Technology is already transforming the entire property sector. However it’s not about disruption but more about addressing the inefficiencies and manual processes that exist within the industry.
This is the view of Gary Chimwa, founder of Metropolitan Events. Gary started running theFUTURE: PropTech series of events back in January 2015 as a response to the fast growing PropTech sector.
Now, FUTURE: PropTech has teamed up with MIPIM UK to launch the inaugural hackathon. We quizzed Gary about this:
Why are you running the Hackathon?
Simply put it’s a unique & exciting way to bring together Real Estate professionals such as surveyors, brokers and agents with software developers & technology innovators to create apps and products to improve and enhance the Property sector.
It will be running within the bigger MIPIM UK event so it allow the participants to network with the 3,000+ industry professionals whilst also enjoying the 48 hour hackathon challenge.
What are your views on the PropTech market?
Technology is already transforming the entire property sector. However it is not about disruption but more about addressing the inefficiencies and manual processes that exist within the industry.
In the residential sector, this change is being driven by consumer demand. As buyers & renters become more digital and their expectations change, companies are being forced to adapt or simply lose market share to companies that have a more customer centric & digital approach.
In the commercial sector, it is taking longer for PropTech to cause fundamental changes but we can already see that the large companies are starting to embrace technology and to recognise that it can become a real competitive advantage.
What do you think the future of PropTech looks like?
What’s really exciting about tech is that it applies to the entire property industry. Everything from Asset Management, retail, warehousing, offices, construction, housing etc will be affected by PropTech.
Also there are a lot more partnerships & acquisitions happening between startups, V.C’s and corporates. These partnerships are normally a big win for all the parties involved as it allows large companies to innovate faster & integrate already well developed tech into their business whilst giving the startups additional resources like funding and access to a much larger customer base.
To conclude I would say, 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 as a whole to start embracing the advantages that it can bring.