By Ivan LimWho would have imagined 20 years ago that the first place we d look when renting or buying a house would be on the internet?
The property space is one of the industries heavily disrupted by technology, and it continues to evolve.
The consumers are the obvious winners, as the entire premise of these changes is to make their life more convenient and give them greater choices.Looking forward, a lot can change.
The prop-tech space has tremendous opportunities for growth and transformation.
The use of VR in property is already a US$1 billion industry globally, and Goldman Sachs estimates that it is set to treble by 2020.Australian startup StartVR is currently offering Real Estate VR among its other VR-related services, while Sotheby s International Realty have already started showcasing high-end properties in Los Angeles using Samsung s Gear VR last year.This trend, brought to local context, has caught up with us quicker than we think.
A few property sites are already experimenting with virtual tours of homes on their platforms to encourage home renters and buyers to experience the living space in a more real way — without actually having to be at the property physically.Smart contracts and Blockchain techCarrying out property transactions over the internet, much like buying books or food, will soon become a reality for everyone.