🟥BuiltAPI - Connecting PropTech Solutions | 🟧iBuilding.pro - Learning Course on Intelligent Buildings | 3x Founder, 13 yrs in #PropTech, 20 yrs in #RealEstate | PgD in Economics, MsC in Finance & Linguistics
A brief history of 10-year search for Product-Market-Fit in PropTech 😂😂😂 It's a shame that we still don't hear each other... 🧐Advisor (quoting Steve Jobs): "Start with the customer and work you way backward to the technology!" 😏PropTech Founder: "Customers don't know what they want! They just want their Excel files!" 😒Real Estate Customer: "We need quality data to make business decisions :)" #proptech #data #innovation #future #realestate #cre #cretech
If thats the quality of founders, its scary... Who pitches "dashboards"? Fml 🤣🤣
What % of the total hours worked each day by employees in a real estate company (advisor like Jll or REIT like British Land) are spent working on analysing data? Not working with data (creating report et al) but actually analysing data. 30-50%? Tops. Which leaves a vast number of ‘jobs to be done’ that don’t. And most/all of these could be optimised (and/or replaced) by some form of technology. Often Gen AI. If data really is the only thing a ‘real estate client’ wants then why is the industry so data illiterate? And is this likely to improve in the years ahead? Real estate is becoming increasingly operational and yes data does matter (and is a huge competitive advantage to those who have it) but the modern real estate ‘business’ is about a lot more than data. Ideally one would get ones data sorted out but without a strong focus on why it matters, and what one can do with it (real estate is rotten at this) it’s just another topic to waffle on about. The great PropTech opportunity is to imagine a future industry and story tell this to the market. Then build that.
I disagree on clients. Most don't want anything unless their clients do
I really great summation with the graphic Ivan Nokhrin and I totally agree. 2014 the message was analogue realestate can be changed to digital, workflows, products, services, utilising data oversight (so quite a large bag of stuff). 2019 - leftfield out of nowhere and probably powered by Covid-19 in some crazy way ESG ... maybe lots of people at home navel gazing at how they continue to let the planet burn, Vs the rising consciousness of Gen-Z and Gen-A sensibilities. Then 2024 with proptech floundering with many big ticket animals not performing ... we go back to 2014 thinking with AI a technology (unlike ESG save the planet) being the new 'wonder drug' that wil cure all. When in fact like blockchain and a few others it has yet to prove its vast value. And on chatbots, were they not around 8 years ago and meant to be the one thing that changed everything, again more hype less substance. On the positive and powered just because Gen-A turns 18 in four years, we will get a tech digital native used to and DEMANDING goods and services via their keyboards (mobile etc) who will shake up all areas of realestate. I wonder what 2029 looks like?
Some may think we should leave the industry and let them do their own thing. The problem is we all have demands in how we live and work in the future. So we still have the obligation to support them, even if it’s tiring sometimes.
Love this 🤣
Ha Ha funny, but not funny. 🙈
Well that’s why I created Actovia. But you may not have heard of us because it’s knowledge, experience and hard work that built a best in class system for CRE, and not VC money.
CEO, Co-Founder at Assetti - Property Asset Management Solution
2moPretty spot on! First makes you smile, then cry (or both) - Schrödinger's Linkedin post🙂. On the other hand, I'm a bit tired of this narrative of all out of synch, and when the day is over, it's all back to Excel spreadsheets. Yes, it's not all perfect and yes, one could say a few things about real estate and proptech, but all bad? No. One of the characteristics of real estate by its very core is that, it is high in value and low in frequency of transactions (compared to e g consumer goods), which leads to risk averse behaviour (long decision processes, unwillingness to change, Status Quo, etc). Less willingness to see the need for higher clock frequency enabled by / through data and more appetite for one time deal opportunities under forecastable circumstances for the future. However, most of the asset classes are becoming / evolving into operational real estate. For retail and hospitality it's been reality for quite some time already, and next in line are offices. Whether this will happen in other classes as well, remains to be seen. And in order to really run your real estate investment, you need to have a clearer up-to-date picture of your asset(s). And then comes the data, and the process, and the dashboards, and...