Proptech disruption trends: Innovation in the real estate space
From automation of tasks to data-driven decision making and safety controls, here are the biggest disruption trends occurring in proptech
Property technology, otherwise known as Proptech, has brought a wave of disruptive innovation into the real estate space, enabling companies to increase visibility, transparency and speed. Having traditionally struggled with bottlenecks and complexity, proptech is now allowing estate agents and property owners to drive value from digital technologies. This article will explore the biggest disruption trends in Proptech today, that look to continue through 2021.
One technology that’s been notable for driving value and innovation within proptech is Robotic Process Automation (RPA). Users have found that RPA can learn how to complete administrative tasks, leaving more time to spend on duties that require a more human touch, such as customer service.
Tom Reiss, CEO of Roby AI, explained: “By learning how a user carries out a task, RPA can then be custom built and combined with tasks which require an element of human touch. This approach means that companies can become hugely efficient, and staff are no longer weighed down with laborious tasks.
“Whilst some companies have traditionally feared proptech, this kind of clever technology can be implemented easily alongside existing structures. In turn, creating minimal disruption to the business and maximum output when it comes to efficiency, cost saving and employee satisfaction.”
Machine learning has also been useful within Proptech, capable of “streamlining previously clunky processes” in order to deliver value to property managers and residents, according to Kenny Alegbe, CEO of HomeHero.
“2021 is the year that we’ll really start to see a meaningful and useful application of machine learning models in the Proptech space, which is really exciting,” said Alegbe.
“Specifically, we’ll see automation and machine learning playing a really important role in reducing costs and unlocking new opportunities.”
It’s generally important for decision making in today’s ever-changing business world to be driven by real-time data. This is no different within Proptech, where it pays to keep an eye on pricing and residency patterns.
“One of the core benefits of Proptech is that it allows us to obtain an understanding of our real estate without being physically present,” said Thomas Kessler, CEO of Locatee.
“Corporate real estate managers need to be cognisant of usage and occupancy patterns on a global scale, and with analytics software we’re able to continuously collect and share data on everything from space utilisation and desk occupancy to utility costs and overheads.
“Once these insights are viewable through a central platform, the data helps to build an overall picture of the health of the portfolio and can be used to determine where resources are best used with high levels of accuracy.”
Another major part of property sector operations is ensuring the safety of tenants. Safety checks on buildings have been digitised using cameras and sensors to generate real-time data, which eradicates the need for in-person presence, and accelerates the process.
“You could argue that surveillance cameras are the oldest form of Proptech,” said Rishi Lodhia, managing director EMEA at Eagle Eye Networks. “After all, it’s not just a video device – it’s a sensor. This ‘sensor’ enables the monitoring of activity, behavioural patterns, or any other change in environmental conditions.
“Video surveillance can be performed in real time, or data can be collected and stored for the purpose of evaluation when required.”
Lodhia went on to explain how the cloud has further facilitated safety measures, which have benefitted from remote monitoring and management, particularly during the Covid-19 pandemic.
“The impact of cloud technology has had a dramatic impact on proptech, and there are two main benefits,” Lodhia said.
