How can real estate make the most of the PropTech revolution?
This report aims to understand the barriers to and opportunities for improving the productivity of the real estate sector through the application of property technology (PropTech) and to provide practical recommendations for industry and government.
Given the cultural, structural and technical barriers towards digital innovation that characterize the property sector, the report gives three key recommendations:
1. Improve market information by: developing a proptech library of all current and emerging proptech innovation, classified in line with the property lifecycle, user needs and technological drivers; developing a property innovation index to assess a company’s capacity and preparedness for innovation/tech; creating a proptech maturity index to give the market a clearer understanding of which innovations should be adopted; undertaking regular research on the priority technology needs of BPF members and their occupiers.
2. Create a cohesive approach to championing innovation by: creating a plain-language shared vision of the future property sector like the McKinsey ACES framework for the future of the automobile industry; setting up a property sector regulatory sandbox following the model of the FCA; setting up a property passport with common data standards for core information to reduce friction; promoting the Centre for Digital Built Britain to work with industry, architects and innovators to improve consideration of productivity and wellbeing at the earliest stages of a building’s design.
3. Embed digital knowledge and foster innovative behaviors by: developing a program to place early-career software developers, digital designers and innovators in influential roles in property companies; creating a leadership development course within the BPF which includes a comprehensive overview of the technologies driving digital innovation and the business models changing industries; developing a program of open and challenge-based procurements within the BPF to expose companies to the full range of solutions on offer.
Summary by Angelica Krystle Donati
For further details please download the full British Property Federation report: Lost in translation. How can real estate make the most of the PropTech revolution?