Don't fear the prop-tech
Published 04-JUL-2019 14:08 P.M.
2 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Has the real estate sector reached its ‘technology intersection’ asks Douglas Driscoll, CEO of real estate group Starr Partners.
While innovation enables agents to automate and digitise their processes, it poses problems for an industry that needs to learn how to strike a better balance between implementing cutting-edge technologies and retaining the right level of human involvement.
Although PropTech is a key topic of conversation in our industry, many real estate businesses lack the technological know-how to respond to it immediately and proactively.
Charles Darwin was right when he said that it is those that are most adaptable to change that will ultimately survive; and that quote is never truer than when looking through the lens at our own industry. In my opinion, we have now reached the intersection of humanity and technology. Even though our everyday lives are deeply entwined with this new wave of innovation, we cannot afford to become overdependent on it, as technology is a great servant, but a bad master.”
As many global companies turn to artificial intelligence and other technologies to transform how they interact with customers, the real estate industry must also begin deploying a variety of technology-enabled solutions to strengthen the customer experience. However, agents should be careful when picking and choosing the PropTech they implement in their business, and to be wary of what is a toy and what is a tool.
In today’s competitive business environment, we need to come to terms with the fact that we are in a permanent state of transition when it comes to technology – and in any transition, different people adapt at different rates.
Trying to fathom how exactly technology is changing the way we do business is a constant challenge, and we need to be very diligent when selecting third parties to assist with digital engagement strategies. It can all get a bit overwhelming when we are inundated with a seemingly endless barrage of messages from companies that are trying to convince us that their new product – or ‘toy’ – is the next best thing since sliced bread.
Technology should be used as an enabler to complement – and not replace – what we do. We should not fear disruption, but rather disintermediation. Let’s not forget that moving home is an emotional process, so we still need to be at the front and centre of these transactions. For this reason, consumers still need to be able to gravitate towards an agent who they feel they can trust, and who is well attuned to their needs. Essentially, agents need to embrace the highest standards of personalisation, choice, speed of delivery and quality in every interaction, while continuing to maintain a personal connection with their customers.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.