COMMENT Technology has never felt more vital than during 2020. By connecting us with loved ones, arranging grocery deliveries and enabling many of us to work from home, it is technology that has helped to keep the country moving.
Within the property industry we have been embracing technology for many years and a growing number of proptech start-ups are constantly seeking ways to make the buying and selling of homes easier. But there are elements of the process which have remained unchanged for decades.
Unchanged, that is, until we were faced with a pandemic and the social distancing restrictions it has necessitated. Suddenly, practices which for years have been the unquestioned norm became both risky and illegal. It was no longer deemed safe to hold property open days, welcoming dozens of visitors into a small unventilated house. And a crowded auction room where people sit shoulder-to-shoulder – often with standing room only – became considered a high-risk activity.
Enforced innovation
In common with the vast majority of customer-facing businesses, property firms around the world have had to find new ways of working safely within social distancing guidelines – with an even greater reliance on technology.
It is the existence of cloud-based phone systems and platforms such as Microsoft Teams that enabled our entire team to transfer to working from home within 24 hours of the initial lockdown announcement. This has proved so successful that even in a post-pandemic climate, we see no need to return to the old ways. Why waste precious hours travelling across the country to meetings when you can get started on a video chat within seconds? It’s better for the environment, too.
There have been many column inches devoted to remote working this year because it has the potential not just to change the face of the workplaces but our cities.
Less publicity has been given to new uses of technology within the property industry which have highlighted that the old ways aren’t always the best.
It is now possible for a customer to complete the whole auction buying and selling process without leaving the house. Desktop valuations carried out by an expert with local knowledge give sellers a realistic guide to their property’s potential.
Virtual viewing software allows potential buyers to explore properties from the comfort and safety of their own homes. Innovations such as this mean house hunters no longer need to visit a property in person which, in the current climate, is an important safety consideration. But virtual viewings offer other benefits which I am confident will continue to be appreciated in a post-pandemic property market. House hunters can now hone their property search without wasting travel time or fuel, and share the link with tradespeople to get any idea of any refurbishment costs which may be required.
It is now possible for a customer to complete the whole auction buying and selling process without leaving the house
Customers can watch auctions online and bid remotely, too; essential in 2020 but undoubtedly convenient in any year. In a timed auction, buyers place bids online, just as on any auction website. In an auction event, they can watch the auctioneer on the rostrum and place bids online, on the phone or by proxy. For buyers, this is more efficient than taking time out of a busy schedule to visit an auction venue, perhaps to bid on just one lot which they may not win. This is even more evident if they have to travel some distance.
Breaking down barriers
By eliminating the obstacles of having to travel – either to view a property or to bid in an auction – geographical barriers have been broken down and location has become irrelevant. Now anyone can buy or sell property to anyone, anywhere, opening up the market to a much wider audience.
Many of these remote practices were already in use, albeit largely by experienced investors, but the pandemic has made them more universally acceptable. And I believe the innovative systems introduced to make business possible during the current crisis will remain in use by at least some clients because of the convenience.
Businesses – ours included – have realised that the new practices introduced out of necessity are worth keeping because they are actually an improvement, facilitating a more streamlined and efficient service.
The coronavirus crisis has been terrible for far too many people, there is no doubt about that. But it has instigated some truly creative solutions which have the potential to shape the future of the property market. What many thought was a case of making do has turned out to be a case of making better and, thanks to technology, buying and selling auction properties has never been easier.
Andrew Parker is managing director and auctioneer at SDL Auctions
