The shift from paper-based to digital property inventory systems has been nothing short of revolutionary. Not so long ago, property inventory was a labor-intensive task that involved endless paper trails and filing cabinets. Today, digital tools have transformed this space, optimising efficiency and accuracy. This article delves into these advancements, highlighting the benefits, exploring real-world applications, and forecasting what the future may for property inventory technology.
Technological Advancements in Property Inventory Management
Advancements in property inventory management are reshaping the real estate sector. Here are some technologies reshaping the industry.
Proptech and Online Listings
Proptech, short for property technology, revolutionises the way we manage, buy, and sell properties. It optimises processes, improves customer experiences, and enables smart decision-making through data analytics. Online listings offer unprecedented accessibility and convenience, making it possible for property inventories to be viewed and managed remotely.
Artificial Intelligence (AI)
AI is driving a new era of efficiency and accuracy. With machine learning algorithms, we can predict trends, streamline inventory management, and even automate routine tasks. AI can analyse vast datasets far beyond human capacity, offering invaluable insights and real-time updates.
E-signing Services
The advent of E-signing services has eliminated the need for physical presence to validate property transactions. Now, contracts can be signed digitally, accelerating deals and ensuring secure, legally-binding agreements.
Internet of Things (IoT)
IoT, with its network of interconnected devices, has brought about a real-time, data-driven approach to property inventory management. Smart devices can monitor property conditions, automate maintenance requests, and ensure efficient resource utilisation.
Augmented Reality (AR) and Virtual Reality (VR)
AR and VR technologies are fundamentally reshaping property inventory viewing. Prospective buyers or tenants can now tour properties virtually, experiencing spaces in 3D without physical visits. These immersive technologies enhance customer experiences, making property selection more interactive and informed.
All these advancements collectively contribute to a more efficient, transparent, and accessible property inventory landscape.
The Benefits of Digital Property Inventory Management
Embracing digital property inventory management brings unparalleled benefits, including:
- Efficiency: Digital inventory management offers quick data access, real-time updates, and streamlined processes, enhancing operational speed and productivity.
- Accuracy: With automated data recording and analysis, digital systems minimize human error, delivering high accuracy levels.
- Cost-effectiveness: By reducing the need for physical storage and manpower, digital inventory systems significantly cut operational costs.
- Environmental Impact: Switching to digital methods reduces paper usage and carbon footprint, making inventory management more sustainable.
Why Choose No Letting Go?
No Letting Go’s DigiSign service is an essential tool for landlords and property managers, offering seamless automation for tenant check-ins. By handling tenant signatures digitally, DigiSign streamlines communication and allows for effortless amendments. With its emphasis on visibility and digitalisation, DigiSign not only simplifies the process but also offers a transparent, real-time overview of all check-in activities, making property management more efficient and convenient.
Conclusion
The transition from paper to digital property inventory management, driven by technology advancements like Proptech, AI, IoT, AR, and VR, has revolutionised the real estate industry. Services like No Letting Go’s DigiSign illustrate this transformation, offering efficiencies and innovations that make property management more streamlined, accurate, and cost-effective.
It can be tricky to make your property stand out from the crowd in the saturated property sector. So, how can you take advantage of the latest in digital photography software to ensure your property is snapped up by the best tenants?
That’s where 360° property photography comes in. Our virtual photography service could be the difference between blending in and beating the competition.
If you’re looking to attract more viewings and get ahead of the curve with the latest in PropTech, find out what this service could offer.
What is 360° Degree Photography?
360° degree photography provides interactive, panoramic images that place the viewer in the footsteps of the photographer. This type of panoramic photography allows you to ‘look’ up, down and to the left and right of the image for a full 360° view.
Panoramic photos are transformed via 360 degree photography software to recreate a room or space. (You may have seen this being used in google street view on google maps)
What is a 360° Virtual Tour?
