The future is always uncertain, and with the rapid changes in technology, the future is becoming even more uncertain. When it comes to emerging real estate technology — or proptech — technological advancements are key to how the market will progress and develop.
In a recent webinar, Arno van Grondelle, managing director, Europe at Institutional Real Estate, Inc. — along with Norbert Bol, CIO at Sweco Capital Consultants; Pal-Christian S. Njolstad, COO at Spacemaker AI; and Arnie Sriskandarajah, managing director at Round Hill Ventures — discussed the issues surrounding the emerging property technologies and the development of technology in the real estate industry in Europe.
Sriskandarajah said one of the biggest issues in proptech is, when looking at the real estate industry as a whole compared with other large industries, the real estate industry has been slow to adopt technology and it is the least digitized compared with the other major industries around the world.
“The issues historically have been very much centered around technology as a nice-to-have as a back-office function rather than seeing it as a potential to create value going forward,” noted Sriskandarajah. “In short, I think proptech now is much about harnessing additional value and new value that can be created by digitizing the build world.”
Njolstad noted that, when we talk about proptech today, we are talking about solutions with regard to the construction stage, as well as back office, marketing, sales and asset management operations. “The plain reality is the current proptech conversation falls short,” added Njolstad. “It neither captures our scope or our opportunity, let alone the value of the digital transformation of the construction sector.”
To hear more on proptech, data collection and the future of technology in the real estate industry, watch the entire webinar here.
