The mix of digital systems and analogue processes we have today creates the disjointed and opaque process we experience as professionals, buyers or sellers, one where information is in many little buckets, and often needs finding, sharing or even recreating. Ironically, it has in some ways made each transaction more complex than it was before, contributing to the very long time it now takes to move home, and how many property deals ultimately fall through.
In this article, we’re going to look at what a future truly digital property market will look like. One where businesses and users experience work in a shared space not unlike the physical room of a hundred years ago. One where there is no need to log in to separate systems, no need to re-identify or re-key information, no need to repeat the same processes with different parties. A market with a common view of truth. It’s a vision I believe is entirely achievable.
Let’s look at what that will look like.
Open and accessible data
Getting a property deal done is a lot about finding, sharing and processing information. It’s no surprise that many of the pain points of buying and selling property and the issues we face – the time it takes, the lack of control, the lack of visibility, sharing the same information multiple times to multiple parties – come down to the fact that the data in the market today is fragmented. Everyone already has the information, yet it cannot be easily accessed or shared.
In a digital property market, the data is what the Government Data Strategy calls “FAIR”: Findable, Accessible, Interoperable, Reusable. That just means that wherever it is stored, whatever system someone uses, those with permission can get the information they need easily. In a digital property market,