The Global PropTech Time Survey conducted by HexGn pointed out that 77% of surveyed real estate professionals did not feel confident in jumping on to the PropTech bandwagon. As they think that the current solutions are not time tested. The HexGn Global PropTech Survey 2019 was conducted across 40 countries and witnessed 406 respondents from different segments of the Real Estate life cycle participating in the survey.
This points to a deep-seated issue that can stagger PropTech adoption rates around the world. The responses collected were of real estate professionals from 40 countries working in different segments in the industry. The survey shows that the issue is not limited to one region but is a persistent concern in numerous international markets.
The results of the survey indicating that the shortage of time-tested solutions being a concern for a whopping 77% of respondents is a wake-up call for Startups to change the way they are approaching the industry. The highly conservative real estate industry has seen the least adoption of technology amongst its peers, and this is one of the biggest reasons.
PropTech Startups may not find success if they develop a solution in isolation and try to fit it into a problem. This approach has less development time and is the often trodden path. An alternative and better way for PropTech entrepreneurs is to receive feedback and pivot their offerings with minimum investments. Once the traditional industry is used to the technology, they develop an appetite for advanced features of the product.
For the PropTech entrepreneurs who are looking to make a dent, a collaborative approach to study the problems that the incumbents are facing is the way to start. After that doing a pilot to test the waters will build trust in their products. Unlike other industries, real estate players may not be the early adaptors.
This makes life more difficult for PropTech entrepreneurs, as cold calling and pitches may not lead to desired results. Real estate is a relationship-oriented industry, and having a connection with the industry is essential to cracking the order. Having a board member or advisor from the industry could be a winning strategy for the PropTech entrepreneurs. An industry veteran vouching for the product would lead to higher trust in the new product and ease the startup journey.
Based on the Global PropTech Survey insights, HexGn has developed a unique six months virtual program for PropTech entrepreneurs. This six months pre-acceleration program for PropTech entrepreneurs is designed to fast track their startup venture. The Pre acceleration program for PropTech Startups helps them in avoiding commonly made mistakes that can derail their Startup dreams. Through live sessions and data-based approach, the entrepreneurs learn to test hypothesis and potentially create an uncontested space for their venture. The program is run by experienced facilitators who bring global experience in launching and scaling up new ventures. Budding PropTech entrepreneurs can apply for the program at www.hexgn.com/startupready
HexGn believes that findings like these from the Global PropTech Time survey and industry-focused modules can help PropTech entrepreneurs in addressing any lagging areas that are keeping their venture from flying high.
HexGn, through its global research, industry events, and online programs equips individuals and businesses to tap into new opportunities and futureproof themselves. HexGn works with governments and private entities across the world.