Every investor wants their residential property investments to produce a high yield and have a high tenant uptake, but many aren’t aware of the benefits of certain new technologies. Many have had a slow uptake in the property sector, despite their popularity in other sectors.
Digital Photo Enhancement
Photo-enhancing apps have gradually increased in number as more businesses have recognised the potential for increased profit with their use. In the property sector, such apps can be used to give individual rooms, and even whole homes, makeovers. In research by AXA, people who were presented with photos of a flat which had had a digital makeover estimated its value as 21 percent higher than that without one. However, such a process is rather basic. The new trend in the sector is for a complete merging of the real world with the virtual.
Virtual Furnishing
New resources, only recently launched, instead aim to alter images entirely, to demonstrate how a property could look. Using agents’ photographs, these services virtually furnish rooms and adjust the resulting images to appeal to different potential tenants. This is particularly helpful in new-build and unfinished properties; tenants are able to see of how their new homes may look in the near future. It can also allow investors to see how different layouts and designs would affect the aspect of a property, without the need for great expenditure. Yet the service does not have to be limited to virtually rendered furnishings; whole new rooms can be created, to demonstrate, for example, the effects of knocking through a wall and combining living spaces.
Though one might expect such processes to be laborious, they can take as little as two hours, allowing investors to quickly assess whether a house has the potential to be a high yielding property investment.
Virtual Reality
Another technology which has blossomed in recent years and is set to have a great impact on the property sector is Virtual Reality. Whilst its use is widespread in the US, UK estate agents are yet to fully embrace it. It has the potential to be used for virtual tours of properties, and agents hope that, as so many property searches now begin online, it will lead to a greater conversion rate. This will allow investors to find tenants for their properties quickly, and therefore maximise yield. Additionally, it should lead to a reduction in the costs of renting out a property, whilst simultaneously making the process easier for a potential tenant.
360° Photo and Video
As technology prices decrease over time, it is expected that 360-degree photo and video will also take off as an effective marketing tool in the property sector. Potential investors and tenants are more likely to consider a property they have seen in 360°, rather than one for which they have only seen still photos. This could potentially lead to a change in estate agent business planning – a move away from mass, fruitless viewings, to a more select group of potential tenants who are better qualified to pass judgement on a property.
High Yielding Property Investment with Mistoria
At The Mistoria Group, our speciality is in creating portfolios based on HMO properties targeted at students and professionals, which we have been doing successfully for the last decade. For more information on the firm’s current available high yielding property investments and the services it offers, email info@mistoriagroup.com or call 0800 500 3016.
