you want to conquer social media, you should be extra mindful about the property photos you capture.
Automation Tools Gain Traction
Manual tasks like listings management and lead follow-up have hampered agent productivity. New PropTech tools use automation and AI to save time on admin work so agents can focus on high-value activities. Customer relationship management (CRM) platforms streamline lead acquisition and communication efforts in a single dashboard.
Automated valuation models deliver faster home appraisals using local market data and comparable sales. Machine learning algorithms even create property descriptions and listings automatically from basic inputs. As these AI-enabled solutions mature, agencies stand to improve significantly on efficiency and response times.
The Rise of 3D Home Tours and Augmented Reality
Staging a home to attract buyers is costly and time-consuming. That led to the evolution of 3D home tour technology powered by computer vision and photogrammetry. Using a smartphone camera, agents can capture a property’s dimensions to build an interactive 3D/VR model for online viewing. This can take virtual staging to the next level.
Digitisation makes empty properties more appealing to prospective buyers. Augmented reality (AR) offers an even more immersive experience via smartphones and virtual reality headsets. Buyers can digitally walk through a life-sized 3D replica of homes. Interactive AR also details furnishings, lighting changes, and more contextual data difficult to portray in photos. As both technologies mature, virtual access promises to further supplant physical viewings.
The Future with Big Data and Blockchain
Looking ahead, big data aggregated from property websites, public records, IoT sensor networks, and consumer tracking promise more predictive insights to optimise pricing and time-to-sell. Meanwhile, blockchain technology tagged to digital land titles and property transactions could eliminate paperwork, speed up buying/selling, improve transparency, and reduce fraud. While adoption remains in early stages, the long-term implications for agents are increased efficiency and higher customer satisfaction. Property marketing technology is always developing, we will keep you posted here!
