Technology in property will be the game changer for realty sector
Data is the new oil for the real estate industry and technology will help process it, says Anthony Couse, CEO, JLL Asia Pacific. The company recently launched its global Centre of Expertise (COE) for technology, data and information management in Bengaluru. As India’s first global centre for property technology (“Proptech”), the COE aims to set new standards of innovation for the real estate industry by integrating technology into mainstream offerings in real estate like AI (artificial intelligence) for customer services, Virtual reality (VR) and Augmented reality (AR) for immersive design processes and similar others.
Today spaces are expected to be as dynamic as humans. Just like humans are supposed to be multitaskers, spaces are assumed to be multi-dimensional and even a heart, mind of their own. Is there a huge pressure now than ever before, for developers and owners to match up to the demands and aspirations of occupiers and customers?
Yes, the pressure is immense but today we have the means to match up to growing expectations of everyone in the name of Proptech. By the use of technology, we can drive operational efficiency and enhance work life experience in these spaces, and can try to fulfil the wishlist of both occupiers and owners. As India’s first global centre for property technology (“Proptech”), the COE is the focal point for developing solutions which addresses our client’s need. Some areas of intervention include property management as one can improve procurement and user experience through predictive maintenance and robotics.
Second is real estate transactions as increased automation will help to achieve greater efficiency in leasing and sales including use of blockchain technologies. Next is construction management to disrupt and improve the design and construction of the built environment to enhance safety and productivity outcomes during construction. Finally with data collection, data science and analysis, we can improve the decision making for occupiers, investors and managers by applying artificial intelligence and machine learning tech-
What kind of data is vital to the real estate and how does technology help in using this data?
Today data is the most critical thing. We manage 4 billion sq ft of space and people are living and working in our properties. We have all data on rents, buying, selling, rent, vacancy and it’s all about analysing and monetizing this data. One can safely assume that data is the new oil in 21st century. Technology will help in analysing data collected from smart applications. Vital data related to real estate includes history of the property, current valuation, customer location preference, residential/commercial housing trends, cost of ownership, leasing details among others. Data collection and analysis will improve decision making and help to achieve greater productivity and efficiency.
What is Proptech and what is it expected to do?
I would say that what fintech has done to the banking sector, Propniques. tech will do for the property sector. Fintech refers to the use of technology across all financial services and functions. For instance, the simple task of replacing paper-based processes with software and applications is an example of fintech at work. Similarly, Proptech is pioneering new ways to integrate technology into mainstream offerings in real estate like AI (artificial intelligence) for customer services, Virtual reality (VR) and Augmented reality (AR) for immersive design processes and similar others.
Where does Indian real estate industry stand on the technology curve as now?
The Indian real estate industry is witnessing rapidly evolving tech business models - not just in terms of construction, but even in terms of simplifying the buying process with real estate brokers and agents slowly adapting to the newer technologies. The sector is moving towards utilizing an immersive mix of technology such as artificial intelligence, machine learning and holograms to transform complex, high volume, high speed data into insights for decision making.
Specifically what are the areas where real estate clients seek technology interventions? Which are the areas where you foresee greater deployment of technology in property market?
An important aspect of proptech is focus on cyber security as the rise of implementation of smartbuilding technology and various user apps can lead to increased hacks or unauthorised access of building. In real estate, the adoption of blockchain would rewrite the industry: disintermediation, fraud prevention, Money 2.0 (a novel currency concept designed to empower anyone – not only central banks – to issue money), and smart contracts. Artificial Intelligence has the potential to transform the real estate industry in a number of ways such as machine learning in search engines that could precisely address a customer’s needs and adapt with their changing preferences. VR / AR are expected to change construction and design process. 3D printing could transform the commercial real estate market considerably, especially in the project development vertical as it enables construction activities to be faster, of a higher quality and at lower costs.
Technology will help in analysing data collected from smart applications. Data related to realty will help facilitate better decision making. ANTHONY COUSE, CEO, JLL Asia Pacific