PropTech is the use of technology to improve the process of buying, selling, letting, renting or managing property. What is PropTech real estate? Well, it includes a wide range of applications. From using data analytics to inform investment decisions. To virtual reality to allow prospective buyers to view properties remotely. To blockchain to streamline the process of buying and selling property. The goal of PropTech is to make the real estate industry more efficient. More transparent. And accessible.
What is PropTech Real Estate?
Many people are beginning to wonder, “Will PropTech revolutionise the real estate market”?
The National Institute of Estate Agents (NAEA) is repeatedly approached by start ups. The start ups were pitching their PropTech products. So, the NAEA conducted a survey of its members. This was to determine if members were experiencing “PropTech weariness”.
The members raised two key issues. 1) PropTech companies solved issues that did not exist. 2) PropTech businesses only had a cursory awareness of the problems encountered.
Who will drive PropTech innovation ?
I am a former executive at a major real estate company. I am now involved in the development of a PropTech platform. Individuals hoping for change to be driven by established market leaders may have to wait a while. It would be similar to turkeys casting their votes for Thanksgiving! True innovation will originate outside the real estate sector for the following reasons:
Misaligned application: The majority of real estate professionals recognise the benefits of technology. They understand how it may be used in the industry. But, they see technology as a way to improve their own offerings to clients and consumers. They don’t see it as a way to put technology in the hands of end users.
Impairing existing revenue streams: There is no incentive for real estate businesses to change the status quo. This is because the development of PropTech applications would impact existing revenue streams.
Internal alignment: Implementing new technology in large real estate agencies is difficult. There are few incentives for departments to share customers, customer data, or transactions. Convincing different divisions to accept new technology “for the greater good”. Well, that’s no easy task.
Latent Infrastructure: The primary “CRM” used by the most large companies is MS Excel. The majority of businesses use outdated technology. Built using off-the-shelf solutions or bespoke for the company but now obsolete. Few of these systems integrate with each other. Most RE businesses are not prepared to invest money in effective technological solutions.
Technical expertise: Real Estate businesses lack the technical expertise to adopt new technology.
For PropTech to live up to its growth potential, the industry must change its focus. It will have to create products for consumers. These products will need to provide more than information. To create products that ‘move the dial’, they need to call on skills. They need to call on expertise. But this needs to come from more than tech people alone. They need expertise from within the property industry. People who understand the process of building, funding and promoting real estate assets. But those people also need to be willing to change the Real Estate market forever. That’s why we built Du Val Global.
Du Val Global
Du Val Global is a real estate investment software tool built to help investors. It enables buyers to make better investment decisions when they buy property. Du Val Global provides the real estate investment tools needed for critical decision-making. This includes:
Research – access to our powerful property data tool that provides real-time market research. This provides a complete picture of tenant economics, prevailing rents, and capital values
Financial Analysis – a property investment tool. Financial models determine the net return after tax and return on investment. This means investors can understand specific tax implications of any property investment.
Financial Analysis – The property comparison tool compares investments on an after-tax basis. This helps determine the best investment for every single investor. Investors can even compare properties in different countries
Du Val Dynamic Pricing™. – Du Val Global offers properties for sale from leading developers in Australia, New Zealand, and the United Kingdom . The properties sell via our proprietary Du Val Dynamic Pricing™ algorithm. This sophisticated pricing model levels the playing field for small investors. We do this through aggregation, providing discounts of between 7.5% and 15% from retail prices. Until now, these discounts have only been available to large institutional investors.
Property Portfolio Management – Our property portfolio software helps investors manage their assets. It monitors and tracks the performance of their investments.
Interested in giving our platform a go? Start your free trial today at Du Val Global.
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