A 360° virtual tour replicates a standard property tour or house viewing through virtual reality, allowing the user to ‘visit’ properties from anywhere in the world. Users are able to explore each room of the property from the comfort of their living rooms via a connected device.
The Benefits of Virtual 360° Photography Tours
With most property searches starting online, it makes sense to present your property in its best light. From saving time to gaining trust, here’s what 360° technology could do for your business;
Exceptional Property Marketing
First impressions count and 360° photos could give your property the edge. High quality images make you and your business look professional, and the more detailed images available of your property, the more popular it will be with prospective tenants.
Bring your property to life and highlight its best features with a full, virtual tour and help potential tenants picture themselves living in your property by exploring each room in detail.
Gain Tenant Trust
There isn’t really anywhere to hide when it comes to virtual photography tours. By providing a realistic picture of your property and putting every part of the building on display, you will gain trust from tenants. Essential for starting the tenant relationship off on the right foot.
Remote Property Viewings
A virtual tour can be accessed from anywhere- all you need is a digital device.
Save time and resources by allowing prospective tenants to experience an immersive online property viewing from home. This benefits tenants and property professionals alike, as tenants won’t waste time visiting unsuitable properties and lettings agents will have a narrower, targeted tenant pool to focus on.
This service could also benefit landlords who live abroad or a long distance away from the properties in their portfolio, allowing them to inspect their investment from anywhere in the world.
Quick Turnaround
With a 24 hour turn around, our 360° virtual photography service can be delivered quickly, so you can stay ahead in the dynamic lettings industry.
Our Property Reporting Software
Our property reporting software, Kaptur, enables virtual tours to be embedded into any compliance report.
Kaptur has been developed specifically for busy property professionals looking to streamline their workload. From custom reporting to location mapping- Kaptur represents the latest in PropTech.
How Can 360° Virtual Tour Photography Be Used?
We’ve partnered with Eye Spy 360 to offer a nationwide service helping landlords, estate agents and property professionals market and manage their property portfolios.
Here’s an example of when virtual tours could be utilised;
- Residential sales and lettings marketing
- Insurance inspections
- Block and property management inspections
- Derelict building inspections
- Property research projects
- Inventory and schedule of condition of large properties
- Commercial sales and leasing
- Build to Rent projects
Whatever the type of property, a 360° virtual tour could be of service.
Property Photography and Floor Plans
In addition to standard property photography as part of your visual inventory report, we also offer floor plan services to add to your marketing literature and reporting.
All of the No Letting Go surveyors are highly trained according to the Royal Institute of Chartered Surveyors (RICS) guidelines, ensuring a professional service with accurate results.
360° Property Photography Prices
Interested in finding out more? Get in touch to book a survey or find out how we can incorporate a 360° virtual property tour into a regular No Letting Go report.
To discover how else we could help, browse our full list of property management services.
In a rapidly changing world, the property management industry needs to keep up. With the widespread digitisation of products and services taking over almost every sector, estate agents, property professionals and landlords alike will need to stay on the pulse.
PropTech has become one of the latest buzzwords on everyone’s lips. However, this doesn’t look like a passing fad. Not only could property tech improve the property market, but it could completely transform it for the better.
With this year’s Future PropTech event coming up, we thought it was a good time to explain what PropTech is, and why as a landlord, you should embrace it.
What is PropTech?
Firstly, let’s try to define this much-used term.
PropTech, or property technology, refers to the digital transformation of the property industry. This includes innovative technology products to improve the real estate industry as a whole. From 3d printing and machine learning to big data and virtual reality, real estate technology is ramping up a gear.
So, how could PropTech benefit you as a landlord or real estate professional?
Simplifying Tenant Checks
There’s a lot that goes on behind the scenes for property professionals when letting a property. From tenant checks to inventory management, the list goes on.
New, smart technologies could help simplify and streamline some of these processes.
