How PropTech can address our industry’s inefficiencies

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The property sector is already being transformed by technology. The insufficiencies and the manual processes in the industry are what we should be addressing rather than the disruptions.

This is the view of the Metropolitan founder, Gary Chimwa. Gary started running the future: PropTech series of events back in January 2015 to respond to the fast-growing PropTech sector.

The future of the PropTech team has teamed up with MIPIM UK for the launch of the inaugural Hackathon. Gary was then quizzed about this:

Why are you running the Hackathon?

He said it is simply an exciting and unique way to bring together real estate professionals like Surveyors, brokers, and agents. They will be brought together with the software developers & technology innovators, who will create apps and products to improve and enhance the property centre.

The MIPIM UK will be running and allowing the participants to network with over 3,000 industry professionals while enjoying the 48 hour Hackathon challenge.

What are your views on the PropTech market?

The property sector is already being entirely transformed by technology. The insufficiencies and the manual processes in the industry are what we should be addressing rather than the disruptions.

Within the residential sector, this change has been driven but consumer demand. Buyers and renters are becoming more digital, changing their expectations of companies. Companies are now forced to adapt to this or lose market share to more digital-based customers with their approaches.

The commercial sector is taking longer to change the PropTech industry fundamentally. We can still see the more considerable companies embracing technology and utilising it makes a competitive advantage.

What do you think the future of PropTech looks like?

The exciting thing about PropTech is that it applies to the entire property industry, from the Asset Management, Retail, Offices, Housing, Construction and much more. 

There are also many more partnerships and acquisitions between startups, V.C.s and corporates. These partnerships are usually a big win for all the parties involved as it allows large companies to innovate faster & integrate already well-advanced technology into their business. Whilst supporting the startup’s resources, funding and access to a bigger consumer basis.

To conclude, we are still at the beginning of this tech revolution. London already leads the way as the PropTech capital of Europe, and this will continue to be the case as I see more and more PropTech startups emerging every day. It’s time for the entire property industry to start embracing the advantages it can bring.

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