Proptech; Positive disruption with boundless benefits……
Ripe for disruption, the property sector has long needed a shake-up, and an injection of investment into modern technology to align it with the modern world. In simple terms PropTech, or Real Estate Technology refers to businesses using technology to improve (and also disrupt) the way we buy, lease, design, construct, and manage commercial property.
Some interesting facts and reflections on Proptech;
- A recent RICS insight paper on the impact of emerging technologies identifies that no fewer than 88% of the core tasks of surveying are ripe for automation;
- Artificial Intelligence (AI) is advancing at an alarming rate bringing about further automation in design with leading software companies building AI into their products;
- One only has to look at the impact of technology on the Finance Sector (Fintech) with large scale automation and a huge reduction in personal interaction to see how the property sector is likely to follow;
- An estimated 90% of buildings in the UK were constructed before the internet – hence the industry faces an infrastructure challenge;
- Connectivity is more important than location for many occupiers thereby bringing about a shift in the demands on the commercial leasehold market;
- Tangible benefits: Customer focused service and real-time sharing of property information ensuring transparency and collaboration, data consistency, more streamlined and effective quality assurance processes, procurement efficiencies, better and more reliable outcomes.
So what does this mean for us as Building Surveyors?….. Clearly, Proptech is a powerful way of adding value to the services we provide, but there will always be a demand for building surveyors who have specialist knowledge, experience and the ability to think reflectively to inform the advice they give.
As Building Surveyors, we need to develop a flexible skillset in order to respond to the changing landscape; the technological revolution looks to drive the pace of change to unprecedented levels and is sure to have an impact on almost every part of our lives!