Reshaping Real Estate Industry in the Digital Age
Sep 24, 2019
Emerging technologies are disrupting many industries. Real estate industry is no exception. Proptech, the convergence of property and technology, is transforming the well-structured real estate sector in the way properties are built, managed and transacted as well as elevating user experience.
More real estate companies have realized that digital technologies help them to excel in the digital age. They leverage technologies like AI, big data analytics, blockchain and IoT to reshape operational models and services. As such, they can deliver more personalized user experience, increase business agility, improve building management and create new business opportunities.
In KPMG Global PropTech Survey 2018, 60% of organizations surveyed are starting to recognize the significance of digital and technological innovation, up from 46% in 2017. A majority of respondents ranked automation as having the biggest impact on the industry in the short term. In the long term, AI will have the biggest impact, followed by big data analytics, IoT and blockchain.
In Hong Kong, proptech is gaining traction amongst many real estate developers, property agencies and management companies. AI and blockchain are some of the technologies commonly adopted by them. Here are a few examples.
Sino Group launched an AI chatbot powered by IBM Watson to provide an additional channel for internal IT support, as well as helping employees in meeting room bookings and learning IT knowledge. New World Development created a blockchain platform for property purchase, connecting the developer, buyers, banks and other related parties.
Property agency Centaline unveiled a blockchain platform for second-hand property purchase. The platform also leverages Microsoft Azure cloud services and integrates bank and law firm services to facilitate property transactions. Ricacorp Properties debuted an AI platform to equip its agents with data-driven insights for making smarter flat recommendations to customers through Microsoft Azure cloud and machine learning.
The convergence of various digital technologies spurs innovation in organizations. To manage technology convergence, an integrated and unified platform is crucial. It helps organizations perform tasks more efficiently, speed up decision-making process and drive more new business opportunities.
FlexSystem opens a world of innovative technologies for exploring new business solutions that are kept pace with market changes.
For real-estate sector, FlexSystem provides broad business solutions which can be tightly integrated on a unified platform. They automate a wide range of business processes such as property and financial management. FESA Property Management provides in-depth analysis on occupancy and rental trend, automation of billing process and other features, enabling property providers to be hassle-free in property management.