{"id":29990,"date":"2021-08-23T07:36:14","date_gmt":"2021-08-23T14:36:14","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=29990"},"modified":"2021-08-23T07:37:07","modified_gmt":"2021-08-23T14:37:07","slug":"proptech-stars","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/proptech-stars\/","title":{"rendered":"Proptech Stars"},"content":{"rendered":"\n

How do real estate leaders pick proptech winners? Don\u2019t start with technology, start with business strategy, advised Radiant Property Technologies Managing Director Paul Chen in the first instalment of Yardi\u2019s Proptech Insights webinar. <\/em><\/p>\n\n\n\n

The property technology universe, once studded with a handful of stars, is now strewn with countless constellations.<\/p>\n\n\n\n

Technologies from artificial intelligence to augmented reality, driverless cars to big data, blockchain to smart buildings, are transforming the real estate value chain. But in a market with what can seem like millions of choices, how do savvy real estate players set their priorities?<\/p>\n\n\n\n

This is a big question \u2013 one that Yardi\u2019s Bernie Devine posed to Paul in the first of a new online insight series.<\/p>\n\n\n\n

\"\"<\/figure><\/div>\n\n\n\n

Welcome to planet proptech<\/strong><\/p>\n\n\n\n

Paul Chen was talking proptech before it was common industry parlance. Paul advises real estate investors and operators \u2013 from beginners to behemoths \u2013 to map out their digital strategies and navigate the competitive proptech landscape.<\/p>\n\n\n\n

\u201cRight now, the most common question I hear is: \u2018How do I scale my business?\u2019,\u201d Paul said. The answer is never simple. But one of most talked about methods today is investment in the right operating infrastructure.<\/p>\n\n\n\n

Bernie Devine, Yardi\u2019s Regional Director, has worked at the intersection of real estate and technology for nearly three decades. He sees two big barriers holding real estate back from rapid advancement: \u201cResistance to change and resistance to spend\u201d.<\/p>\n\n\n\n

While the telecommunications and finance industries routinely spend 10 percent of revenue on technology, real estate is a different story. \u201cTwenty years ago, it was one percent. Today it is only three or four percent and in a few cases five percent,\u201d Bernie said during the first instalment of a series he has dubbed the \u2018proptech duck dive\u2019.<\/p>\n\n\n\n

Real estate leaders know their sector trails rather than trailblazes. More than three quarters (77%) of respondents to Mingtiandi\u2019s tech adoption in real estate survey<\/a>, developed in collaboration with Yardi in 2020, thought proptech investment lagged other industries.<\/p>\n\n\n\n

But after decades of under-investment, the world\u2019s largest asset class received a big wakeup call in 2020. In a matter of weeks, a pandemic forced the global property industry to eliminate the persistent paper trail, automate processes and introduce electronic workflows. As the very value of space was put to the test, real estate companies began to re-examine their business models.<\/p>\n\n\n\n

A guide to the proptech galaxy<\/strong><\/p>\n\n\n\n

Charting a course through the proptech galaxy can be a rough ride. The real estate sector is seeing an \u201cabsolute explosion\u201d in proptech solutions as \u201cpeople with ideas\u201d come together with \u201cprivate equity looking for the next unicorn\u201d, Paul remarked.<\/p>\n\n\n\n

Take this simple statistic as an illustration of the trend: A US$20 million investment in proptech start-ups in 2008 soared to a US$4 billion within a decade<\/a>. There is abundance of technology options, but most real estate companies worry the solution they pick today won\u2019t survive tomorrow. So how do you make the best choice?<\/p>\n\n\n\n

\u201cIt always goes back to the business,\u201d Paul said. \u201cWhat capabilities are you trying to build? How are you trying to position yourself in the market? What assets do you manage? What services do you offer to your customers? How will you add value?\u201d<\/p>\n\n\n\n

Paul illustrated his point with a story of one client, a Chinese developer, looking for a technology solution to aid expansion into asset management. Paul stood at a whiteboard, mapping out the steps from developer to asset and fund manager \u2013 \u201cthe revenue models and the capabilities\u201d \u2013 and the solution was clear. \u201cI told them they needed to understand where their business was and where they wanted to go in the future before they selected a system.\u201d<\/p>\n\n\n\n

The technology strategy must always \u201calign with the business,\u201d Paul advised. Some companies are adding chief transformation officers to payroll, but not all are backed with the resources to drive change, Bernie observed. Others are collaborating with proptech incubators. But for the most part, technology investment has not been strategic. \u201cTo build scale is really difficult if the infrastructure isn\u2019t there,\u201d Paul said.<\/p>\n\n\n\n

Stellar solutions<\/strong><\/p>\n\n\n\n

The Mingtiandi report found 58 percent of companies across the Asian region still use Excel for leasing, sales and property management, and 66 percent turn to Excel for investor management and reporting. Most property companies know there are better alternatives, but they \u201clack the knowledge of the actionable first steps\u201d Bernie said.<\/p>\n\n\n\n

The first step is to skill up, Paul suggested. It\u2019s no longer enough to turn to the tech team for advice. \u201cUnderstand what these technologies can do beyond the headlines.\u201d<\/p>\n\n\n\n

But the more things change, the more they stay the same. Twenty-five years ago, the technology projects that shone the brightest were those that placed people at their heart. Paul said his diagnostic work with real estate companies has proved this was as true today as it was a quarter of a century ago.<\/p>\n\n\n\n

Bernie concurred. The real estate leaders who will ride the next wave of disruption understand that their buildings are more than bricks and mortar. \u201cA building is a device\u201d \u2013 one that, with the help of technology, can create a stellar experience for people.<\/p>\n\n\n\n

Sign up<\/em><\/a> for the next episode of Proptech Insights featuring Lendlease.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

How do real estate leaders pick proptech winners? Don\u2019t start with technology, start with business strategy, advised Radiant Property Technologies Managing Director Paul Chen in the first instalment of Yardi\u2019s Proptech Insights webinar.  The property technology universe, once studded with a handful of stars, is now strewn with countless constellations. Technologies from artificial intelligence to […]<\/p>\n","protected":false},"author":442,"featured_media":29991,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2844],"tags":[],"class_list":["post-29990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"How do real estate leaders pick proptech winners? 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