The Property Industry Is Going Remote — But Is It For The Better?

Let’s face it, the world is going remote. Remote jobs, remote companies and even remote industries are quickly becoming the norm in business. There are both challenges and opportunities that come with this, which will differ from one case to the next. Today, we’re going to take a look at the property industry, an industry that is going nowhere but one that is certainly evolving. A large part of this evolution is seeing the property market become increasingly remote; it’s even possible to go through the whole process of buying a property without any human contact. In this article, we’re going to explore this shift and discuss whether this change is for better or for worse.

A Quiet Shift

Some industries’ move to operating remotely has happened quite drastically, brought about by the need to work from home during the pandemic. But in the case of property, it’s been heading this way long before lockdown. Online-only estate agents emerged over ten years ago, and virtual viewings grew in popularity prior to them becoming the norm during COVID. While some industries are shifting towards virtual because it’s “on-trend”, the property industry’s move is one that offers genuine benefits in the form of speed, cost and convenience.

The Dangers Of A Remote Property Industry

Where there’s opportunity, there is often danger too. The convenience of using a remote agent or conveyancer is balanced out by the rise of remote providers who hide behind faceless personas to offer substandard services. If we travel back to the start of the 21st century, buyers had to meet with their solicitor, estate agent and so on. Nowadays, deals can be done over the phone or via email, and while this offers convenience, it also creates ambiguity around the work being completed and who is to be held accountable when mistakes occur. It must be said that in most cases, remote service providers do offer efficiency and convenience, but the small selection of bad actors in the industry is preventing remote workers from gaining 100% trust over those who still deal face-to-face with clients.

The Case for Hybrid Approaches

If physical environments provide trust and remote ones offer convenience, then the ideal solution possibly lies in a combination of the two, which is probably where we’re currently at. A hybrid offering in the property industry combines technology with human judgment, providing both speed and accuracy. Take a property valuation for example, AVMs have allowed us to get near instant valuations for properties, but often fall short in terms of accuracy when compared with a RICS valuation, which is carried out by a chartered surveyor. A RICS desktop valuation however offers the best of both worlds, using vast quantities of data but also the expertise of a qualified human.  

Remote Isn’t The Problem

Ultimately, just because something is remote doesn’t mean it should be avoided. That includes services within the property sector, and we’re not saying you should avoid remote agents or advisors. However, when there is a lot to lose, like there is when buying or selling a property, it’s imperative that you do your due diligence. And remember, if something seems too good to be true, it probably is!