Technology, the great disruptor, leaves no industry untouched. No industry is safe from innovation, and while holdouts like the education industry and its Victorian-era practices are just now facing the impact of MOOCs and open courseware, the Real Estate industry has been in a state of continuous disruption for the past decade. Property owners are now able to assess their homes value with the click of a button, brokers are being squeezed out of transactions, and service providers are figuring out new and innovative ways of adding value in an effort to thrive and prosper in our digitally-dominated era. Documents are sent and signed via email, escrows deposited via PayPal, and concepts of ownership are being re-thought in our new “sharing economy”. Read on to see just a few ways that technology is disrupting real estate worldwide, with a particular focus on the APAC region.
Mobile Applications
Software developers have designed mobile applications to track properties at the tip of their hands, and human resource departments everywhere are downsizing as technology continues to automate previously human-centric processes. The Asia Pacific region is a hub of fiber optic technology and high speed internet, meaning this transformation is happening faster here than anywhere else. Hubs like Singapore and Beijing provide abundant capital for entrepreneurs looking to get their start.
End-to-End Platforms
Real estate is a complex business, and mobile applications are being designed to integrate all the diverse functions in this business into a one-stop enterprise. Applications now allow users to track assets, liabilities, financial accounts, tenants and property owners and manage leads more effectively. To view the cash flow of a property, it is possible in just a click of a mouse or a tap of the mobile phone screen.
The Strength of the Lean RE Startup
Technology is strength in the real estate business and allows start-up marketers to spread their wings without digging deep into their pockets. All that is required is up-to-date marketing software and you control a high market share percentage globally.
However, technology can be a weakness when your market does not have presence online. It is a two-way traffic; the success depends on the technological advancement of the consumer and the producer.
Newcomers in the property business have a greater opportunity to grow the business faster compared to old entrants who had to invest in technology that has now experienced a cost-reduction of multiple orders of magnitude.
That said, startups in RE often require substantial amounts of startup capital to build momentum and tap into pay-to-play APIs.
The Important of Creativity
Property business owners have to no option but to be creative in their business handling. The massive transformation in technology has led to an overhaul in human resources, accountig, procurement, customer service, operations, marketing, and beyond.
For companies that specialize in Australian property conveyancing and are able to leverage technology so that they are available 24 hours a day, 7 days a week, the opportunities are endless. The human cost of such personalized service was once prohibitively expensive, but it has reduced greatly in recent years. Chatbots and other recent tech innovations allow companies to be in touch with consumers 24/7, and consumers are increasingly expecting this level of service.