Proptech: More than a Buzzword
Proptech: More than a Buzzword
Global statistics indicate that the companies thriving in today’s climate are those who have successfully embraced (and deployed) technology. However, in a typically traditional industry such as commercial real estate, the daunting prospect of adopting new-age technologies meant that some companies were left behind. And while some think that proptech was just a ‘buzzword’, this couldn’t be further from the truth – particularly in an age where technology is everything.
What is proptech?
You’ve heard of fintech and edtech, but what is proptech?
‘Proptech is a movement in the real estate market toward efficient systems rooted in exploring the digital landscape and tending to new consumption patterns. Proptech is an innovative approach to real estate in which technology optimizes the way people occupy, research, rent, buy, sell, and manage a property. The cross-industry technology benefits all parties involved – developers, investors, and property management companies – making it a recent buzzword in commercial real estate.’
Commercial real estate has evolved from being focused on ‘location, location, location’ to a new mantra termed ‘location, experience, analytics’ (Deloitte (2020)).
What’s all the hype about?
“Today, technology is no longer a nice to have, it’s non-negotiable” – John Jack, CEO of Galetti.
John recently spoke at Africa Prop-tech Forum (APF) 2021 about the importance of technologies in corporate real estate. He noted that the dynamic shifts in our industry all require technology to bridge the gap. “While historically companies used the likes of Lightstone to get ownership information on properties, today there is a need for a strong CRM (Customer Relationship Management) system and geolocation system to categorise data.”
More data, better decision making
In summary, the technology used by our industry is centered around data and efficiencies. The more data, the better; the more efficient the business, the more profitable it will be. The data that companies have access to include current and historical vacancies, sales activity, occupier movement right down to the granular detail of every property recorded. “We track over 24000 commercial properties nationally”
Today, data is a competitive advantage for those who have stayed ahead of the curve. The more data, the informed decision-making can take place and the more value we can add to our clients.
Find out more about Galetti’s proprietary analytics system – reBASE Core - which allows clients to better manage and optimise their commercial real estate portfolio: https://galetti.co.za/newsroom/rebase-core-moves-commercial-real-estate-into-a-new-era