Disruption creates innovation and Covid-19 has forced people to adopt technology, delegates heard at Real Asset Media’s Innovation, Data & Proptech Investment Briefing, which was held online recently.
‘There is a lot of potential for proptech to shape the real estate of the future,’ said Yasmina Darveniza, Investor, Round Hill Ventures. ‘From measuring air quality in buildings to utilising data analytics to evaluating market trends and consumer data, proptech platforms make processes more agile, lead to efficiencies and generate more revenue for landlords’.
The health crisis, which unlike the GFC has affected all businesses and sectors, has led to more awareness of the need to digitise and invest in technology.
‘People have realised that they are not as digital and well-prepared as they thought they were,’ said Neal Gemassmer, Vice-President, International, Yardi Systems. ‘Some sectors are doing better than others. In Student housing and multi-family residential, for example, online processes are much more advanced, while commercial, especially retail and industrial, are years behind and still very physical. The value chain is fragmented and a lot of work needs to be done on those processes’.
In resi it is now normal to have the ability to do viewings, choose amenities, make payments, execute the lease and receive a digital key to the property, all online.
‘Property owners have realised that they need to run their portfolio remotely from wherever they are’, said Tom Wallace, Founder & CEO, Re-Leased. ‘It’s not a nice-to-have investment any more, it has become absolutely essential’.
The period of lockdown and travel restrictions has driven that message home very clearly.
‘Technology gives you the agility that real estate doesn’t have at the moment,’ said Michelle Buxton, Founder & Managing Director, Toolbox Group. It can help streamline resources and create efficiencies in this time of uncertainty over the economic outlook.
A snap poll conducted among delegates by Real Asset Media revealed that 64% of respondents believe that the health crisis will act as a significant accelerator for proptech and innovation, while 36% think there will be some acceleration. Not a single respondent believes that things will stay on the same trajectory.
Missed Real Asset Media’s Innovation, Data & Proptech Investment Briefing? You can watch it here: