{"id":25725,"date":"2021-11-09T15:02:24","date_gmt":"2021-11-09T08:02:24","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25725"},"modified":"2022-05-20T17:03:26","modified_gmt":"2022-05-20T10:03:26","slug":"real-estate-sector-turns-to-proptech-amid-the-global-health-crisis","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/real-estate-sector-turns-to-proptech-amid-the-global-health-crisis\/","title":{"rendered":"Real estate sector turns to proptech amid global health crisis"},"content":{"rendered":"

The pandemic has forced the real estate industry into a more meaningful embrace with technology after years of flirting with innovation<\/p>\n

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Though many companies are preparing to return to their offices, the working landscape will likely transform forever as workforces shift towards hybrid models. CapturePB\/Shutterstock<\/figcaption><\/figure>\n

For decades, the real estate industry remained stubbornly jejune.<\/p>\n

As other sectors embraced innovation, tech companies played at the edges of one of the largest industries in the world. But proptech has stepped out of the shadows to enhance efficiency and human experience within the sector.<\/p>\n

While the pandemic has had a devastating effect on real estate in the short term, it is now proving to be a catalyst for the adoption of tech.<\/p>\n

The last 18 months have been an inflexion point. Even though many companies are preparing to return to their offices, the working landscape will likely transform forever as workforces shift towards hybrid models. The pandemic has created a demand for products that previously serviced primarily niche markets like digital home financing services. Other tech solutions experiencing a surge include virtual and augmented reality to meet the virtual walkthrough needs of homebuyers and agents.<\/p>\n

Few will remember the pandemic period with much fondness. But it might well be recalled as the era when the property sector\u2019s relationship with tech finally came of age.<\/p>\n

Offices of tomorrow<\/strong><\/p>\n

The future of the workplace is likely to be a hybrid model geared towards better work-life balance<\/p>\n

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While office culture is likely to remain intact post-pandemic, there are major questions as to what form it will take in the future. GaudiLab\/Shutterstock<\/figcaption><\/figure>\n

The pandemic has hastened the realisation that work is not somewhere you go, but something you do. And it is the workforce\u2014empowered by technology and demanding improved sustainability and individual well-being\u2014that is driving change.<\/p>\n

This shift in mindset has not appeared overnight. Companies have been adapting to suit the needs of a modern workforce for years.<\/p>\n

\u201cYounger generations were already rejecting their parents\u2019 generation\u2019s symbols of success,\u201d says Alison White, co-founder of UK-based workplace designers and advisors PLACEmaking. \u201cWith less emphasis on securing a mortgage, they are better placed to take career risks and more focused on work-life balance.\u201d<\/p>\n

Work-life balance is now the number one workforce priority ahead of salary, according to a recent JLL survey of 1,500 employees across Asia Pacific. Remote working may have largely succeeded over the last 18 months, but that does not necessarily make it the preferred choice of businesses and employees moving forward. Homeworking fatigue is growing, and productivity levels are dropping. Almost 70 percent of respondents said that three days in the office and two days of remote work is an ideal arrangement.<\/p>\n

There is no one-size-fits-all approach when it comes to adapting offices for hybrid working. Instead, employers need to consider how the built environment adds value, according to Ben Hamley, JLL Asia Pacific\u2019s future of work lead.<\/p>\n

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The advent of WFH during the pandemic is likely to see an ongoing shift towards flexible work arrangements. bearinmind\/Shutterstock<\/figcaption><\/figure>\n

\u201cHaving come through the fatiguing haze of remote work, we are seeing much more interest in the neuroscience of workplace design,\u201d he says. \u201cNew technologies will help occupiers better design spaces, ways of working and employee engagement programs to support focus, reduce distraction and stress and drive greater mental wellbeing.\u201d<\/p>\n

Still, questions remain about what a permanent and wide-reaching transformation in working and living patterns means for the office. Many organisations are expected to adopt a hybrid workplace model, with physical space dedicated to socialisation, collaboration, in-person meetings and people management.<\/p>\n

\u201cThe design of the central office workspace needs to be transformed into a \u2018centre of excellence\u2019 and employees need to be rewarded for the effort of going there,\u201d says White.<\/p>\n

New technologies will help occupiers better design spaces, ways of working and employee engagement programs to support focus, reduce distraction, and stress, and drive greater mental wellbeing<\/p><\/blockquote>\n

The use of technology plays a fundamental role in facilitating new ways of working. Employers will demand integrated workplace applications to give them seamless access, for instance, to automatic room scheduling, building services and employee amenities as part of the hybrid experience.<\/p>\n

