Prop Tech: The Emerging Giant
Last updated 06/08/2018
It could be argued that the property market is slightly resistant when it comes to change.
The birth of Prop Tech (read our article here on What Is Prop Tech?) has changed the face of the property market in a very short time but what do we really know about Prop Tech, the emerging giant?
In 2018, we bank differently, we shop differently and we communicate differently. Keeping in touch with one another is a whole evolution away from where it was 10 years ago.
Therefore, buying or selling a house, investing in property development or even applying for a mortgage was bound to be next. Enter, prop tech, the emerging giant. Revolutionising the property market as we once knew it.
Modern millennials, due to political, financial and other factors, are now less likely to get a foot on the property ladder and are having to instead rent for longer periods of time. The average age of a first time house buyer is 31, which means the demand for rented houses is increasing.
Software can be used to analyse the data of who, where and when people are buying houses and what is trending within the market making it easier for an investor to spot a good deal.
With the many online brokerage apps, house listing and searching tools. thousands of mortgage deals can be viewed finding the best deal and offering more transparency.
With such an abundance of information now accessible at your fingertips, it's easy to see why Prop Tech is an emerging giant in the property sector.
With the introduction of up to 3% stamp duty land tax and the proposed withdrawal of mortgage tax relief schemes by the government, we are moving into times where we're more dependent on instant analysis.
Prop tech is the emerging force which makes property development and property investment more accessible than it has ever been.
JaeVee, Your Property Partner, has designed a powerful Prop Tech platform which helps you tackle the more complex areas of property development, making it more secure, easier and quicker for the property developer and investor alike.
The ability to pay on the go, view a house and it's potential via virtual reality as well as access property investment platforms are all becoming a firm fixture in the future of the property market.
Online estate agents are an increasing trend. Especially those that do not charge a high commission as companies are forced to show transparency to the consumer to gain their trust online.
Augmented reality, virtual reality and more sophisticated data analysis will soon be standard practices.
Once the made up fantasies of a science fiction film, will now see you being able to buy a house without ever even seeing it.
The possibilities are endless, and gone are the days where the property sector remained stubborn to change instead for those that wish to keep up, it means embracing prop tech.
It is more than a movement, it is an emerging giant for change.
For more information on property development, have a look at the JaeVee Blog