The need to use technology to revitalize the property industry is now becoming more crucial. This is brought forth by the constantly changing digital landscape and new consumption patterns of various markets.
According to Jordan Kostelac, Head of Proptech, JLL Asia Pacific, property technology is now the trend as it improves transparency, efficiency, and productivity across all facets of the real estate sector. “Property technology takes into account attitudes, movements and transactions which leads to the development of technologically innovative products and/or new business models for the commercial side as well as the construction side of the real estate industry, and even for buildings and cities of the future. The use of digital technology results in faster and more convenient transactions, more cost-efficient processes and allocation of resources, and less time spent on viewing property listings.”
Property technology is also deemed vital as the future of work continues to innovate in cross-collaboration (co-working spaces), advanced technologies and networked solutions and open innovation.
This is also why the rise of property technology industry is inevitable. Proptech start-ups are now aggressively aiming to bring innovation into every aspect of the real estate industry and rethinking existing systems. The value of these proptech start-ups on the future of the real estate industry has been identified and recognized by Propell-Asia.
Propell-Asia is an industry first collaboration between JLL and Lendlease, two of the world’s leading international real estate companies. Propell-Asia aims to provide proptech start-ups with a unique opportunity to validate their products and test for market fit by engaging their businesses, assets and network. Propell-Asia targets proptech start-ups in the region with a clearly defined product that can be applied to any of these four categories: Property Management , that aims to improve procurement and user experience through predictive maintenance and robotics; Real Estate Transactions which is targeted to enhance automation to achieve greater efficiency in leasing and sales including use of blockchain technologies; Construction Management, that disrupts the design and construction of the built environment to enhance safety and productivity outcomes during construction; and, Data Collection, Data Science and Analysis which will improve decision making for occupiers, investors and managers by applying artificial intelligence and machine learning techniques on data that is both internal and external to commercial real estate.
Developing property technology products that are sure to disrupt the real estate industry and force it to evolve is a lucrative endeavor. With the help of Propell-Asia, JLL is hoping to potentially up the game for real estate industry players- and take a chunk of the USD16 trillion Asia Pacific commercial real estate market that offers boundless opportunities.
According to JLL Country Head Christophe Vicic: “In the Philippines, while the benefits of property technology is rapidly gathering momentum, much still needs to be done for the larger public to truly appreciate its worth. What is important is that JLL has the willingness to pioneer these new technologies to help our clients achieve their various business needs and ambitions.
JLL Regional Director and Head of Markets Lizanne Tan adds: “Our job here at JLL is to give investors, developers, clients and customers the best advise possible based on our experience in the market so their businesses could keep pace with the digital age.”