Technology is taking over the world – if I think back 10 years how times have changed. A tweet back then was the calling sound of a bird, and now billions are sent each day to each other via some boheamth called twitter – which in itself is practically new in a corporate sense! Now some may sense that property has certainly not excelled in the technology arena but it is certainly playing hard to catch up.
You’d have to have been in hibernation in the last few years not to have noticed the plethora of proptech companies that have sprung up, supporting and challenging the industry in equal measure. From companies seeking to take on the high-street estate agents to clever apps helping property owners to reduce energy costs, the sector is awash with dynamic young firms, many of whose founders have little direct property experience. But who are these new found proptech companies:
Virtual walkthrough is addressing a fundamental need within the property industry – the lack of tools to connect buyers and occurpiers with buildings. Connecting buyers on social media, mobile devices and over email with one aim – to provide a more compelling buying experience. It allows you to experience a property without setting foot in it, taking the experience to the next level from the simple photograph and with plans to expand from current LA and London offices it could be heading near you soon.
Pi Labs has been set up and launched as Europe’s first proptech accelerator which has invested in 10 proptech companies, has a mentor pool of over 100 people and seen one company seed £350k. The mentor part stands out to me, by giving back expert advice across a wide variety of sectors, as a way to give future proptech companies a fighting chance.
Appear Here feels like it’s been around a lifetime but in fact like the others it’s relatively new – you want space for your business short term then go to Appear Here, simple as! No risk in owning the asset but paid a fee to rent it out on short term leases to new and innovative businesses or simply pop-up shops for larger corporates. Fund raisings and global expansion have followed but shows that a simple idea can go along way.
Yopa is claimed to be revolutionising the estate agency market and too right to. Having sold a few houses I am unsure how the fees by estate agents can be justified – the amount of face time you get means they may as well be online. Offering fixed fees but all the services shows they are forward thinking in a very active market place and with national reach they cover everyone. It’s the future!
Over such a short period of time much has changed and in each sense they are significant advancements as the digital world integrates into the property world. It won’t and shouldn’t stop here and I imagine by this time next year there will be further advancements – and if I knew where I’d be looking at it myself. For those not digitally minded, embracing the above would be wise but it’s not the end – for example there will still need to be high street estate agents, they will themselves though adapt to the online challengers.
Feel free to contact me 0113 288 2276
or lee.a.wilkinson@uk.pwc.com if you wish to discuss this blog or anything relevant to
property and construction.
Enjoy the weekend
Lee
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