There is little point in trying to establish or grow a business if it has nowhere, literally, to go. While this author has written on several occasions about the values of agile working, every successful enterprise requires a locational focus – an HQ, a base of operations. That, in turn, means that every successful enterprise has had to deal within the property arena. Buildings, spaces and designs are crucial, and form a subtle yet integral bond with their occupants. In the modern business world, however, they are also intrinsically linked with scientific advance. PropTech (property technology) has transformed the way that real estate operates – and when the real estate realm changes, it affects every commercial entity.
What Is PropTech?
The most important technical innovations of recent years occur on a cloud-centric software basis. That is certainly true in terms of property technology. Technology has improved the property sector in terms of streamlining and automating its more complex endeavours, including the lease process. New innovations are entering the sector such as augmented reality, which grants both vendor and buyer the ability to visually realise the full potential of a physical space onscreen.
In addition, cloud-based analytics have created a better decision-making process, informed by big data. In future, this will include sensor-derived data through the cloud-based Internet Of Things network. This improves matters for the likes of investors, lenders, developers and occupiers. On a very simple level, PropTech has also played a key role in creating core value – for instance, in monitoring a building’s internet access and connectivity. There is little doubt: PropTech matters.
Why PropTech Matters To All
The benefits of property technology will be initially reaped by the real estate agents, whose lives and duties have been made profoundly easier. Yet it also matters to any individual who deals with those agents – in short, everyone.
PropTech can support any individual or business in understanding what potential a property space possesses for them. This starts with elements such as the video tours that are now commonplace in the industry. There are, however, more exciting advances on the horizon. In particular, the growing popularity of augmented reality allows users to recreate the physical space around them during a viewing, and change it according to their requirements. Furthermore, their interaction with brokers is more fluid when everyone can view data for themselves. This is particularly so when discussing infrastructure and leasing. Buyers are in a better-informed position.
Engaging With PropTech
The core technical infrastructure, which businesses across the world are coming to rely on, is central to this growing phenomenon in property. Commercial IT is increasingly based in the cloud for the benefit of individual users and the business as a whole. Now, they may do this for a number of reasons of their choosing. These might include working mobility, network reliability or cutting costs without compromising quality. The key issue here, however, is that the cloud is a platform for technological innovation like no other. It supports all the advances made mention of above, from big data processing to the Internet of Things, to augmented reality and automation.
On the latter of these, it is important to note that automation can never be the complete answer in the property sector. No two properties are the same, and no two buyers’ requirements are exactly the same either. This technology will never be about cutting human property experts out of the equation. The fact remains, however, that cloud-based PropTech is streamlining the way in which this vital sector works. In migrating real estate data and applications to a cloud server, both vendor and buyer may reap the benefits of exploring new spaces. Data is more accessible, and crucial property information made available to the requisite parties. Moving to the right property has never been more reliable, more informed or, frankly, easier.
Viastak work to support businesses looking to leverage technology, in order to streamline the way they operate. We believe in creating flexible, dynamic enterprises that are equipped to deal with the demands of the modern global economy. To find out more, please get in touch.