“One of the biggest opportunities at the moment is in making smarter and faster decisions using the huge swathes of data to which real estate organisations have access. Data-driven decisions allow real estate organisations to improve in areas such as utilization of space, investment decisions and competitor analysis. As property increasingly becomes more of a service than a product, this ability will be key to real estate organisations’ survival. Critically, this doesn’t need to involve large-scale expensive solutions – it’s about taking small steps…”
KPMG Global PropTech Survey 2017
Unlike financial sector and the simplest example of mobile banking, digital transformation in commercial Real Estate is still in its early stages. That is largely no thanks to slow advancements of technology itself but rather due to slow adoption from Real Estate sector.
Similarly to the Fintech where majority of adoption has been fueled by fierce competition and fight for every customer, as the time goes by the same is expected to happen in the commercial Real Estate sector. Those catching first winds will usually become market leaders and benefit the most.
Therefore, it is important not to sit on the side lines and passively observe where PropTech is going, or even worse ignore it completely, but rather learn through the active engagement. Be it by reading reports like the one mentioned here, attending conferences like MIPIM PropTech Europe, talking to providers or simply searching online.
Digital transformation of real estate is inevitable and sooner the adoption is started more value is to be created.
“How the real estate sector can engage with PropTech to bring the built and digital environments together.”
Read more: KPMG