The future of the real estate sector is being built with technology and innovation. Finalizing the rental of your next home online or visiting a house thousands of miles away using artificial intelligence (AI) is no longer the stuff of science fiction. The industry is changing, and it is doing so thanks to the proptech market. This new concept is already coming to the fore, with a diverse range of companies offering innovative services.
As with other markets, the Covid-19 crisis has acted as a major trigger for such companies to be able to realise their full potential. "The pandemic has allowed many proptech firms to prosper", confirms Anna Puigdevall, co-author of the book 'Proptech revolution' and General Manager at Catalonia's Professional Real Estate Agents Association (API).
The proptech map drawn up by the same organisation puts the number of companies of this type in Spain at 514. Of these, 296 focus on B2B or B2B2C property deals.
Being fresh and adopting processes in an agile fashion are some of the features of these emerging companies. In Spain, they enjoyed investment of €856 million during the second half of 2020 and the first half of 2021, the second largest investment figure in the world. With the help of some experts from the ecosystem, we offer an analysis of the proptech world and the challenges and opportunities it faces.
Digital tools for a traditional market
To talk of this new sector is to talk of new technologies - artificial intelligence, big data, virtual reality, apps and blockchain are some of those already in use and offering great promise for the future.
A market as traditional as real estate is using these technologies to modernise and incorporate solutions that simplify processes and save costs, in particular. This is the case with Lucas, a startup supported by the BBVA Open Innovation ecosystem, which was formed with the aim of making it easier to buy a home through renting. "Technology is the best tool to educate the market, and it allows us to offer opportunities in property", claims Steven Aitkenhead, founding partner at Lucas.We've all used web portals and apps like Idealista or Fotocasa. Finding the perfect home is not just about accessing these platforms, where it's already possible to take a stroll around the rooms via a 3D tour, but also contacting estate agents who can guide clients through this process. Technology is also starting to make a mark on this part of the industry thanks to solutions based on big data.
Through platforms such as the one created by Unlatch, professionals in this market can work in a simpler, more effective way, as well as offering clients a far more comprehensive service. "Estate agents who identify a client's needs and are knowledgeable about the new services in the proptech market are well placed to prescribe better solutions", suggests Anna Puigdevall.In fact, despite the doubts that may arise from integrating technology into the property sector, there is still an emotional element involved, and that won't disappear. Sonia Bentué believes that it is "fundamental to maintain personal ties, as customers are increasingly appreciative of a personalised relationship".
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