A series of apps have emerged in the last year, all promising to revolutionize the way the real estate market operates.
Here we introduce some of these new applications and explore the ways in which they might impact upon those operating within the property industry.
Released by Instagram earlier this year, Hyperlapse gives users the ability to create short, high-quality time-lapse videos with ease and share them online instantly.
Hyperlapse promises to be a highly useful app for agents: the short video clips that it can produce would be perfectly suited to creating virtual tours of properties. Shaky footage can be easily corrected by using the stabilization tools in the app and by selecting an appropriate speed for the video before uploading. Flattering Instagram filters can also be applied, enhancing the appearance of any subject (or property) featured in a Hyperlapse video.
Furthermore, as the videos are designed to be shared primarily on Instagram and Facebook, Hyperlapse could also be a useful tool for agents hoping to develop their social media advertising and engagement campaigns.
The Oval Office has already recognised Hyperlapse’s potential as a property app by making a time lapse video of The White House and posting the results on their official Instagram page.
Estately have also launched a new app this year, aimed at prospective property buyers.
Flip uses a Tinder-esque interface whereby users can swipe right or left depending on whether they like or dislike the displayed property. By using an already established and popular interface, Flip is an appealing app – especially for the first time home buyer, who will likely be of the same age demographic as the typical Tinder user (i.e. 24 years of age and older).
Flip also eliminates one of the most irksome parts of searching for property online – seeing the same unsuitable or disliked property again and again, despite having decided to discount it from your shortlist. By swiping left such properties are hidden from your searches and ‘trashed’, enabling users to move forward with their property hunt and discover new properties.
The app is proving to be very popular: the average user opened the app 22 times in July 2014 and 29% of those users who install it return the next month. Given the typical abandonment rates for mobile apps, this represents a great success.
Using statistics and information from a myriad of different sources – both public and private – Revaluate generates ‘livability scores’ for properties to give a better idea of the pros and cons of living in a particular area. The gathered data produces a score for each property based on safety, environment, quality of life and expense, and these scores are combined to create an overall ‘livability score’ that can be used to compare properties and areas.
Along with livability scores Revaluate also provides detailed dossiers for each property. These documents give users a wide variety of different information about each address, from famous neighbours to any construction work that is due to start in the area.
At present the app is in beta and is being trialed in Manhattan, but promises to be a highly useful tool for agents as it expands to encompass properties outside of New York.
Find is only available to agents and brokers through their local Multiple Listing Service (MLS) and gives property professionals access to critical agent-level listing detail, including agent remarks and showing instructions for a given property.
Agent-level details of this kind are available to agents and brokers by way of a local MLS, but Find offers this information in an on-the-go app format, making it an incredibly useful application for property professionals. Property information is also updated in ‘real time’, meaning that the most up to date information is readily available and can be accessed just before meeting with a client. Find therefore promises to become an invaluable tool for any agent, allowing them to stay well informed about each property that they market.
Marketed as ‘social networking for property’ WhenYouSell is a service that allows prospective buyers to highlight particular areas of interest by drawing on a map, irrespective of whether a property is currently up for sale in that region. Home owners are then alerted to the fact that another user has expressed interest in property in their area and the service allows prospective buyer and seller to communicate for a nominal fee should they wish to make a private transaction.
By approaching property transactions in the same way that one might approach the private sale of a car, the WhenYouSell concept has the potential to impact the property market a great deal in the coming years.