BusinessPropTech: how new technologies change the real estate market
Welive in a period of the global expansion of technologies that are slowly changing our way of life on the scale of human life, but at lightning speed on the scale of world history. Real estate, which is quite conservative in nature, is also influenced by various technological trends. Along with the already established “FINTECH”, we are increasingly hearing the term “proptech”, which is a derivative of two English words: property (real estate) and technologies (technologies). Proptech literally means technology in real estate. In fact, it is both an industry and a set of innovations designed to change the way we explore, rent, buy, and use real estate.
These changes are due to the development of technologies, mainly mobile, where the focus finally and irrevocably shifts from the manufacturer to the consumer, armed with a gadget. Now the client determines the requirements for shopping centers, hotels, restaurants, offices, and even production facilities. The industry is under the influence of the sharing economy, which has given rise to new formats — various types of co-and-sharing. Together, this gave the real estate market the opportunity to improve the efficiency of disposal of the object.
In order to enter this new world of proptech as effectively as possible, you need to follow two basic rules. The first is to recognize that using technology to grow your business is a strategic priority. There can be no other vector of development. The second is to correctly build a plan for moving into the new technological structure of your company. Everything must be done in time to ensure a quick, but comfortable and smooth transition of the company to new technological tracks.
Here, as I see it, there are three consecutive steps that need to be performed one after the other. First, it is the digitalization of existing business processes, optimization through the use of technologies and software products. You need to automate everything that can be automated; make data your own tool-collect, structure, and store data about customers, transactions, and objects. To increase communications in a single digital environment where there is a digital trace of the actions of your employee and customer. The business model doesn’t change, you just increase your operational efficiency and lay the foundation for future changes.
Second, it creates additional value for your business as a result of the digitalization of business processes. The accumulated data, which, when properly used and interpreted, have the character of insights, give you additional earnings.
Third, it is the development of fundamentally new, breakthrough solutions that will change the business process itself and create a new amount of value for all market participants.
Mobile Reality’s mission has always been to deliver our clients the best quality software solutions and that’s why we always follow the main 3 elements I’ve written above — it greatly shows our successive cooperation with our main proptech partner — CBRE Spain.
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