One-touch tech transforming property
We’re living in a ‘swipe right, scroll down, click here’ world so it’s only natural that property investment is moving into one-touch tech territory.
Face-to-face meetings, handshakes and ‘wet’ signatures using a pen – do you think these are archaic practices that should be consigned to the past? While the pandemic has certainly accelerated the ‘no contact’ approach to life, buying and renting was already moving to a more hands off approach.
Property will always remain a highly personal and customer service-driven industry – after all, it is the most expensive purchase someone will make, takes the form of a legal transaction and in the case of lettings, is a compliance-led sector - so it’s only natural landlords seek the reassurance of a real human. Property investment has, however, been weighed down by red tape and administration for as long as letting agents can remember.
The good news is one-touch tech is beginning to revolutionise how buy-to-let purchases, tenancy administration and property management is handled and, crucially, how quickly important milestones are completed. In fact, we have already reached the point where an investor can buy, let out and manage their investment property without physically visiting the property or seeing a single letting agent. Here’s how:-
- Viewings: while owner-occupiers still see value in conducting in-person viewings – and rightly so – property investors can afford to be more detached. Alternative viewing strategies, in the shape of ‘on your behalf’ visits, 360 degree tours and video calls (all offered by Viewber) – fill the gap between buying blind and visiting in person.
One of our property investor clients commented on our Instagram grid “Iain viewed the house I’ve just bought. I still haven’t seen it myself yet!” illustrating how investment decisions can be quickly and remotely when made in partnership with Viewber.
- ID verification: providing photo ID is a mandatory part of buying and renting a property but the days of hunting high and low for your passport - then trekking to the letting agent to show it as proof - are over. Tech, such as the Yoti app, front load ID verification. A user’s ID documents are verified and encrypted, using a face scan for security, as part of the initial app set-up. Once held securely, it’s then possible to share a passport or driving license with letting agents by pressing a ‘send details’ button on a mobile phone – whenever and from wherever.
- Mortgages: one-click mortgages are the way forward – find them online, apply for them online and get approval online. Shawbrook, Trussle and Habito all offer mortgages without the physical meetings and the latter also packages up the conveyancing process as part of the deal, for an even greater hands-off approach.
- Property maintenance: one of the ultimate ‘click’ experiences in property is offered by Fixflo – software that allows tenants to report faults and request repairs by clicking a series of images on screen, with a digital report sent at the touch of a button too. The app’s clarity allows the issue to be narrowed down precisely – an aspect loved by both landlords and property managers.
- Inventories: we’ve moved on from clipboards and pens, 100s of individual photos, printing out, scanning in and meeting tenants for a signature in favour of app-based, paperless approach to inventories. Companies including Inventory Hive are exploiting 360 degree camera technology, cloud-based storage and email approval processes so there’s no physical paper trail but the highest level of accountability and evidence.
If you’d like to know more about Viewber and how we can help you achieve a ‘one touch’ or even totally hand’s off property purchase, get in touch with the team today.