In September, The British Property Federation (BPF) launched a Technology and Innovation programme for the UK Real Estate Sector to support its digital transformation. BPF commissioned Smart Cities Catapult to carry out research into how tech can be harnessed to increase productivity throughout the real estate life-cycle. They discovered that while 50 per cent of PropTech companies focus on sales/leasing, only 16 and 12 per cent apply themselves in construction and investment/financing respectively:
- Land acquisition and refurbishment have less than five per cent of active PropTech companies.
- No companies, from the data sources used for the report, fell into the category for demolition/remediation.
The report Lost in translation: How can real estate make the most of the PropTech revolution? highlights three main areas that require improvement:
1. Available Market Information
The industry needs to develop a PropTech Library of information containing all current and emerging solutions to educate the wider market, championing innovation.
2. Embedding Digital Knowledge And Fostering Innovative Behaviours
It’s not uncommon knowledge that the property sector needs to play catch up digitally, particularly in comparison with other industries. Recruiting digital knowledge into influential roles within property will drive digital innovation.
3. Creating A Cohesive Approach To Championing Innovation Across The Property Sector
When going about change, common standards and regulations need to be put in place. Working with the government and other key organisations, the sooner these are established the sooner we can work towards the same goals.
The property landscape has and continues to change with the growth of the digital economy and the introduction of things like Block-chain, robotics, AI and virtual reality to name a few. In commercial real estate, here are a few technology solutions leading the way:
Hubble: An online market place to match those looking to rent office space with those who have it.
Asset Mapping: Remotely view all aspects of your building and building’s health in real-time; from air quality to operating system efficiency.
Landsight: A subscription service that streamlines the process of finding and assessing off-market land.
Matterport: The only all-in-one reality capture system that gives you realistic, interactive 3D and VR experiences that feel as real as being there.
GKR London are a property recruitment company specialising across both the residential and commercial property markets, construction and the wider built environment. We are currently working with several tech innovators to strengthen their teams; if you are looking to work in property technology or are looking to hire yourself, we would love to hear from you. We are also looking to share our new website very soon, watch this space for our new look and improved user experience!