Property portals and online conveyancing ranked as most positive property market innovations

Property portals like Rightmove, Zoopla and OnTheMarket, cloud based property management system, and online conveyancing have been ranked as the most positive technology innovations in the property market according to a recent industry poll.

Conversely Digital and instant AML and ID verification and chatbots for website customer service are considered to have had the least positive impact on the way the property market operates from a list of options which includes augmented reality floor plans, drones, and digital tenant screening. The poll, which was carried out by Material Information and digital property pack provider Moverly, was focused mostly on the estate agency market.

Which of these innovations has made the most positive impact when it comes to the way the property market operates? Ranking
Property Portals 1st
Property management tech such as cloud based systems 2nd
Online conveyancing 3rd
Augmented reality/3D floor plans and mapping for listings 4th
CRM Systems 5th
Digital tenant/buyer screening 6th
Drone technology for listings/inspections 7th
CGI and other imagery technology for listings 8th
Digital/instant AML and ID Verification 9th
Digital services/chatbots for website customer service 10th

Unsurprisingly nine in ten respondents suggested the introduction of technology has changed the property market greatly with three quarters going on to say the change was for the better. However, when it came to the consumer experience, 30% of respondents indicated the change had neither positively or negatively impacted the consumer proposition (20%) or had negatively impacted the consumer proposition (10%).

“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, whilst also providing a better product to the consumer as a result. However, it’s fair to say that there’s still some way to go and whilst there will always need to be a balance between great tech and great people, current technology offerings are fragmented at best.”

said Gemma Young, Moverly CEO, on the results of the poll.

“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.”

One Response

  1. So the people who completed the poll were estate agents?

    And the people who get financial kick-backs from the online conveyancers are estate agents.

    And the poll found that estate agents think online conveyancers are great?

    Startling findings.

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