How PropTech is Driving a Digital Revolution

Posted by The Landsite on 7th November 2022 -

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Our latest in our Spotlight On series features CGEye - Leaders in CGI visuals

If somebody asked you what PropTech is, you'd probably refer to the digital transformation of the property industry. It started with the likes of Rightmove and Zoopla, offering consumers the opportunity to house-hunt online. Today PropTech encompasses a vast number of companies with digital solutions that provide more than enabling online searches – innovations focused on offering easier and hassle-free solutions for all areas of the property industry.

For landlords, PropTech software has improved how they manage their properties and tenant experience. Landlords can track rent, store important documents, set reminders for key tasks, and manage maintenance tasks online. Tenants can sign agreements, pay their rent and report repairs via management software that improves communications between landlord and tenant. PropTech is making property maintenance and management more cost-efficient and hassle-free.

Today designers and architects can showcase their vision during project planning stages using 3D architectural and visualisation to create a detailed picture. Using CGI renderings means property developers can push their creativity and save on costs.

And forward-thinking companies like CGEye, one of the UK's leading providers of high-quality CGI visuals, take this even further, offering augmented reality, virtual reality, interactive applications and verified views to their clients.

Augmented reality (AR) is where mobile applications overlay digital models onto the real world through your device's camera. AR lets you enhance or represent real-world environments. Unfinished properties can be viewed in their finished state, and empty spaces can become fully realised. The ability to share a visualisation of something that has not yet been created can offer you competitive differentiation, operational efficiency, inspiration, and the opportunity for innovation.

Virtual reality (VR) gives the user a fully immersive and interactive digital experience using a VR headset. Rather than looking at a 3D design, you can step right into it. You no longer need to physically stand in a building to view it. Property buyers can even experience a home before it's been built, as VR allows them to walk around and soak in the atmosphere.

Interactive applications are used in sales suites and online to show site plans, individual house types and 360 street views. While verified views are where CGEye work with a surveyor using their data to create a survey accurate visual (following the Landscape Architect Type 4 guidelines), which are becoming more important in supporting planning applications.

While the property industry is slow to change, according to the KPMG Global PropTech Survey 2019, the past decade has seen PropTech revolutionise how properties are developed, sold and managed. Digital transformation will be fundamental to every property business's success.

The opportunities for innovation are seemingly endless – so what's next? Digital real estate?

With the rise of the Metaverse, digital real estate has grown rapidly over the past five years. Metaverse real estate are parcels of land in virtual worlds. Prices for plots have soared as much as 500% since Facebook announced it was going all-in on virtual reality. The Metaverse is effectively a 3D version of the internet – a virtual world where we could all eventually spend time and where companies will want to reach new customers.

We might not be ready to join the Metaverse just yet, but investing, adopting and using PropTech in multi-faceted ways will ensure we are part of the digital revolution.

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