Real Estate is an ancient industry from the stone masons who constructed the pyramids and cathedrals to the male dominated bricks and mortar of the last 50 years. Society and policy makers perceive it as not economically productive, polluting, old fashioned and led by men who make excessive profits, meet at private clubs, smoke cigars and drive luxury cars. How can an industry perceived this way innovate? Could PropTech be the industry’s savior or is the perception of the industry outdated and masking a hot bed of innovation?
The vast majority of industry players we interact with are now hungry to innovate and are innovating. It may be the case that the emergence of Proptechs and new business models like WeWork have been a catalyst and woken this huge industry from its slumber. It may also be that social media has enabled the customer, the person who moves within and around real estate every day, to voice their opinion of how well or how badly it serves their and societies needs. Whatever the driver it’s a positive step and one I believe will accelerate rapidly.
There are great examples of innovation that are being driven by existing players searching for better ways to do things.