The new tech that’s changing the way properties sell
New technology is set to revolutionise the way properties are presented to potential buyers.
These changes are being accelerated by COVID restrictionsbut as the technology progresses further, virtual inspections are here to stay and will play an increasing role in rural property marketing. Virtual inspections will not eliminate physical inspections, but they will make properties far more accessible earlier in a marketing campaign.
Virtual inspections will also help to engage foreign buyers. A greater appreciation of a property’s attributes can now be gained from high quality images and maps from anywhere in the world, opening the market to far more buyers than has been possible in the past.
What do we mean by virtual inspections?
Virtual inspections range from relatively simple high-quality images of key aspects of a property taken by experienced agents using hand-held devices to sophisticated aerial images merged to create three-dimensional models.
Some of the tools that are becoming more widely available include:
- mobile phones fitted into a gimbal that stabilises the image as the agent moves around (frequently used in residential inspections). These can be used to capture a wide variety of images across the farm, including infrastructure, accommodation, equipment, fencing and water points. They are also able to be used to provide images of landscapes, pastures and crops.
- drones capturing video footage, panoramic views, high quality two and three-dimensional maps. Drones are increasingly used for videography but new cameras and software that can turn multiple images into maps are now available and increasingly used in other industries.
- aerial images and maps using fixed-wing aircraft can capture images of much larger areas and carry imaging equipment able to record not just visible light but a range of other sections of the light spectrum.
- satellites routinely capture images of all areas of Australia. The images they capture are becoming far cheaper to access and analyse.
Even the now humble Google Earth is widely used to review properties prior to inspections.
Not all these tools need be used. They should be selected and combined to present key aspects of the property to potential buyers that will engage them and build interest, encouraging prospects to find out more.
The role of agents in the new property marketing era
But virtual inspections are not just about imagery – commentary from experienced agents on the images is an important part of presenting a property to buyers. This can be recorded while using the device or added to the images later and presented in a video or an online format. The images also need to be accessible to the market; loaded onto a website or distributed digitally.
Speaking directly to an agent, using a web-based video platform (Zoom or Teams for example) where images and footage can be shared and questions asked, will be a common feature of property marketing in the future.
There are number of platforms becoming available where any property can be viewed using publicly available images captured by satellites, and where any number of additional data layers can be added to create a profile of the property.
All this technology is creating greater expectations from the market as to the way in which properties are presented for sale. Also, the greater use of digital platforms as a medium for presenting properties, means more high-quality content needs to be produced.
As more information can be collected and presented to the market, the greater the need for experienced agents, backed by local knowledge, to advise the best combination of technology and marketing media to use. Once the property is in the marketplace, it is also important to have experienced and knowledgeable agents to present it to potential buyers.
Elders is investing in a range of new technology and platforms for use by our Farmland Team to capture the most important features of a property to present to potential buyers. These technologies and our agents are backed by over 500 technical, crop, livestock and other specialists working in all major agricultural areas of Australia.
Article written by Elders Real Estate for Seasons magazine.
Contact Elders Real Estate to discuss your next farmland property investment decision.