Digital transformation has disrupted the property industry and its brick and mortar mindset!

Property In The 21st Century: Still Advocate “Brick And Mortar”?

It was only few years ago, three or four, when a property developer, at a conference, clearly stated that, no matter what, property development was and is still a brick and mortar business. 

Since then, plenty of innovative solutions for property developer have been introduced in the market and many developers have started reviewing their “brick and mortar” style towards a more suitable and definitely sustainable digitally transformed world

The above is one of the really many examples of how, end-to-end-property-solutions have been leading the digital transformation adoption in the property industry. Primary and secondary market, legal-tech, rental and lease with brilliant solution on managing tenants and easing the process!

Virtual Reality and Augmented Reality have been walking with giant steps over the last 12 months and are now allowing a contact less visit to sales galleries and show units from the comfort of your house sofa!

Nowadays, everybody is talking about affordable housing and, for sure, digital transformation in property development is bringing a highly disruptive but positive impact in the property industry.

The great thing is, properties shall cost less and consequently become more affordable! The how is not too complicated and below I’m just giving few examples of positive impact from a costing point of view.

Pre-construction

Using big data and Ai is nowadays possible to understand clearly what the public is demanding in a certain area, what purchasing power do they have and which type of property they are looking for.

Valuers and professionals are preparing quite accurate feasibility studies using all the information as above and everything is there to give a clear direction to future development.

During construction

We all have heard about BIM (Building information Modelling) which, though a precise integration of architect drawings with C&S (Civil and Structural) and M&E (mechanical and electrical) data allows to find and resolve beforehand all possible construction issues. In this way the construction period will be shorter, easier and definitely less expensive.

IBS (Industrialized Building Systems) has been also widely adopted in property development. Its impact has reduced construction times and allowed better quality. Again, we talk about cost reductions.

After construction

Delivery of Vacant Possession, resolving construction defects and building communities have been mostly digitalized, as an example have a look at what ProFix can offer to both property developers and purchasers, and the outcome is once more cost efficiency and better relationships between all players.

Sales and Marketing 

The day in which we will no longer need to visit a sales gallery to discuss with an agent and to visit the show units is almost here! Nowadays, above all with the impact of Covid-19 pandemic and the forced social distancing, many developers have already adopted digital tools such as: 

  • AR (Augmented Reality) and VR (Virtual Reality) to allow the public to visit their sales gallery and “virtually walk through” the proposed property
  • Once the decision is made, on-line booking kicks in and, 
  • in few minutes since when the transaction has been completed, bankers have already received the loan application (pending documents), 
  • the appointed lawyer is already preparing the Sale and Purchase Agreement and the sales staff can already see the new booking appearing on their digital sale charts.

You can see good examples of all the above visiting the few links below: for the Virtual Reality, for the virtual booking / sales admin and finally for the legal part. Another good example of how fast digital transformation is changing the property industry can be found in the website of the Malaysia Proptech Association.

Are you ready for a future which is already happening in ours present?

Leave your comment below as we, at Propenomy.com, would love to hear from you!

Stay safe and see you soon!

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