According to HexGn’ Global PropTech Time Survey, 80% of real estate players are eagerly looking at PropTech as a business enabler. 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.
It indicates that the opportunities in the PropTech segment around the world that are yet to be tapped. Such a large proportion of potential clients looking forward to value-creating solutions is a sign that there are unexplored avenues for PropTech Startups out there. PropTech entrepreneurs may look at this as a call for more innovation in the field, as a large section of the real estate industry pines for higher technological intervention.
This is a win-win situation; adopting PropTech can open up new avenues for real estate players. They can offer much more to their clients, along with their traditional services, and ensure long-lasting partnerships.
The key to the successful adoption of technology in the industry would depend not only on what value it offers but also on what value is perceived by those who would use or adopt PropTech. HexGn’s survey revealed that close to 80% of the respondents consider PropTech as an opportunity that is yet to be fully tapped.
More than 29% of the respondents believe PropTech as a means to grow their business. This includes the use of PropTech to offer new products that are conventionally challenging to create, attracting newer customer segments by being able to provide products as per their needs and price points. And also by being able to enter new geographies without having to incur steep incline in the capital costs.
The regulatory regime across the world is being modified to uphold client interest as supreme, and real estate players are turning to PropTech for support in this endeavor. More than 26% of the respondents opined that PropTech is an opportunity to improve client service in the industry.
While the remaining 20% of the real estate respondents opined that PropTech would negatively impact their business, they also acknowledged that they are not yet ready for tech adoption in their companies.
A new breed of entrepreneurs is slowly taking over the real estate industry. The new age PropTech entrepreneur is looking at partnering with the clients to help their business become stronger. It is a significant shift for the real estate industry that is primarily traditional and remains plagued with the vendor – supplier mentality. PropTech entrepreneurs have to understand the client’s business and see how best their products and services help their clients. The entrepreneurs cannot have “If we make it, they will come mentality” anymore. Its time to partner and create win-win solutions.
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 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 future proof themselves. HexGn works with governments and private entities across the world.