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Let's Get Digital: The Big Trends Speeding Real Estate Digitisation
Investment and interest in real estate technology has never been greater, as a traditional industry looks to streamline processes and adjust to various new challenges and demands. But what are some of the big trends driving actual adoption of innovation and technology? Three real estate technology experts share their views.
Oli Farago, CEO of Coyote Software
"As recently as five years ago, the real estate investment community would by and large assess properties based on traditional criteria, like location, asset type, tenant mix and rental yield. Fast forward to 2022 and the lens through which investors now analyse a property has changed significantly, with an increasing emphasis on non-financial factors to identify risks and growth opportunities. Workplace wellbeing, ESG, hybrid-work, connectivity, and diversity and inclusion, are all major considerations for the modern real estate investor.
"With a need to assess properties from an ever-increasing number of angles - all the while ensuring they move fast in the bidding process - access to live, accurate and detailed data is now absolutely essential. In turn, that is leading to the digitisation of information across the real estate industry and a growing demand for solutions that instantly collate, analyse and visualise the data that investors now require in order to do their jobs."
Marcus Ginn, CEO of Edozo
"Over the last two to three years, the property industry has in many ways been forced to adopt new technologies. Ultimately, this has led to a shift from technologies being seen as nice-to-have vitamins, to headache-busting aspirins, central to the vitality, health and success of the marketplace.
Digitisation will inevitably facilitate better user experiences with easy to navigate platforms and functionality that far outstrip that of clunky and outdated legacy systems. It is this competition with legacy providers which will continue to drive digitisation and ultimately result in the 'survival of the fittest'. This will create efficiency gains across the sector as dated manual operations are replaced with digitised and automated processes.
Peter Bredthauer, CEO of PRODA
"As the market adjusts to various challenges, the most recent end of financial year reporting season felt like one of the most anticipated for a long time. Gathering accurate performance data on assets and rents is now vital to ensure complete visibility and make smart portfolio-wide decisions. It's the increasing pressure on reporting that is further speeding digitisation.
"Presently, most asset managers and landlords resort to manually collecting data, which is not only hugely time consuming, but is subject to serious error and can ultimately lead to inaccurate reporting. Automating this process offers error-free, comprehensive visibility over your portfolio, in approximately 90% of the time you would ordinarily spend filing a report. This is the future, because in 2022, speed and accuracy count for everything."
