Text by: Eli McGeever, Director of Research & PTechnology Innovation at One Global Labs
Proptech has gained popularity over the last few yea rs as tech continues to touch different industries from Fina ncial (fintech) to Medical (medtech) applications. It is the application of technology to create solutions for the property industry, which has traditionally been seen as a slow-moving dinosaur. When it comes to rolling out the la test technology and innovation, in ma ny ways this is still the case, however it is slowly changing and the industry is evolving.
Property has ma ny subca tegories, from residential to industrial to commercial. There a re many ways that technology can be applied to the industry, from solutions that are aimed at improving the carbon footprint of development, those that focus on improving the efficiency of property agents, to solutions that give buyers more transparency and insight into their transactions.
In this article, we’ll look at some of the proptech solutions that help property buyers, in particular, international property buyers, in their search, evaluation and management of their overseas assets. Online education and training are helping to boost buyers’ knowledge and confidence when investing. Cashflow forecasts help to give a guide as to how an asset might perform over the medium to long term, as well as better understand the costs associated with an investment and their portfolio. Virtual Reality (VR) / Digital Twins help to bring an ‘off-plan’ property to life giving a sense of space and a better understanding of the property when completed. Automated valuations can keep an eye on the value of
your property daily – as properties all perform differently a nd compa rison tools ca n help to make the final purchase decision by being a ble to compa re properties side-by-side.