UNDERST A NDING YOUR CUSTOMERS ' BUYING HABITS A ND HOW IS TECHNOLOGY DRIVING RE A L EST A TE ONLINE IN THE CURRENT CRISIS ? Carol Tallon Property District CEO & Founder of Proptech Ireland
HOW IS TECHNOLOGY DRIVING RE A L EST A TE S A LES ONLINE IN THE CURRENT CRISIS ? First question to ask... Is technology driving real estate sales online in your area?
UNDERST A NDING HOW , WHEN A ND WH A T YOUR CUSTOMERS WILL BE BUYING FROM YOU A ND HOW TO KEEP UP WITH YOUR CUSTOMER ’ S NEEDS ? Property Customer vs. Property Consumer How? Mobile first (but not really, think of the original proptech - search) When? What? * Novelty vs. Necessity - for satisfied consumers and resilient businesses
HOW TO KEEP UP WITH THE NEEDS OF CONTEMPOR A RY PROPERTY CONSUMERS ? Changing trends - ‘on demand’ generation, transparency, personalisation, Don’t be afraid to go back to basics Real estate is a strategic communications function, so don’t ignore the first rule of communications Meet the consumer where he or she is right now, not where they ought to be i.e. mobile first
IN YOUR REGION , WH A T SH A PE DOES PROPTECH T A KE ? Smart Design - enhancing visualisations, 3D, immersive reality, BIM Smart Planning - Data-driven modelling solutions, GIS-enabled (State/local government buy-in required) Smart Construction - Whole range of MMC methodologies, offsite manufacturing, productivity tools, immersive technologies on site, real time environmental monitoring Smart Marketing - next generation of property portals, remove viewings, virtual reality walkthroughs Smart/Frictionless Transaction (including fintech) - Online bidding, virtual certification tools, digital signatures, blockchain, e-conveyancing Smart Home - IoT sensors connected to device for - comfort control, appliances, security energy solutions etc Smart Building - IoT interconnectedness, keyless entry, responsive utility use, space monitoring for security, comfort and use efficiencies Smart Property/Portfolio Management - CRM, fault reporting, tenant engagement Smart City - IoT solutions for citizen safety, improve traffic flow, accessibili
KEY TECHNOLOGIES UNDERPINNING PROPTECH Chatbots Cloud computing AI / Machine Learning IoT Drones Augmented / Mixed / Virtual Reality Voice - data, search, accessibility Blockchain (underpins cryptocurrencies and tokenization)
UNDERST A NDING D A T A GDPR Compliance (EU) Data collection, analysis and use Contract management workflow Searchable online storage Empirical approach to decision-making (for buyers, sellers and the business)
A GILE A GENTS - CAROL TALLON “Not all innovation is tech- driven, and not all proptech is innovative”
FOR RE A L EST A TE A GENTS , INNOV A TION COMES IN THREE DISTINCT C A TEGORIES: Innovate what you are offering Innovate how you are offering property services - Most proptech sits here Innovate the business model - Online agency, hybrid, community-driven approach THE IRISH EXPERIENCE Agent enquiries to Proptech Ireland up 250% in the first 10 days of Covid-19 restrictions Vastly accelerated awareness of the need for proptech Disconnected operations (particularly accounting function)
TOP 5 TRENDS 2020* Doubling down on data - actually understanding how it can be used/enhanced with AI AI becoming a more ubiquitous technology across planning, construction and real estate Engagement - meaningful two-way communications, whether that is between tenants, property developers/owners, local authorities, stakeholders, members of the community or all of the above Immersive technologies for use beyond marketing i.e. to bring BIM to life, for healthy and safety, wayfinding on site etc Exponential growth in BIM adoption
LIKELY SHIFT IN THOSE EXPECTED TRENDS Responsive to Covid-19 vs. Regardless of Covid-19 Expected outcome: An acceleration of trends that were already emerging and the emergence of new, pandemic-responsive trends Longer-term future trends: Next generation websites - platforms/PaaS offering Next generation portals - Not portals at all but AI prompts AI - emotion detection Virtual reality viewings - eye tracking Fractional ownership - Tokenisation
WH A T NEEDS TO H A PPEN NEXT ? Improved startup supports and a robust angel investor and VC funding ecosystem Agents need to see proptech as an opportunity not a threat Provide testing environments - don’t be afraid to be a first customer Invest in tech and training - bring the team along on the digital transformation journey Invest personally or partner - Leverage your domain knowledge and strengthen business by investing time and expertise in suitable startups
TH A NK YOU Carol Tallon, Property District CEO & Founder of Proptech Ireland carol@propertydistrict.ie www.propertydistrict.ie
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