What is Proptech? Could it be the Industry's Savior?

What is Proptech? Could it be the Industry's Savior?

Real Estate is an ancient industry from the stonemasons who constructed the pyramids and cathedrals to the male-dominated bricks and mortar of the last 50 years. Society and policymakers perceive it as not economically productive, polluting, quaint and led by men who make excessive profits, meet at private clubs, smoke cigars and drive luxury cars. How can an industry perceived this manner innovate? Could PropTech be the industry’s savior or is that the perception of the industry outdated and masking a hotbed of innovation? 

The overwhelming majority of industry players we interact with are now hungry to innovate and are innovating. it's going to be the case that the emergence of Proptechs and new business models like WeWork are a catalyst and woken this huge industry from its slumber. it's going to even be that social media has enabled the customer, the one that moves within and around land a day, to voice their opinion of how well or how badly it serves their and society's needs. regardless of the driver, it’s a positive step and one I think will accelerate rapidly. 

There are great samples of innovation that are being driven by existing players checking out better ways to try to things.

For example, ICAWOOD which through innovation is looking to deal with the problems with the industry’s carbon footprint. This brings me to my key point, innovation for innovation's sake isn't the solution to driving the industry forward. Yes, people must be allowed to undertake and fail and success always comes from learning from failure and not fearing failure. However, experimenting and innovations must stem from the drive to unravel a drag or grasp a chance. 

So what's PropTech, this name that's so widely used and front of mind for the leaders of the many of not all land players? PropTech may be a description to capture the universe of main startups who are utilizing technology, new business models or both to disrupt or enhance the industry. It’s a really broad range of ideas, technologies and business models many of which cannot achieve success. However, it's created a drive and community of innovators who have the eye of the industry and thus an excellent opportunity to achieve success if their idea features a purpose and is addressing a requirement. It appears to me that behind any successful PropTech there's quite algorithms and technology. There’s a response to a client need, there's a tailor-made service, there's something which will ultimately attempt to help the end-user. And that I would go further, behind the good ones, behind maybe who would be the unicorns of tomorrow there's a will to unravel a drag, something dysfunctioning in society, a struggle for a community. One thing they are doing have in common is that this willingness to contribute to the community, strengthen the social links. This is often where it becomes very interesting because it's not digital innovation to disintermediate relationships and services; it's more digital innovation to make a social link. 

The question of trust in the industry is important and meaningful for everybody. This industry has the privilege to touch everyone as land follows us throughout our entire life. it's the place we live, the place we study, the place we work, the place we grew old and die. The land is accompanying all folks through our life cycle.

Innovation is vital and it'll come from many angles including existing industry players also as PropTech. It must be focused on solving an existing problem or creating, grasping a chance. It must be communicated clearly so customers, society and every one stakeholder see its benefit. Absolutely key's it meets the requirements of the customer and society and is connected to an industry purpose of making places and experiences that enhance society and make a far better environment for everybody.

Weekly Brief

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