PropTech, otherwise known as property technology, is disrupting real estate assets management and changing the face of the industry, according to pan African real-estate company, Broll Property Group.
While technology is rapidly changing the way we live, work, and play, Stuart Mathieson, Broll Group IT Executive explains that PropTech is adapting how real estate transactions are undertaken to reduce the burden of compliance checks, shorten the path to agreement-signing and even revolutionise fund and title transfer.
Mathieson, who gives an insight into the PropTech technology creator, says that the company’s Brolll-Online system has made it the continent’s leader in this regard and “achieved this pre-eminence through in-house software development and collaborating with other technology houses.”
“Software development has been core to Broll’s business for over two decades, giving its clients and the industry a unique advantage in the technology and PropTech space”, Broll Group IT Executive says.
Future of Real Estate Industry in Age of PropTech
Broll-Online, its in-house PropTech solution providing end-to-end, comprehensive property services that encapsulate property, financial and facility management, and mobility and business intelligence in a single integrated platform, Mathieson says is at the heart of the digital transformation of its processes.
Managing assets through age-old database legacy systems is now a thing of the past because technology has disrupted and simplified the real estate industry across all sectors. “PropTech has the ability to quickly and fundamentally shift the way in which real estate is administered and serviced.”
The PropTech solution offers the potential for blockchain to be used to provide a full property transaction history, conveyancing services, confirmed changes in property title, and broader adoption of crypto-based payments, Broll says.
“In addition, Big Data and AI can transform transaction management and advisory functions, especially as many industry reports are very much backward-looking rather than being predictive”, according to the real estate company.
Mathieson explains that the PropTech component of the real estate sector alone is anticipated to yield billions in investment and user interest. “It is rapidly gaining attention across the globe, with traditional real estate being forced to innovate and embrace technology where face-to-face interactions have been curbed and altered significantly.”
According to unissu, the United States has an estimated 2 234 PropTech companies. In Europe, the UK ranks the highest in PropTech company numbers at more than 800. PropTech in Africa, much like the rest of the world, is gaining traction in the property industry and fast becoming a key component for real estate businesses, Mathieson says.
For the Broll team, Mathieson says, “the real power in the potential of PropTech in Africa lies in the ability and willingness to collaborate and partner with stakeholders with skillsets that aren’t already in-house. The adaptability, flexibility, and collaborative potential of Broll-Online certainly is testament to that.”