There can be no question that PropTech is a rapidly expanding industry. The total value of real estate tech deals has more than doubled over the past four years, and the digital transformation of the letting industry only accelerated as the COVID-19 pandemic drove us all towards virtual solutions. Now, as the pandemic is gradually brought under control, we examine several transformative PropTech trends with the staying power to continue upsetting the industry.
Between agent time spent and the simple cost of fuel, the value of a single traditional viewing is approximately £23 – and with multiple viewings per property, and multiple properties per agent, those numbers start to add up. According to research from U-See Homes, the property viewings process costs UK estate agents an estimated £188.4m a year.
Given those numbers, it’s easy to understand why 72% of agents say that they will continue to offer virtual tours after the pandemic ends. It’s not just about the time and fuel cost, either – virtual tours are a clear value add for potential tenants, with users on sites like Zillow saving listings with 3D Home tours 32% more often than listings without.
Our earlier mention of fuel costs in the letting process points towards another major trend in the real estate industry: an increased focus on environmental sustainability. An estimated 68.3 million miles are driven for lettings viewings each year in the UK. That’s the equivalent of 25,000 tonnes of CO2, or the carbon equivalent of providing electricity to 4,250 homes for a full year.
PropTech provides the letting industry an opportunity to significantly reduce its environmental impact. From digital signing solutions (the market for which is projected to grow 26.3% annually through 2027) to virtual viewings, there are possibilities across the board for the letting industry to operate in a more sustainable way. PropTech also gives us the opportunity to help tenants make sustainable choices, with services like MyRentalCV Concierge designed to assist new tenants in setting up utilities, encouraging the uptake of green energy plans.
These trends represent huge potential for the letting industry, and they wouldn’t be possible without the innovative solutions being developed every day within the PropTech sector. We’re proud to be a part of that progress. If you’re interested in learning more, or in adopting some of the tech we’ve talked about today, you can click here to learn more about encouraging eco-friendly choices with MyRentalCV, or click here to get started with 360 virtual tours, video flythrough, and more with Riverview.
Let Tech Solutions Ltd is an Appointed Representative of George Stubbs Insurance Services Ltd, which is authorised and regulated by the Financial Conduct Authority.