Unlike the 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 the technology itself but rather due to slow adoption from Real Estate sector.
Similarly to the FinTech where the 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 sidelines 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.
The digital transformation of real estate is inevitable and sooner the adoption is started more value is to be created.
Key findings of survey include:
- Disruption to acceptance: Property leaders can see where propTech will make a difference: in better decision making and lower costs. However, just 13 percent report they are at the cutting edge of PropTech so there is still a long way to go.
- Collaboration is key: Grow-your-own is rarely an option when it comes to deploying PropTech. Partnerships will be key.
- Transforming company culture: Technological change is quickly becoming a board-level issue, and new roles such as chief technology officers and chief digital officers are increasingly important.
For more information download KPMG report: Bridging the gap – How the real estate sector can engage with PropTech.
Originally reported by catalystBIT