How PropTech is advancing real estate even during the Lockdown
Category News
More than anything else, the Covid-19 Lockdown has highlighted how technology has become a catalyst in real estate. While physical viewings, bond applications and transfers are delayed, Seeff agents have not been sitting idle. To the contrary, they have harnessed the power of PropTech to assist sellers and buyers with their property needs.
Using technology to find your next property purchase
With paper-based property advertising a thing of the past, the Seeff.com website and property portals are now the "go to" place for buyers to start their property searches. Digital has made it possible to provide significantly more information about the property, its location (often geo-mapped), an album of images and a video/virtual tour and immediate access to the respective estate agent.
Communication with estate agents and modern marketing methodologies
Mobile and digital calling and video means that agents are available 24/7 and can quickly provide assistance and information. Virtual Reality (VR) makes it possible for potential buyers/investors to even do a 3D virtual walk-through. Digital marketing has given agents more options to promote and market client properties via a wide range of digital tools including digital newsletters such as this.
Virtual Property Valuations and Offers to Purchase
Virtual property valuations mean that sellers don't need to wait and can list their properties so as not to lose out on any potential offers but it's important to work with a local area expert to ensure you get the right advice. At the same time, there is also no need to wait if buyers want to put in an Offer to Purchase. Although the Alienation of Land Act requires handwritten signatures on a Deed of Sale, the contract can be done digitally with suspensive conditions such as it being subject to a physical viewing etc. and then signed once the Lockdown is lifted.
Property management systems boost rental investment prospects
For those looking to invest in a rental (or current landlords), the advancement of property management systems adds a layer of comfort. The entire rental process can now be managed digitally, from the vetting of tenants, to invoicing and reconciliations, automated rent collections, management of late payment and delinquencies, maintenance and more. This is a significant benefit for buyers/investors looking to invest in the rental market.
What's next for real estate?
Deeds Offices going digital - in terms of the new Electronic Deeds Registration System Act a centralized computer system (Electronic Deeds Registration System (e-DRS) is set to replace the manual system and allow for electronic preparation, processing and registration of deeds. This will allow for electronic signatures as well as more accuracy. Blockchain technology, a significant advancement in terms of secure signatures and payment options is also expected to find its way into real estate.
Role of estate agents in the world of advancing technology
While technology is an enabler of property transactions, the estate agent provides the vital area insight, potential buyer pool and appropriate marketing tools for the property. The agent is the dealmaker who negotiates the best deal for both seller and buyer and then monitors and manages the transaction to its full conclusion when transfer is effected.
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Author: Gina Meintjes
