Data is the New Gold in Real Estate

While strides in Internet-of-Things (IoT) and big data have not been huge in the property industry, real estate incumbents may gradually be required to bring big data companies to the fold or consider building in-house big data capabilities to remain competitive.

In construction and architecture for example, extrapolating 2D drawings into 3D models may still have its drawbacks when it comes to visualising underground components such as pipes and ducting. Digitised data combined with augmented visual reality can make underground infrastructure visible, similar to a virtual 3D blueprint.

Recent crises highlight the need for real estate players to collaborate better in delivering service as well as across supply chain networks. Data-sharing encourages real estate professionals to collaborate better with greater accountability and deliver better value.

Managing Data Privacy

Consumers are willing to pay premiums and share personal data in exchange for better service and value. The need for consumer intelligence and monitoring both physical and virtual human movements (e.g. SafeEntry) are blurring the lines between what is permissible or prohibited. The challenge for real estate companies is to manage data like technology companies, addressing flawed touch points quickly and focus on delivering sustainable and seamless user-centric experiences.

Responsible management of user data falls on real estate companies and government bodies. Organisations that are inadequately prepared render themselves vulnerable to cyber-attacks and risk losing the trust of their clients, business partners and employees.

Going from experimentation to transformation

Experimenting with technology is easy. Transformation is hard. Real estate businesses will struggle to change existing ways of working and scaling the best ideas. Often, digital transformation efforts fall short of goals as each company has its own unique set of challenges and opportunities.

The core purpose of technology is to be an enabler of convenience, regardless of its form and function. The question for real estate players is how to find the right technology and the right expertise to navigate their business. Property businesses enabled by technology will benefit from data insights and be able to anticipate future trends, user market and behavioural patterns.

Real estate leaders can think ahead and consider attracting a hybrid talent pool that expands beyond the conventional real estate expertise; investing in insights from sociologists, psychologists, and scientists to translate the right data into actionable insights that will continue to drive revenue. Some processes can be fully-automated, while some still require human intellect to perform complex tasks or decision-making in unique scenarios.

Uncertainty is the new normal. The success of digital transformation hinges on new ways of thinking and culture throughout an organisation. By employing a range of expertise creatively to finetune methodologies and technology, real estate leaders can shorten the experimentation timeline and attain true transformation sooner. Ultimately, technology enablement will prepare them to meet future disruptions with organisational nimbleness and better enterprise.