Embracing Proptech is the future according to conveyancers
According to Property Week’s recent survey, conveyancers are excited by the increased use of proptech in the property industry.
The report found that 61% of respondents believed that technology will only have a more positive effect on the home buying process and company revenue over the next five years; this statistic has risen from the 48% taken from the 2017 survey.
When asked if respondents thought their business was willing to embrace and adopt new technologies, the 2018 survey found a percentage increase of 12%, rising to 68%, compared with 56% in 2017.
This suggests that property professionals are enthused by the prospect of using more technology to improve the conveyancing process.
The wish list for property professionals have also been made clear in the report. 23% would use technology to improve analytics and forecasting tools whereas 21% would use technology to create stronger digital links with partners and the marketplace.
Whilst reviewing the use of technology in the current property market, overwhelmingly, 43% agreed that digital-first estate agencies had been the most significant use of technology.
Speculatively, the majority of those surveyed believe that artificial intelligence or machine learning and decision making will be the dominant technological change over the next five years.
Darren Williamson, partner and national head of real estate at Freeths has commented: “The survey reflects what I am seeing, a ‘digital roadmap’ on the boardroom agenda. The frustration is deliverability and companies need to be open-minded about working with proptech providers to develop solutions.”
Potentially, this is a ‘one giant leap’ moment for property professionals. However, with any innovative idea there is likely to be resistance because of the unknown. This continues to be the case with 47% of respondents maintaining that technology adoption remained limited because proptech was not fully developed. This fear had increased by over 10% from the 2017 statistics.
With the technologically driven millennial generation beginning to age, it would seem that the conveyancing sector is going to need to adapt to the needs of this significant and increasing section of the market.
When technology is used to make the majority of our lives simpler and easier, it will be unlikely that future home buyers will accept a home buying process that does not adopt technology in some capacity.
The question remains whether the intentions of respondents to adopt technology will convert into a home buying sector taking the proverbial ‘giant leap’ into the speculative unknown of proptech investment.
Have your company used proptech services and technology to improve the home buying process? Do you think that this sector, much like the ebubble of the early noughties, will too easily burst and lose momentum?