Property Natter - 'Swipe right for business revolution'

After a bumpy six months media-wise, I was fascinated to see that Prince Harry and Meghan Markle chose a tech-based project to make their first public appearance since that New York ‘car chase’ back in May.

In a video posted to their Archewell Foundation website, the couple were filmed calling a number of young tech entrepreneurs.

The foundation is one of a number of organisations that have clubbed together to gift $2m worth of grants to young innovators from the Responsible Technology Youth Power Fund.

Why did I find this so interesting? Because these public demonstrations of largesse are not chosen lightly. They are, in themselves, a statement of some sort - a representation of values by association.

In truth, the recipients of the grants had two things in common:

1. Youth
    
2. Innovation through technology.

In other words, this particular media event was shamelessly intended to represent a brighter future and there’s nothing wrong with that. It’s safe ground – even for a couple like Harry and Meghan who seem to attract negative headlines wherever they go, whatever they do.

Of course, the young award-winners in question probably don’t even consider themselves ‘tech’ entrepreneurs, at all.

They’re just, simply, entrepreneurs – the ‘tech’ bit is their world, their everyday life. It’s their pen, their cash, their newspaper, their department store and their toolkit.

Like it, or not, this is how the world is now and nowhere is this more clearly demonstrated than in our own PropTech sector.

According to a market analysis by Grand View Research, the global PropTech sector was valued at US $25,145.1m in 2021 and is expected to expand at a Compound Annual Growth Rate (CAGR) of 15.8% to 2030. (Just imagine what our lives might be like if the UK economy as a whole could boast such numbers.)

Automate mundane tasks

Here in the UK, it is estimated that there are around 700-800 PropTech firms operating in the market at various stages of development. They offer everything from tenant referencing and sales progression to virtual tours and lead nurturing.

Agents will argue that they frequently have 10 suppliers vying to offer them the same product under different names – that’s ok, the market will sort itself out and only the best will survive.

The point is we’re all going to be immersed in automated processes, whether we like it or not and it’s up to us to embrace what makes our businesses more efficient, faster, easier and, well, better.

2023 has seen an explosion in public awareness and expectation of Generative AI. Let’s consider that, for a moment. We expect it to automate mundane tasks like data entry and analysis, create listings, even handle customer queries through virtual assistants and chatbots.

But as Dawson Scott, Reapit’s CTO wrote in a feature for Estate Agent Today, this week – what new worlds will AI conquer in the future?

He believes the potential is there for AI to revolutionise the way the property industry operates fundamentally by automating conveyancing and chain management; by predicting maintenance requirements for property managers; by providing a complete social media management service across all platforms.

Dawson is convinced, and I agree, that AI is not about replacing humans, it’s about ‘leveraging technology to enhance the human touch in the agency business.’

In short, I guess he means it gives us more time to do what we’re good at...or should be.

The possibilities are endless and the ambition appears to be boundless. To find out more I’ve included a link below which list just some of the companies trying to break new ground in the sector.

Until next time

N

69 Best UK Proptech & Real Estate Startups to Watch in 2023 (seedtable.com)