This will not be the year of ‘proptech’ – says one of its most ardent supporters.
RealPundit.com, aka Rayhan Omar, which sets out its stall as being about “the future of real estate”, says that last year was meant to be the year of proptech, but wasn’t.
Omar goes on: “Many are predicting 2016 will be the year proptech becomes ‘the next big thing’. It won’t be.
“I believe we will have to wait till the next property bust for there to be a real push for innovative property technology.
“Why? Because no one in the property world is feeling any pain.
“We weathered the last recession as close to unscathed as is possible. We won’t be so lucky next time.
“The next ‘earthquake’ will be stronger and deeper as we’ve pumped more funny money into property.”
There is a property bust going on right now, it might not be the traditional bust where prices fall through the floor but there is a volume bust going on.
Rather unwisely, in my opinion, the building societies are advising the nation that prices are exploding when evidence says they’re not. Prices might be booming where Halifax are flogging mortgages but in other parts of the country both volume and prices are falling back. Nation-wide transaction volumes are lower than for a very long time.
Technology support for agency will trundle on like a glacier as it has done for 30 years however it will be technology that supports good agents that triumphs rather than tech that looks pretty but will go unused because it either doesn’t work or it is aimed at ‘consumers’ rather than customers (Agents)
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No amount of technology, no matter how amazing, can by itself ignite the shift from good agency to great agency. No technology can turn the wrong people into the right people. No technology can inspire faith and trust.
Excerpt from book Good to Great.
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Technology is about people and empowering them to achieve a better experience:
It creates:
TransparencyAccountabilityAudit trailAutomation24/7 supportDocumentary evidence in the event of disputesEfficiencyCollaborationEnhanced communicationSolves problems and pain points.Offers instant gratuity to users.
Just look at how Uber has revolutionised booking a taxi – but they don’t own any taxis.
Look at how Rightmove has revolutionised property searches – but they don’t own or sell any of their own properties.
Tech is all about “delivery method”. Understand that, and you will see why it can improve your business and give your clients a better experience of your business imho.
Ultimately, the adoption of tech benefits the entire community and provides a better experience of the PRS for all, in the absence of regulation. Transparency is a crucial element of improving standards within the property sector as it can expose the rogues, and highlight the good guys. So in that respect it can inspire faith and trust.
I certainly trust Uber, for example. Those that understand Uber, will see where the opportunity lies.
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Me thinks you have fallen for it. The only things that matters is the person in the mirror in the morning. IT is nothing more than a tool, not a solution.
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Technology does not replace human solutions. Agree with you 100%. What it does do is make all the mundane side to estate agency easier, more transparent, better for home owners, better for buyers and more streamlined for agents. Audit trail accountability, inventories, check ins etc are all being revolutionised with the use of technology that prevents the infighting between tenants and landlord because the information is there for all to see. CLarity is what the public are crying out for and its what technology is delivering.
The Phillistine approach to technology that many seem to suffer from on here is holding back estate agency pure and simple. The old ways aren;t always the best. The winners will be those who manage to marry technology to the best advice and the best relationship builders.
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Fallen for what?
What has IT got to do with this?!
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