From Investment to Adoption – PropTech is Now Driving the Industry Forward
We often read articles that fly the flag for PropTech as the future of the industry, usually speculating as to how it can be implemented and noting that the industry is becoming more receptive to technology – underlined by increasing investment in the sector.
But investment is one thing – implementation is another, altogether.
Which is why the Proptech: Changing the Way Real Estate is Done report, released by The Urban Land Institute and Goodwin, as reported by RISMedia, makes for such encouraging reading.
The report shares tangible data that highlights the progress being made by PropTech – those innovations we were reading about receiving significant investment are seemingly now being rolled out, as 80% of real estate companies reported positively on the influence technology is having on their operations and services.
The report also details which areas are seeing the highest rates of adoption of PropTech, with data analytics coming out top (63%).
Given the industry’s notoriously slow adoption of technology in the past, it’s interesting to note the report’s statement that “[t]he most proactive companies are pursuing multiple business strategies to stay ahead of change and innovation made possible by technology, and to identify and access optimal technological solutions as they become available or to encourage new solutions.”
This represents a significant shift in mentality, as companies are now not only embracing technology but actively developing strategies that enable them to pioneer new technologies.