Technology is not going to completely reshape the property business overnight, mentality and infrastructure developments will define the speed of adaptation in different parts of the world. Over 120 real estate professionals came together at Property Technology Forum Europe 2018 in Warsaw, co-organised by Property Forum and RICS, to discuss the future of the profession.
There are over 6000 proptech businesses worldwide that operate in around 100 countries. James Dearsley, the Co-Founder of Unissu and one of the keynote speakers of the day, started off his speech by testing the audience’s knowledge. Even though the phrase has existed for over 10 years, the majority of professionals at the event first heard of proptech 1 to 3 years ago and there were only 3 people that have known of it for more than 5 years.
Proptech companies offer a global solution to a local problem
Proptech is one small part of the wider digital transformation of the property industry. It describes a movement driving a mentality change within the real estate industry and its consumers regarding technology-driven innovation in the data assembly, transacting and design of buildings and cities, according to a definition created by Andrew Baum and James Dearsley. This change, however, won’t happen overnight, mentality and infrastructure developments will define the speed of adaptation in different parts of the world.
James Dearsley
Co-Founder
Unissu
Over half of proptech businesses operate in the field of property management but the selling, buying, moving, renting and building processes are also being digitised. In terms of sectors, most businesses are invested in commercial property. There is a smaller number of companies targeting residential buildings.
