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What will Drive Property Tech Trend in 2018?
By Nigel O’Neill, Chief Digital and Technology Officer, CBRE
Real estate is one of the largest asset classes globally and presents a natural progression development from fintech to PropTech.
Cybersecurity in sharper focusAlongside the growth of smart buildings, the focus on cyber defence and cybersecurity will need to become part of the broader conversation too. With the implementation of smart-building technology and the evolution of various user apps to interact with our built environment, the access points for hackers to access buildings will increase. Technology supporting smart buildings will increasingly have to take into account multiple scenarios and building owners will have make investments to safeguard their buildings and the assets of those who occupy them. The focus on cybersecurity in buildings will only intensify in the future. Automation of smaller deal sizes The advancements in fintech will logically progress to real estate. Real estate is one of the largest asset classes globally and presents a natural progression development from fintech to PropTech. Utilising fintech, we can create new deal origination platforms to match retail investors with developers or institutional property funds. Fintech makes possible the creation of algorithms that act like a dating app, automating the match between investors and the available assets, particularly those that are priced in the smaller sub-million-dollar market. It is the view of the real estate industry that PropTech is a work in progress, but there are many exciting green shoots and a growing industry and governmental focus on PropTech. In the short term, progress will be limited by access to top talent and those who have the ability to reimagine a digital real estate world. The second challenge will lie in how we can effectively capture and harness data, separating the wheat from the chaff so we can intelligently leverage data to drive truly amazing outcomes. As with any transformation, it is a journey and the aforementioned challenges are par for the course of any transformational journey and not just limited to real estate.