3 Big Hurdles For Proptech

3 major challenges proptech faces today
Jukan Tateisi/Unsplash

Property technology (proptech) has seen widespread adoption over the last 2 years but real estate is an old fashioned industry where tech faces some real-world challenges that are not easy to overcome. 

The Big 3

⛔ Proptech is evolving fast, meaning real estate firms must learn to adapt more quickly and not shy away from spending capital. 

Tech will not replace people but is a necessary scaling up tool - must be truly understood by the sector to unlock the required amount of investment to create tech solutions for large scale application. 

⛔ While technology is bridging many different gaps in the post-pandemic world, it still does not adequately overcome the essential interpersonal connection that is gained through a simple handshake. 

In a large transaction, like a real estate deal, this first point of physical contact significantly impacts trust and rapport, something technology just can't relay yet. 

⛔ Real estate is full of old school clients who need extensive service and often, you just have to print out the documents, put little red sign-here flags all over them and then drive across town to get the deal done. 

Expecting homebuyers to rapidly adopt technology, while letting old fashioned paper run all other aspects of the business is a practice that needs to be unlearned. 

In One Sip

🎙 "In our rush to digitize, we're all learning that while we will not be successful simply because of technology, we will not be able to thrive without it either." - Clark Twiddy to Forbes
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