Every industry continuously evolves as a result of technological advances, and the property industry is no different. The last twenty years have seen a huge amount of change as a result of the internet. These are just five ways the internet has seriously impacted the property market:
Online Estate Agents
The birth of online estate agents had a big impact on the traditional estate agency industry. Homeowners had been used to paying high street estate agents at a rate of around two percent of the sale price of their property. An average figure of £5,404 in 2016, according to Lloyds Bank.
When online estate agents came on the scene, and offering to sell your property for a flat fee, usually of between £300 and £1,500, you can understand why the public sat up and paid attention.
Online estate agents haven’t taken off in the way many people expected them to, and they’ve struggled to offer the level of customer service they initially promised, but their arrival has definitely stirred up demand for a new way of doing things.
Online Property Portals
Online property portals such as Rightmove and Zoopla have revolutionised the entire property industry. You can now search for a property in any UK location, see internal photographs, floor plans and energy efficiency information without leaving the comfort of your own home.
You can now find a wide range of property data online. Sold house prices, planning applications and a wide range of other information about a property is within easy reach. This has a wide range of uses, but it is particularly useful if you want to sell your house quickly and are trying to price your property competitively, or if you are thinking of moving somewhere new and want to research the local area.
Virtual Property Styling
Virtual property styling is a great tool that is now growing in popularity. A virtual home stylist will mock up internal images showing the property’s potential, in addition to its current condition. Empty properties, and those with dated interiors, are notoriously difficult to sell, with would-be buyers struggling to imagine themselves living there. By demonstrating how a property could look, virtual home styling can attract buyers that otherwise may overlook the property.
It is no secret that many people find it incredibly difficult to get a foot on the property ladder. Property crowdfunding allows would-be property owners to club together with others from around the world to purchase a property. You can own a slice of a property from as little as £1,000, and then choose to benefit monthly from property rental income, or to take a cut of the profits at the point of sale. It’s a great option for those with buy-to-let aspirations, but don’t want the day-to-day hassle of property management, or those who want to spread their investment across a number of different properties.