\u201cThe opportunity to shape the future of work has never been stronger,\u201d says Hamley. \u201cCompanies should be exploring all solutions that fit and flex with their organisation\u2014particularly the hybrid work model combined with a digital-first approach.\u201d<\/p>\n

Paying it forward<\/strong><\/p>\n

A variety of transaction solutions are making property purchases a much less stressful process than before<\/p>\n

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Specialised software and algorithms can help companies and consumers better manage their financial operations. whiteMocca\/Shutterstock<\/figcaption><\/figure>\n

It is often said that the only thing in life more stressful than getting divorced or losing a family member is buying a home. From finding the right property to unpredictable mortgage applications to delays and even disputes with sellers: the hurdles are manifold.<\/p>\n

A recent survey by HSBC found that 37 percent of homebuyers felt uncomfortable during periods of forced communication with agents, lawyers and salespeople, while almost 30 percent said that price negotiations were \u201cexhausting\u201d. What is surprising then is the limited impact modern technological advancements have had on the transaction process.<\/p>\n

\u201cUltimately, we are an industry resistant to change,\u201d says Kosta Ligris, a real estate entrepreneur and lecturer in technological innovation at MIT Sloan School of Management. \u201cWe love to throw around terms like, \u2018This is how it\u2019s always done\u2019, and when it comes to all of the services and products necessary for a real estate transaction, there\u2019s always a select group of players that dominate the market share nationally, regionally or locally.\u201d<\/p>\n

At its core, fintech is utilised to help companies, business owners and consumers better manage their financial operations, processes and lives, using specialised software and algorithms. Governed by lucrative avenues such as online payment systems, online exchanges, and crowdfunding equity and debt platforms, the technology seemingly provides the ideal foundation for real estate to thrive.<\/p>\n

Global investment in real estate fintech startups has soared from $2.2 billion to $31.3 billion. And it looks like the pandemic will be the catalyst for fintech to disrupt the industry in a meaningful fashion.<\/p>\n

\u201cThe pandemic drove technologies into each part of the mortgage lending process with urgency and with measurable commitment,\u201d says Andy Crisenbery, senior vice-president of eLending solutions at Black Knight, a software, data, and analytics provider for the mortgage industry.<\/p>\n

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While many homebuyers cherish in-person dealings, others find them time-consuming and stressful. SmartPhotoLab\/Shutterstock<\/figcaption><\/figure>\n

Indeed, the pandemic has had a profound effect on almost all business lines in the real estate and lending markets. Both have traditionally been social businesses: from the time a property is listed for sale, through the selling and purchasing process and, in most cases, the mortgage banking and lending activities. Property transaction professionals have therefore had to re-learn how to do business over the last 18 months, with fintech playing a major role in this evolution.<\/p>\n

The pandemic has structurally opened people\u2019s mind to new service models and changed consumers\u2019 behaviours structurally: they are more comfortable making important transactions online<\/p><\/blockquote>\n

Modern-day technologies and online platforms are providing potential homeowners with the opportunity to conclude deals by simplifying the process of acquiring and selling real estate. Asia-based PropertyGuru Group, which started life as an online listings site, is one such platform that has gravitated towards the tech sphere in recent years. In 2019, the Group launched a dedicated fintech arm, PropertyGuru Finance, offering digital home financing services, such as instant in-principal approval, instant offers, and refinance checks, enabling property buyers to access such services online.<\/p>\n

More: Proptech pioneers turn industry pain points into potential, easing Asia\u2019s transformation<\/strong><\/a><\/p>\n

\u201cPeople have learned that many of the services they used to receive in-person can also be consumed digitally. In real estate finance, those service needs are especially around the uncertainty of securing loans and the lack of knowledge around what bank or mortgage product to select,\u201d says Bjorn Sprengers, chief marketing officer and head of fintech at PropertyGuru.<\/p>\n

\u201cThe pandemic has structurally opened people\u2019s mind to new service models and changed consumers\u2019 behaviours more structurally: They are more comfortable making important transactions online.\u201d<\/p>\n

The company aims to facilitate Singapore\u2019s first digital straight-through mortgage application by 2022 and the first fully digital property transaction by 2025. Fintech will inevitably continue to cut out the middleman\u2014potentially democratising the industry and reducing the stress factor of buying real estate.<\/p>\n

A new reality<\/strong><\/p>\n

With movement limited, XR technologies have taken hold, offering myriad possibilities for areas ranging from remote design to virtual tours<\/p>\n

