A reluctance by property firms to hire individuals to focus on innovation is leaving the sector behind when it comes to adopting new technologies, research claims.
A report by Swedish proptech academic Olli Vigren aims to explain why the property sector has fallen behind other industries in adopting new technology.
The study was conducted in collaboration with property recruitment firm Cherry Pick People and proptech procurement platform Unissu.
It focuses on the need to overcome management intransigence, to prioritise cultural change and to invest in digital transformation.
Based on a survey of people focusing on innovation at brands such as British Land, JLL, Cushman & Wakefield and Buro Happold, the findings underline how much further the sector has to go on digital transformation.
Barely half of survey respondents were hired to manage innovation while the other half are employed in another capacity.
The majority (57%) spend less than half of their time on innovation, while most innovation teams (71%) are tiny, comprising five or fewer people.
There also seems to be little consistency about what an innovation role should be.
Between them, the 176 respondents had 139 different job titles, which may include chief technology officer or head of digital sales.
The report, titled Digital Transformation - Survive and Thrive, makes five recommendations for businesses in the sector and individuals who have responsibility for innovation.
These include having a full-time focus on innovation and giving individuals and teams clear job titles.
Alex Wiffen, managing director at Cherry Pick People, said: “We firmly believe that people leading innovation strategies are going to play an increasingly important role in the real estate industry.
“By providing insight, our study will help them to manage their careers and encourage more people to take this journey.”
Download the report: https://unissu-7566011.hs-sites.com/digital-transformation-in-real-estate-0