2020 was a transformational year for technology, as COVID-19 forced remote working and saw ecommerce boom. Now in 2021, the property industry in Ireland should see greater proptech come to the fore. There is no doubt there are Technology opportunities for the Irish property industry. Head of Operations at Grayling Properties, Dearbhla Farrell, discusses three top opportunities for the property industry this year.
VIRTUAL VIEWINGS 2.0
Virtual viewings and live “walk-through” video tours are thriving in the current landscape. This technology, which allows prospective buyers, investors or tenants to immerse themselves in a property without ever setting foot inside the space, looks like it is here to stay. It is something that we use with Grayling apartments, and while it accelerated in 2020, we predict 2021 will see even greater investment in the area, with professionally filmed, high resolution, 3D video tours. While providing fully immersive and truly interactive 360° walk-throughs for the investor and buyer, it also has long-term benefits for property managers — pre-qualifying buyers, reducing physical viewings and minimising time and disturbance for vendors.
eConveyancing, or electronic conveyancing, is the ‘electronification’ of the conveyancing process through all stages, from pre-sale to post-completion. It has been on the agenda for some time — since 2005 — but in the past year has gained momentum with renewed calls for it to be widely introduced to simplify and speed up the process.
According to the Overview of the Proposed eConveyancing System by the Law Society of Ireland, electronic conveyancing benefits include:
- Reduce conveyancing transaction time – from months to a matter of weeks
- Reduce costs – associated with the multiple movements of paper
- Reduce risk – due to reduced gaps in the process and secure transfer of funds
- Reduce opportunity of fraud – purchase monies independently managed
- Reduce errors and delay – documents are system-generated
- Improve transparency – solicitors on both sides and banks all have system access
- Increase consumer confidence in the process – with modernisation, simplification and standardisation
Terry O’Malley of Eversheds Sutherland wrote an article on how COVID-19 may jump start eConveyancing in Irelandgiven that many property transactions have been put on hold due to reasons such as the inability to exchange and/or receive original documents. The Law Society is currently working on establishing a model of eConveyancing that works for the Irish conveyancing system and hopefully the momentum from 2020 will continue and it will become a reality this year.
When used in the right way, data and augmented intelligence can create competitive advantage — this is no exception in the property industry. Data analytics is something that we already provide at Grayling Properties through our property management and asset management services, and we see the use of it only growing in 2021. It empowers our clients to make smarter investment decisions, as we can mitigate risks through the provision of accurate predictions. Intuition and traditional data, while still relevant, should no longer be solely relied on, and instead advanced analytics need to be built into portfolios, which will ultimately transform the real estate industry.
There is no doubt there are Technology opportunities for the Irish property industry.
If you are interested to hear more about how Grayling Properties can work with you to manage your property portfolio, contact our Property Management Team today at email@example.com