Technology is already converting the whole property sector. However, it’s not about disruption but more about managing the inefficiencies and manual procedures within the industry.
This is the opinion of Gary Chimwa, founder of Metropolitan Events. Gary started conducting the future: PropTech series of events back in January 2015 to answer the fast-growing PropTech sector.
Nowadays, FUTURE: PropTech has teamed up with MIPIM UK to launch the inaugural Hackathon. We quizzed Gary about this:
Why are you driving the Hackathon?
Simply put, it’s an individual & exciting way to bring together Real Estate experts such as surveyors, brokers and agents with software developers & technology innovators to design apps and products to improve and enhance the Property sector.
It will be running within the more significant MIPIM UK event, allowing the participants to network with the 3,000+ industry professionals while enjoying the 48-hour hackathon challenge.
What are your ideas on the PropTech market?
Technology is already converting the whole property sector. However, it is not about disruption but more about managing the inefficiencies and manual procedures within the industry.
In the residential sector, this transformation is driven by consumer needs. As buyers & renters become digital and their anticipations alter, companies are forced to adjust or lose market share to businesses that have a better customer-centric & digital system.
It is taking longer for PropTech to cause elemental modifications in the commercial sector. However, we can already see that the big companies are beginning to welcome technology and recognise that it can become a real competitive benefit.
What do you think the future of PropTech looks like?
What’s exciting about tech is that it devotes itself to the whole property industry. Everything from Asset Management, retail, warehousing, offices, construction, housing Etc., will be impacted by PropTech.
Also, many more partnerships & acquisitions are occurring between startups, V.C.s and corporates. These collaborations usually are a great win for all the parties implicated. It allows big businesses to innovate faster & incorporate already well-developed tech into their company whilst delivering the startups extra resources like funding and access to a much more extensive customer base.
To finalise, I would say we are still at the start of this tech revolution. London already leads the path as the PropTech capital of Europe, and this will continue to be the case as I see more and more PropTech startups occurring every day. It’s time for the whole property industry to begin adopting the benefits that it can bring.