The Progressive Property Podcast Real Estate, AI and How it Affects the Property Investor
https://www.progressiveproperty.co.uk/raf/
Kevin switches roles as he's interviewed by Miha "MJ" Jain, a university student researching artificial intelligence and virtual reality in real estate. They talk about how AI and VR might change property viewings, inspections and investor relationships. Kevin shares the potential benefits and challenges from multiple perspectives; as an investor, letting agency owner and property mentor.
KEY TAKEAWAYS
- Virtual reality could revolutionise property viewings for international or out-of-area investors, allowing them to experience properties remotely without travelling, potentially seeing areas both during day and night to get a complete picture.
- VR technology could enhance property management through virtual inspections, enabling landlords to remotely view properties during move-ins, move-outs, and periodic inspections without physically visiting.
- Trust remains fundamental so while VR offers enhanced visualisation compared to photos or descriptions, the relationship with the estate agent remains crucial as clients must trust the accuracy of virtual representations.
- Early adoption of VR/AI presents a dilemma as businesses must balance being innovative against the financial risk of investing in rapidly changing tech that may become outdated.
- For local property purchases, where buyers are making significant life investments, VR will likely supplement rather than replace physical viewings, as people will still want to "touch and feel" properties.
- International investment markets may see faster VR adoption since investors often purchase properties without viewing them, focusing primarily on location and investment potential rather than specific property features.
BEST MOMENTS
"One of the things I would find really helpful with virtual reality is not just necessarily on the viewing of the property before you buy it, but the midterm inspections, if that could be done in a virtual reality way, that would be amazing."
"I would not buy a house on the back of a virtual reality tour. I would watch the virtual reality tour to identify what it baseline looks like. Then before I'd make my offer, I want to go into that house and view it.”
"It's going to change everything we do. And it's a little bit scary at the same time because, especially AI, it's almost like Arnold Schwarzenegger was right. Terminator is coming into reality."
"But at the end of the day, I'm a human being. I want that interaction."
VALUABLE RESOURCES
MSOPI – Multiple Streams of Income:
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Sean Fitzpatrick is a property investor, educator, and the Face of Progressive Property. With a 6-figure portfolio and expertise in creative strategies, finance, and off-market deals, Sean shares success stories from the Progressive Property community, expert insights, and real-world strategies to help investors succeed. Tune in for practical tips and no-nonsense advice to accelerate your property journey.
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
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