Will virtual viewings replace in-person home visits? Property technology start-ups were essential for Asian buyers during Covid-19 – and may even offer real-time smell, touch and temperature in future
- Proptech (property technology) has advanced in leaps and bounds in the real estate industry, enabling buyers to make decisions about overseas homes without having to travel
- Pave has seen Hong Kong investors interested in the UK, Canada and Australia, while parents look to London and Melbourne and holidaymakers target Thailand and Vietnam
Virtual viewings kept the real estate industry ticking over during the pandemic, and put proptech (property technology) start-ups on the map.
So sophisticated have their digital platforms become that a buyer no longer needs to physically visit a property to make a decision – especially helpful when the object of desire is in a faraway country.
Singapore-based real estate company One Global Group expanded its presence in the digital space in 2021 via a partnership with UK-based independent review platform HomeViews. One Global has been selling UK residential properties to Asia buyers since 2017, recording double-digit growth year on year in Hong Kong.
Eli McGeever, director of research and technology innovation at One Global Labs, said technology takes the guesswork out of buying a home overseas, particularly if the property is in an unfamiliar neighbourhood, or the developer is less well known.
One Global Labs provides buyers with access to a data hub with the latest property reports and local market information on new projects for sale. Various tools on the platform help buyers identify the right overseas property that meets their expectations and budget. These include data dashboards with market research reports, and for investors, analysis of the costs and returns associated with purchasing and owning an overseas investment property.
McGeever believes their HomeViews service will particularly benefit Asia-based buyers who are looking at buying property overseas.
Rory Cramer, HomeViews’ CEO and co-founder, said the platform, which is free for consumers to use, provides a level of insight and transparency around the building and neighbourhood that wouldn’t be possible from a virtual or even an in-person viewing. “It’s the conversation you wish you’d had with your neighbour before you moved in,” he said.
“We ask reviewers for a lot more information than other review sites,” adds Cramer. “This means our reviews cover the entire resident experience, including property management, and one of the questions we ask reviewers is, ‘What is the one thing you wish you knew before moving into this property?’ By analysing over 7,000 responses from our verified resident reviews, we are able to showcase the top 10 things buyers wish they knew before moving in.”
He insists the insights are trustworthy. “The checks we use to verify reviewers are the same as those used by credit card companies,” said Cramer. “Buyers can trust those reviews and confidently buy the best available properties based on real resident insights.”
According to Cramer, visitors to the website from Asia want to primarily learn more about the location of the property, including education networks in the area, and security.