Technology makes real estate investment more accessible
The biggest trend in fintech and proptech is digitization and the accessibility it has created, according to Nicky Senyard, founder of Fintel Connect.
“Any innovations we’re seeing at the moment are driven out of consumer needs and identified opportunities in the market,” Senyard told IREI in an exclusive interview. “It has never been easier for end consumers to invest and get involved with commercial real estate.”
She pointed to the firm addy, which is making investing in commercial real estate accessible — and profitable — for end consumers.
“They’re looking to disrupt the market and create efficiencies in areas like access, due diligence and risk — which means financial technologies are playing a key role in allowing these products to roll out so seamlessly and create the impact they’re needing,” Senyard said.
COVID-19 has forced the adoption of technology by the commercial real estate industry.
“The adoption of these technologies has been born out of necessity from the pandemic,” Senyard said. “People are now more willing than ever to make investments in properties sight unseen — which makes products like these even more necessary to compete and stay relevant. Prior to COVID, there were already inefficiencies in the viewing, due diligence and transaction processes, and COVID has only just accelerated the innovation we’re now seeing.”
Senyard pointed to several recent innovations in proptech and fintech: user experience improvements through adoption of technologies, such as chatbots, to create efficiencies in the discovery process; artificial intelligence technology to provide more targeted recommendations for interested investors; and disruption in the accessibility of real estate with products such as addy, Arrived Homes and CrowdStreet.
“We’re also seeing NFT entering the real estate space, where buyers are able to invest in property through the purchase of NFTs, completely disrupting and streamlining the purchase process,” she said.
