The difficulty I have always seen with merging the worlds of Property and Technology is how to convince those within the real estate industry to discard tried and tested practices for new ways of thinking, and how to ensure new tech is not innovating for the sake of innovating, without solving issues within the market.
Enter the current pandemic. Almost overnight those within the industry have had to adopt business as usual whilst being forced to heavily rely on tech, whether that be remote working, virtual auctions or transactional issues when completing physical documents.
Long term effects of this will remain to be seen. However, I think the current pandemic will now be a vital point of reference for businesses within the real estate industry to see the benefits of tech and also realise the danger of being behind the curve in the uptake of tech. This in turn will ensure organisations are leaner and ready to take on any future challenges we may face.
Interested to know peoples' thoughts on the use of tech post zoom calls with children, pets and sweatshirts.
As a result of the current pandemic, the spotlight will be on firms that focus on more ambitious solutions, such as end-to-end management software, performance tracking in real-time or global data sharing. The most successful technologies will be those that address a process, not just a task.
https://www.egi.co.uk/news/could-covid-19-accelerate-proptech-consolidation/
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