The world is on the cusp of the Fourth Industrial Revolution where physical and digital worlds are intersecting and changing the way we live, work, and interact. Every day, new technologies are being developed to disrupt existing traditional businesses. The ongoing COVID-19 pandemic has further accelerated this trend.
Today, every industry is being disrupted by technology, including the real estate industry. Here are some of the most innovative companies that are changing the way you will be buying your next property.
1. Matterport: Virtual Property Viewing
Real estate is a physical asset where worth is based on its location, the structure of the building itself, and the materials used to decorate the interior. It is unlike other assets like stocks and crypto where you can make your decision by doing some research online. For property, you really need to make your way down and check every brick to make sure that there are no defects before you make your buying decision.
Thus, if someone was to tell you that virtual property viewing will become the hottest trend in this decade, you might be laughing at how silly that suggestion is. Who in the right mind will buy a property with just a virtual viewing? Well, thanks to COVID-19 and the multiple lockdowns across the globe, virtual property viewing seems to have caught on. In fact, someone really did that and paid $2.2M for an inter-terraced house without even stepping foot on the property.
Source: Matterport
Matterport is one of the leaders of this innovative and disruptive service of virtual property viewing. They provide a 3D capture service that turns a physical showflat into a virtual showflat that you can explore from the convenience of your devices. The experience is so real and immersive that it feels as though you are almost physically at the showflat itself. There is even the option to use a Virtual Reality (VR) headset, which can make the experience feel even more surreal.
The benefit of having virtual property viewing is that you don’t need to make the trip down to the showflat. Yet, you can still experience how it will feel like in reality. Plus, you also don’t have to squeeze with the crowd, especially for popular new launch where the showflat might be packed with people which often obscures your view. With the rise of virtual property viewing, many new launch condos now offer both physical and virtual viewing.
2. Hausanalyst: Digital Twinning
Matterport’s service allows you to turn physical reality into virtual reality. The thing is, the physical showflat or unit still needs to be built first before the 3D capture service can do its magic. What if there is a way to represent the space virtually and render it as though it is a space in the real world without actually building it? That service has a name and it’s called digital twinning. It has been tipped to be a revolution that will transform the way we design, according to Anne Asensio of Dassault Systèmes.
Digital twinning is the synced virtual representation of a physical space. You can think of it as a doppelganger of the physical space. The benefit of digital twinning is that it allows you to experiment with the property space. For instance, you can run sun and wind simulations to figure out the best way to lay the different blocks. You can also try out various interior design layouts until you are satisfied with the best design. You can even simulate views from the unit from a high-rise apartment that hasn’t even been built.
Source: Hausanalyst
Hausanalyst is a digital twinning service provider that uses digital twinning to help you make better property decision. For example, they do digital twinning for Build-To-Order (BTO) flats so that you don’t just rely on the BTO brochure to make the decision on which unit to settle for. You can check out which unit has the best wind condition, whether the unit is affected by west sun, and even the view from the unit to the neighbouring estate.
3. FastKey, Showsuite: Workflow Automation For New Condo Launch
One of the key benefits of digital technology is the ability to automate mundane and repeated workflows. At the same time, measures can also be put in place to prevent human errors and unfair practices. FastKey and Showsuite are two tools that provide workflow automation for new condo launches.
Source: PropertyGuru
With apps like Fastkey and Showsuite, you have end-to-end tools to automate the full project cycle of a new launch condo from launch to sale closure. Data about potential buyers are stored in the customer relation management (CRM) system that helps property developers consolidate, assign, and track leads. These leads can then be funnelled into the final balloting process, which is also automated by the tool.
The rise of workflow automation tools like Fastkey and Showsuite improves the whole user experience for potential homebuyers. You can find all the information you need about the new condo launch easily as information such as floor plan, virtual views, and links for making agent appointments in a centralised location.
The consolidation of information makes it easier for you to get a comprehensive view of the new condo launch and also lets you focus on analysing the launch rather than wasting time to gather data about the launch.
4. Mortgage Master: Digital Home Loan Comparison
Planning your finances and choosing the right mortgage package is an important step in buying a big ticket item like property. Unfortunately, there are many inefficiencies in the whole mortgage process. There is an information asymmetry problem in the mortgage industry. Did you know that a homebuyer spends around 10 hours of research to assess 15 different banks in Singapore?
Each bank touts that it is providing the “best” offer but the problem is the “best offer” information is hardly found on the bank’s website. Sometimes, homebuyers have to call in to banks or reach out to mortgage officers to find out the latest rates. What makes it worse is that the rates are fluctuating too. By the time you finish ringing up all 15 banks, you realized that the first bank had already adjusted their rates, again.
To fix the broken mortgage market, Mortgage Master is bringing its innovative digital home loan comparison service to empower homeowners and protect your best interest.
Mortgage Master is a one-stop mortgage brokering platform where homeowners can find the latest mortgage rates. It is reengineering the mortgage process to bring a differentiated model to benefit you as a homebuyer. The platform offers personalised advice so that the mortgage package is tailored to your needs. With Mortgage Master, you not only save time, but you also maximize savings on the mortgage repayment on your home loan.
Take Advantage Of These Innovative Services When Buying Your Next Property
New isn’t necessarily always better. But as a homebuyer in today’s digitally disrupted world, you have unparalleled opportunities in your hands where the upside outweighs the cost.
You can take full advantage of what these innovative companies are offering to enhance your property research, be more productive in your research process while making smarter financial decisions. So, the question is, what are you waiting for?
At Mortgage Master, we know the latest home loan packages in the market and sometimes can even offer exclusive interest rate packages that you cannot get directly from the bank. If you're looking to purchase a new property, or refinance your existing home loan, fill up our enquiry form and our mortgage consultants will follow up with a call.