The future is both promising and challenging for the real estate industry as new transformations are paving their way and starting to make its presence both in the residential and commercial property worlds. One such transformation is PropTech, a new phrase around the ends of the industry.
But what is actually PropTech? Why has it been a news item recently?
There is no such one perfect definition, yet I would go with the one I personally find the most straight forward of them all; “It is a collective term used to define start-ups offering technologically innovative products or new business models for the real estate markets”.
It’s a part of a much wider digital transformation in this industry covering different perspectives- commercial, construction and even about the buildings and cities of the future and perhaps that’s the main motive behind it being the new rising trend in the industry. PropTech as a market includes but is not limited to smart real estate, real estate fintech, fintech, Contech and collaborative economy.
The landscape has changed, the market is moving at a much faster pace and PropTech is now the talk of town.
The question that makes its way to the surface is: Should real estate professionals be worried by this rise of PropTech?
The answer to this question is an extremely variable answer. As the technology revolution is hugely disrupting all industries, the companies that are reluctant to accept this new wave of change will actually face the risk of being left behind as well as an alarming threat of being obsolete.
So, here is a sneak peek to ensure you are ahead of this Prop tech curve:
A) Client –always comes first. Analyze and anticipate your evolving client needs. Determining the best technology that needs to be adopted in order to make your client’s life easier is key.
B) Read, read and read- this is a crucial step that would keep you updated with the latest news around the industry and the emerging tech.
C) Invest – I would personally say investing in technology is the only investment that if properly planned and funded will never let you down. Have a good background and base of PropTech and consider it as a priority in your business break down.
The key is to always stay up to date and avoid resistance. The first port of your call should always revolve around fulfilling your client’s needs so it’s up to you to actually figure out the best path to address your client’s needs.