Industries across all sectors are going through a transition, from an old world, where jobs, processes, culture and business models had remained relatively unchanged, to a world where digital technologies are rapidly disrupting and re-inventing what we do and how we do it. The real estate sector is no different, yet as with many previously disrupted industries, perceptions of exceptionalism still rule.
The real estate sector is undoubtedly complicated, it has many different asset classes, many different investment approaches and includes many different activities from land acquisition, to planning, construction, sales and management, refurbishment and eventually demolition. But these complexities and intricacies won’t prevent the sector from being disrupted. In fact, it is the inefficiencies, silos and uncertainties caused by such complexities that make it such a good target.
To help address these complex issues and to better enable a more productive real estate sector, we have developed three key principles of recommendations:
- Create a vision and roadmap for the Future Real Estate Sector
- Improve Market Information
- Embed Digital Knowledge and Foster an Innovation Mindset
The report titled How can real estate make the most of the PropTech revolution? aims to understand the barriers to and opportunities for improving the productivity of the real estate sector through the application of property technology (PropTech) and to provide practical recommendations for industry and government.
Contact us to find out more about the project.