The COVID-19 pandemic has transformed lives and industries across the world throughout 2020 and 2021. With large numbers of people forced into lockdown for months at a time, our global digital dependence has been thrust forward by an estimated seven years. For the property market, this has resulted in a whole new way of doing business.
As a result, property experts – such as Sam Najafi, property writer – have taken a keen interest in any new transformations across the global property industry.
From Personal to PropTech
One of the key transformations for the property industry has been a seismic shift from personal service to a technology-based experience. Prior to the pandemic, virtual house viewings were a rare occurrence and the basis of most property sales was one-to-one interaction. Estate agents were valued for their ability to connect with potential buyers and use their interpersonal skills alongside industry knowledge to clinch a sale.
Today, only buyers that show ‘serious interest’ will ever physically view their potential new property. Virtual viewings have come to be seen as a convenience for buyers, who can see and get a feel for any properties they may be interested in without facing any geographical barriers. Estate agents around the world are now turning to PropTech as their primary resource.
A definition of PropTech can be found in the embedded short video.
Changing Consumer Habits
Consumer habits have also been affected by lockdowns and social distancing regulations when it comes to the most desirable properties. With months of being confined to personal properties behind us and the potential for more lockdowns looming in the future, property buyers’ concerns are now focused on having a combination of private gardens and nearby green spaces.
This re-evaluation of what is important means city properties that would previously have been easy to sell are suddenly undesirable, while properties in more rural areas are working their way to the top of the list.
Removing Location Barriers
PropTech, virtual viewings and online property auctions are all removing prior location barriers when it comes to purchasing property. Buyers are no longer forced to travel to bid on properties. This ties into the current trend of convenience when it comes to making any form of purchase. Buyers today can see everything they need to see, access all relevant documentation and make their property purchase from the comfort of their own homes.