The Real Estate Company as a Technology Enterprise
Real estate companies that have taken bold steps with technology are now faced with the question of when and how to make the next digital leap.
2 minutes to read
It is clear during the events in recent months that the real estate industry is in the throes of the next stage of technological evolution.
There remain many areas for technology to bridge the gap between man and real estate. Real estate companies are increasingly being held to higher standards of business governance which impacts how well they perform in the market.
Rising consumer expectations and the need to manage business sustainability with socio-economic risks has added fuel to efforts in developing seamless technology solutions and holistic platforms where the needs of business, consumer, health and safety are met all at once.
Real estate business owners must realise that power lies in the hands of their clients and consumers. They need to rethink the use of technology to create user-centric experiences and organisational processes, rather than the other way around. Companies that are still unfamiliar with terms such as automation, UX/UI, big data, internet-of-things (IoT) and blockchain can consider hiring in house expertise to help to navigate technology issues.
Emerging technologies such as blockchain and smart contracts adds to the possibility of more robust digital transactions.
The contactless economy has opened new opportunities for conversations around the legalising of digital ink signatures, a task that the Government Technology Agency (GovTech), Infocomm Media Development Authority (IMDA) and the Council of Estate Agencies (CEA) will have to look into.
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In time, it is hoped that property transaction documents that have been conventionally signed and processed in hard copy can eventually be ported over to digital platforms with legal certainty, as the Singapore Government continues to review its laws in line with its vision towards a digital economy.
As changes are made to the Electronic Transactions Act, commercial transactions, including property deals, can be processed faster, more conveniently, and over a shorter time frame, making the industry fully digital.
PropTech 2.0
Headway into property technology (PropTech) since a decade ago remains in its infancy stages. Many PropTech providers continue to occupy niche segments in listing services, brokerages and smart home technology.
The combination of FinTech with PropTech to achieve better platform economics, digital accountabilities and deeper analytics are areas of opportunities that remain to be seen. The growing need for better data, insights, and enhanced collaboration among real estate players for business sustainability will spur further initiatives in the creation of full-fledged PropTech products that facilitate better economics, legal accountabilities and transparency among all parties.
Supporting the development of better platforms experiences is hardware and infrastructure. Advances in computing power, storage capacity, and network connectivity will be the three parallels required to ensure optimal loading times, failsafe contingencies, and data accuracy.
We provide specialised advisory to companies on technology; combining integrated services to raise real estate performance.
Connect with Knight Frank