Moving potential tenant checks into the online space could be key in managing workloads. PropTech innovations can help this happen, by providing easy online systems or applications. These online systems can conduct credit checks, employment history checks and process references, all at a few clicks of a mouse.
Finding the Right Tenants
Artificial Intelligence (AI) is making waves in the private rental industry and could help landlords and tenants alike find the perfect match.
By providing accurate data, smart algorithms can pair landlords with the right tenants, eliminating unsuitable partnerships and saving time.
The Badi Platform, for example, helps novice landlords rent out spare rooms safely and securely.
Smart PropTech in the Home
Smart technologies using Internet of Things (IoT) technologies are becoming increasingly popular and widespread.
Smart meters, smart security and intelligent temperature control in the home, for example are all big attractions for potential renters. To stay ahead of the competition, getting excited about these advancements could benefit you as a landlord.
We’re not saying that every tenant now expects a smart fridge that monitors its contents, but high-speed broadband could be a game changer in today’s rental market.
Handy Mobile Applications for Landlords
Mobile apps are a great way of staying on top of your portfolio. There is now a growing number of mobile apps for landlords designed to save time and make your life easier.
From tracking rent to keeping important documents safe, there’s now an app for everything! There are apps for setting key reminders such as when to update your gas safety certificate, and apps to help advertise your property to the right tenants.
For busy landlords, these organisational miracles are worth getting excited about!
Collecting Rent on Time
It’s become so prevalent now that we can barely remember our lives without it but setting up online direct debits is all thanks to these new technologies!
By setting up regular, online payments with your tenants you can feel reassured that your rent will be delivered to your bank account on time, without having to chase it up.
This process has become even quicker and easier with the development of mobile banking, meaning you can access vital information and make emergency payment transfers on the go.
These technologies are evolving all the time, so who knows how convenient rent collection could be in a few years’ time!
Streamlining Maintenance Work
For landlords with several rental properties in their portfolio, dealing with routine maintenance can feel never ending.
New PropTech technologies can take the hassle out of maintenance by providing convenient apps and systems to make requesting and performing maintenance tasks easier than ever.
For example, a tenant could report a broken boiler on an app, which could then be assessed for level of urgency, then a message could be sent to both you, the landlord, and your chosen engineer or tradesperson. Uploading photos of the repair needed also cuts out the middle step of the landlord or letting agent visiting the property to assess the issue.
360 Virtual Reality Tours
Virtual reality is becoming more prevalent everywhere we look, including within the real estate market.
Virtual tours of properties allow buyers, sellers and renters to view buildings remotely. For example, if you’re a landlord living in a different country to your rental property, a virtual tour allows you to inspect your investment without the hassle and expense of travel.
It’s also a big draw for potential tenants who are often time-poor and can help your property stand out from the crowd in an increasingly saturated market.
No Letting Go provide a nation-wide 360 virtual tour service for all types of properties with a speedy 24-hour turn around. Our tours can be embedded into any compliance report or be used in commercial sales and marketing literature. A VR tour is a great way of providing a thorough inventory for tenants or for inspecting derelict or uninhabited buildings.
Future PropTech 2019
Future PropTech 2019 is described as the world’s number one PropTech event and is a great opportunity for landlords and property professionals to discuss challenges in the industry and collaborate to find solutions.
Through a series of talks, workshops and brand showcases, this event is an easy way of keeping track of current trends and gives you the chance to network with fellow property professionals.
Stay on the Pulse with No Letting Go
Here at No Letting Go, we are dedicated to staying ahead of the latest technology in the property industry.
For our reports and inventory services, we use Kaptur, the latest in property inventory software. It’s designed by property inventory professionals to provide the most efficient way to collect, prepare, report and manage information.
If you’re a landlord or property professional looking to get ahead of the PropTech curve, we could help. We have branches across the UK providing professional, comprehensive inventory services, unbiased compliance reports and property viewings.
Browse our full range of property services here to find out how we could help.