As we all know, the sector is constantly evolving and as we start to get to grips with the changes, another change is on the way. Whether that be the expectations of customers when buying and renting property, or the continuous adaptation and introduction of new legislation – there’s always something else around the corner.
PropTech companies are always looking at improving their offering and ensuring that technology remains relevant, with agents and customers satisfaction at the heart of what is created – so no, there is no ceiling to the potential of PropTech, it will always be pertinent and continuously evolve to what’s required.
COVID-19 has presented its challenges and has made the need for improvements to property sector technologies even more of a necessity, from the increased importance and advances of virtual viewings, to the busy market needing a speedy transaction – PropTech has helped transform the sector.
The question is, how does PropTech look to the future and why should agents take advantage of its offerings?
As we all know, the use of technology isn’t anything new and has adapted drastically over time, with the practices of an agent adapting alongside it too. Agents are well-versed in using software to not just manage property sales and lettings but also applicants, property viewings and marketing. In addition, it also supports legislative requirements, property transactions and a wealth of support services.
The future for PropTech is both challenging and exciting as more ground-breaking products emerge on the back of cohesive integrations between existing solutions providing a robust framework for evolution. With that comes upgrades and requirements that will need to be modified by agents as processes evolve in order to stay ahead of competitors and fulfil the needs of buyers, sellers and tenants alike.
The next wave of innovation is on the horizon
Propertymark is therefore proud to back REACH UK’s 2022 scale-up program with its mission being to help the property industry navigate through the world of technology by selecting the best scale-ups and launching them into the marketplace.
The programme offers successful start-up groups:
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Mentorship from real estate, mortgage, venture capital and technology sector leaders.
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Education on how to navigate the trillion-dollar global property industry from top experts.
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Exclusive opportunities at the most impactful conferences, trade shows and networking events.
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Unique access to top media and academic organizations, such as Oxford's Future of Real Estate Initiative, Savills Impacts and Tech London Advocates.
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A global network of highly talented, like-minded entrepreneurs, including more than 150 REACH portfolio companies and curated program sponsors.
Companies that have previously participated in the REACH program have collectively raised more than $350 million of follow-on financing and have secured key partnerships with DocuSign, Google, Facebook, Keller Williams, and Berkshire Hathaway HomeServices.
With the world of an agent constantly evolving, we’re excited to see what the next group of innovative companies bring to the table in order to align the latest technology with the needs of agents, buyers and renters.
*Nathan Emerson is CEO of Propertymark
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As you say Nathan, Proptech is just in the foothills, with the new technologies scaling up in the background everything that touches the asset class of property is going to be digitally redefined and powered by great minds solving big problems.
Being lucky enough to be heavily involved with the REACH UK program, and knowing a number of the teams and founders personally, the expertise, knowledge and drive of these pioneers will be equipping the property practitioners of the 2020's and 2030's and onwards with the 'tools' to do a better and more efficient day job.
Property technology is not here to replace people in real estate it is here to further their reach and conquer new marketplaces. Many do not realise that residential agency is only a tiny part of real estate story, and the plan, build, and management of property is the big area that innovation is addressing. More so with COP26 and the need to lessen the 10% to 15% of emissions created by actually building property. It will be interesting to see which companies make the cut for the 2022 Cohort, and the solutions they will be scaling up.
Agree I think similar to FinTech, PropTech is moving from 1.0 to 2.0.
1.0 was very much about digitisation with a few pure digital offerings pointing to 2.0
Agents need to look at Proptechs to reduce costs and increase revenue opportunities, similar to have banks are working with FinTechs.
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