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There’s just under two weeks to go until the Real Estate Innovation Festival in Sydney, which is shaping up to be the largest gathering of tech decision-makers from across the real estate spectrum here in Australia. In fact, it’s the event the Australian proptech market has needed for a long time, a place where all players from across the ecosystem — tech providers, buyers, investors and intermediaries — can come together to learn and do business.
Why now?
Real estate is considered the most important and largest asset class in the world, yet it is known for being resistant to change and is still in the early stages of tech adoption, especially when compared to other industries. However, a combination of big global trends led by demographic preferences and buying behaviours is presenting a myriad of opportunities for real estate companies and proptech to facilitate change for the better.
How are progressive real estate companies using proptech today?
Proptech can be leveraged by all sorts of cross-industry parties, whether they be developers, investors, landowners or tenants. It can help them better manage their assets by simplifying the wide range of processes involved in real estate. This can be as simple as reducing paperwork for property management or streamlining transactions. In fact, proptech is already having a major impact in the industry because of the many pain points it solves for customers. Proptech intersects with many other related sectors, from fintech (financial transactions, loans, mortgages, etc); smart real estate (emerging technologies and systems that help run smart homes, buildings and cities); and even contech (tech that changes the way buildings are designed and made).
Post COVID, ESG-focused world
The broadening of the spectrum is encouraging even more companies and start-ups to find different pain points and gaps in the market. Co-working has become the new buzzword disrupting the office space, co-living is doing the same when it comes to residential real estate, and crowdfunding is reshaping the construction sector and real estate investing processes. And we can’t forget the commitments to net zero and the need to create and manage buildings that are good for the environment and their occupants.
What can proptech do for you?
The reasons for adopting proptech will look different for different parties, but the outcome will always be the same: saving time, money and the planet. For brokers, it can be easier data collection and data-powered marketing to simplify investment, leasing, buying and selling processes; or perhaps the automation of paperwork and streamlining back-office systems, allowing more time for face-time with clients, market research and closing deals; or, especially in a post-COVID world, promoting digital engagement and reducing physical contact while keeping processes flowing smoothly. For real estate investors, proptech offers many promising features, for example, improved, data-backed research that will better inform development, leasing, buying, selling and investment opportunities.
That being said, it’s important to note that proptech, while a booming sector, is still relatively new, and will evolve as new needs and audiences continue to rise to the surface.
Where can you get all the proptech knowledge you need?
With the growing impact that technology is having on real estate, there are more and more new technologies and companies you need to be aware of. That’s why hundreds of leading real estate companies from across Australia are attending the Real Estate Innovation Festival in Sydney on 9-10 November. The Real Estate Innovation Festival has so much to offer executives like you. From the myriad of cutting-edge technologies on the show floor, to the insights presented in the seminar theatres — this year’s event is not to be missed.
Interested in attending? Visit the event website at realestateinnovationsummit.com/expo/ for more details.
John Pozoglou is the founder and CEO of FuturePlace.
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