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XR has potential for multiple uses in real estate including virtual walkthroughs and remote design. HighStock\/Shutterstock<\/figcaption><\/figure>\n

The advent of extended reality (XR) technologies has revolutionised real estate. And advanced applications of immersive augmented and virtual reality look set to become more valuable than ever.<\/p>\n

Prior to the pandemic, most applications for VR revolved around property showings. With VR headsets, agents can give potential buyers tours without having to go to the property itself. But in-person tours and showings remained the industry standard, either out of tradition or costs. And, as of 2019, gaming and entertainment still dominated the VR market.<\/p>\n

\u201cSome sellers may have previously erred on the side of caution, preferring to shun virtual tours in favour of human interaction, perhaps doubting a buyer\u2019s seriousness if they were not willing to view in person,\u201d says Edward Parry-Jones, a data director with global consultancy JLL. \u201cThat\u2019s no longer the case as the industry adapts out of necessity.\u201d<\/p>\n

That spells good news for companies specialising in the technology. Bangkok-based HubLearn, a social enterprise that educates companies across various industries on how to incorporate XR technology into their business, works with real estate firms to develop virtual tours using 360-degree images mapped to a sphere. Founder Adam Dollner appreciates that the pandemic has spurred the development of VR real estate products. But he believes a reluctance remains within the industry to embrace the opportunities presented by extended reality.<\/p>\n

\u201cEven over the last 18 months or so when there\u2019s been a considerable demand for remote, innovative solutions, I\u2019ve been surprised by how little progress has been made in terms of adopting VR,\u201d he says. \u201cI think that many in the industry are still unaware of what can actually be achieved with the technology. Many larger developers and agencies during the pandemic are still relying on photos and shaky videos taken on phones to sell properties.\u201d<\/p>\n

\"\"
Other XR tools that supply investors with insights have come to the fore during the pandemic. NewAfrica\/Shutterstock<\/figcaption><\/figure>\n

Other XR tools, that supply investors and occupiers with insights into the potential design, layout, and construction of future projects, meanwhile, came to the fore during the global lockdowns. The use of augmented reality (AR) apps such as One to One Displays\u2014which allows clients to explore life-size versions of future properties via phone or tablet\u2014looks set to be a game-changer for the industry.<\/p>\n

The tools that we\u2019re allowing our customers to see their project through enables them to make the correct decisions at a much earlier stage, which automatically reduces waste<\/p><\/blockquote>\n

One to One Displays tweaked plans for a new virtual walkthrough app in the early days of the Covid-19 outbreak to cater directly to end-users. The app was initially developed as a professionally guided experience for use in the construction sector, explains the Melbourne-based company\u2019s co-founder and head of technology Stefan Rafael. But when travel restrictions became widespread in early 2020, the virtual platform was reinterpreted to be used by anyone, anywhere.<\/p>\n

A major implication for the widespread adoption of XR is the significant contribution towards waste reduction\u2014vital in an industry that accounts for almost 40 per cent of global greenhouse gas emissions.<\/p>\n

More: The top tech tools making paradise more appealing to investors<\/strong><\/a><\/p>\n

\u201cThe environmental benefits are going to be one of the biggest success stories for us\u2014 and hopefully the industry at large,\u201d says Rafael. \u201cThe tools that we\u2019re allowing our customers to see their project through enables them to make the correct decisions at a much earlier stage, which automatically reduces waste.\u201d<\/p>\n

Still, not everyone in the industry is convinced that it will flood the real estate mainstream any time soon.<\/p>\n

\u201cI can\u2019t see wholesale changes taking effect in the industry until the dinosaurs with conservative mindsets are out of the picture,\u201d says Dollner. \u201cEventually the generation that has grown up with this technology will take their place, but until then it is most likely to be business as usual.\u201d<\/p>\n

The original version of this article appeared in\u00a0Issue No. 167<\/a>\u00a0of\u00a0PropertyGuru Property Report Magazine<\/a>. Write to our editors at\u00a0propertyreport@propertyguru.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

After years of flirting with innovation, the real estate industry has been forced into a more meaningful embrace<\/p>\n","protected":false},"author":9,"featured_media":25726,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[97,78],"tags":[452,638,159,582],"class_list":["post-25725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-magazine","category-tech","tag-proptech","tag-real-estate","tag-tech","tag-technology","news_country-asia","news_author-liam-aran-barnes"],"acf":[],"yoast_head":"\nReal estate sector turns to proptech amid global health crisis | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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