Metaprop Global PropTech Confidence Index<\/a>, which has been a barometer of health for the burgeoning proptech industry since 2016, recorded its lowest investor confidence score to date. Confidence plummeted to 5.8 out of 10, down from its all time high of 9.3 just six months prior.<\/p>\n\n\n\nWhile a \u201chandful\u201d of proptech companies are receiving \u201cbig cheques\u201d a \u201clong, long tail\u201d is the recipient of far smaller investments, Kevin noted. Expect that long tail get much shorter, Kevin predicted, as the screws of regulation tighten over the next two or three years.<\/p>\n\n\n\n
Regulation is expected to ramp up across the Asia Pacific. Following a series of high-profile data breaches, the Australian Government is considering tougher financial penalties with fines up to AU$50 million. Japan\u2019s laws governing the protection of data has been strengthened to match the gold standard of data protection regulation, the European Union\u2019s GDPR. And China\u2019s new data privacy legislation influences more than a billion internet users.<\/p>\n\n\n\n
Bernie suggested these moves signal a future model where consumers \u201ccontainerise\u201d their personal data and make it available on a \u201cpermission-only basis”. Real estate companies will be required to rethink every element of their business process, he warned.<\/p>\n\n\n\n
Kevin agreed. \u201cYou have to understand what data you have, why you are holding it, and how long you are holding it for. Those seem like straightforward questions. But if the data is sitting in all sorts of systems for reasons unknown it can be a challenging thing to start digging through.\u201d<\/p>\n\n\n\n
Compliance is a \u201clarge, growing and challenging topic\u201d for every company in the proptech ecosystem, but especially those operating at a small scale, Kevin added. \u201cIt is challenging for a small company to have the apparatus, the technical security teams, the folks who understand compliance and GDPR.\u201d Real estate customers are reassessing their appetite to absorb the risk.<\/p>\n\n\n\n
Overlay that with the \u201coperational technology data\u201d collected by everything from \u201clight switches and heat sensors\u201d and \u201cit gets pretty complex because your level of security needs to be much higher,\u201d Bernie added.<\/p>\n\n\n\n
Yardi has been looking after client data for more than 22 years. Supporting more than two billion square meters of assets and US$6 trillion of assets under management, Yardi has a global footprint and products used in 80 countries. Even with a dedicated global compliance team to mitigate risk and enhance confidence, it’s \u201cnot always straight forward,\u201d said Kevin. \u201cSome regulatory bodies may be in conflict with each other. It takes vigilance and ongoing coordination.\u201d<\/p>\n\n\n\n
So, what can we expect in 2023?<\/p>\n\n\n\n
The pair expect further aggregation to force companies to streamline their business operations and elevate their compliance processes. \u201cManual processes and Excel are really hard to scale and tend to be more and more error prone as a portfolio goes from 10 properties to 100 to 1,000 to 5,000,\u201d Kevin concluded.<\/p>\n\n\n\n
Check out the previous episodes of <\/em>Yardi’s Proptech Insights webinar series<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Contraction in the proptech universe won\u2019t be driven just by competition, consolidation or economic challenges, but also by compliance. That\u2019s the top takeaway from a recent webinar hosted by Yardi\u2019s Asia Pacific team. Bernie Devine, Yardi\u2019s Senior Regional Director for Asia Pacific, sat down with Kevin Yardi, Vice President of Yardi, for the final installment […]<\/p>\n","protected":false},"author":442,"featured_media":34911,"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":[2223],"class_list":["post-34910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global","tag-proptech"],"acf":[],"yoast_head":"\n
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