Change is the only constant, how quickly can we adapt? Nordic PropTech Summit 2017
Nordic PropTech Summit at Epicenter Stockholm gathered the real estate industry for a day to challenge the chosen truth and start asking why are we doing what we are doing and what´s the purpose. It is commonly clear, that we need to work together to create a common platform to help clear the scattered solution jungle into user centric usable path with hopefully an excellent user experience.
“PropTech is a symptom of a wider change in the real-estate industry, that is creating a more efficient way to help the lost dinosaurs regain a sense of direction whilst giving them access to a new food source for a longer and more prosperous life.” James Dearsley
Everything will be connected
PropTech is enabling a massive opportunity for start-ups and corporations. The real estate industry is “sort of” conservative to say the least, and with the disruption ongoing and new innovations we will see enormous leaps happening in the near future within the industry.
The market however is a wild west of scattered solutions without a clear common ground. I have written about everything being connected in my previous blogs. I strongly believe that everything will be connected somehow sooner rather than later and therefore I think we should join forces and figure out how to create a platform that makes this possible in a sensible way. Gustav Radell, Head of Consumer Marketing – Google suggests that we might very well see this kind of platform based on Google solutions in the future.
220 trillion USD playground
To give some perspective, PropTech (Property Technology) is a 220 trillion USD industry, with extensive growth and investment opportunities. Europe actually is the largest growing market within the industry.
If you think about the fact that in less than 10 years we will probably see 30% of the office spaces being rented on an hourly basis you might get an understanding of the direction the real-estate industry is currently rapidly moving with the help of PropTech.
DJ economy driven by data
How to make use of gathered data and actually getting good and relevant data is a struggle we also see in PropTech. Ola Ahlvarsson, co-founder of Epicenter, thinks actually that we are moving towards a sort of DJ economy where the DJ is the one who will gather the scattered data and make the content relevant.
One extremely interesting trend that seems to be evolving with new tech such as autonomous cars and drones, is the data collection. Drones and autonomous cars will start collecting data from their surroundings and for example car manufacturers will be able to sell this data to relevant stakeholders. Again, an example of DJ economy in life and industries being disrupted.
Service layer is built on new models and trust
I attended a panel discussion at the Nordic PropTech Summit together with Gustav Radell (Google), Anthony Slumbers (Estates Today Ltd), Patrick Mesterton (Epicenter) and Ola Ahlvarsson from Epicenter as moderator. We pondered around how to create a service layer in the real estate industry and who will actually be the one who is driving the change.
I believe that it will actually be the end-users who will change the game, as we start demanding changes in the chosen truths. Why do we need to do things as we always have, when there are perfectly good working solutions available? Think about sharing economy and possibilities there. Airbnb being one benchmark, but also Epicenter and WeWork similar future work environments. What is needed are new models and trust. Without trust, you might not want to share, which is the whole base of the sharing economy.
All in all, the event was a great example of the fantastic buzz going on in the real estate industry and steps finally being taken towards making use of all the new technological possibilities available. The passion was hand felt and it really is a delight to be able to give and get insight in this thriving industry. Thank you Stronghold, Epicenter and Result for making this happen - future of PropTech is built together.
Find more about our view on data-driven work environments: Tieto Intelligent Building