According to the CEOs leading the way, the property investment industry needs to evolve with the times if it is to keep up with innovation.
The PropTech industry has grown rapidly with new property crowdfunding platforms regularly entering the space, alongside online estate agencies and property management companies. By lowering the boundary for investment, crowdfunding is opening the property market to a wider audience.
“Property has taken time to catch up to the disruption which infiltrated the financial world,” said Andrew Gardiner, CEO and Founder of Property Moose. “But if the past few years are anything to go by, where the fusion of property and technology has snowballed, PropTech is yet to reach its peak.”
Founded in 2013, Property Moose has become one of the UK’s leading property crowdfunding platforms, offering investment opportunities at a minimum of £10.
But as technology inevitably continues to transform the industry, how might traditional property professionals adapt to these changes?
James Davis, CEO and Founder of Upad, commented: “Much like how organisations now adjust their online strategies to the tune of Google’s algorithms, landlords should now begin adjusting their approach to be more effective [online].”
High-quality photos are recommended as a must, while Gardiner suggests that for existing PropTech businesses, listening to customer feedback is vital.
He notes: “We can’t expect the sector to grow if we’re dogmatic about what we believe our products should look like.” Davis also agrees, saying: “Those offering superior customer service will drive change and win new business – across many sectors, not just in lettings.”
Ishaan Malhi, CEO and Founder of Trussle also weighed in: “Technology will help us, not replace us. While the tools we’ve developed have taken away the tedious and time consuming elements of our mortgage team’s work, our online experience ensures we retain a personal and human touch.”
Likewise, Mick Silver, CEO and Founder of Moovshack said: “Good PropTech should always find ways to save time and expense for agents and home movers alike, so as to improve the quality of important human interactions between the parties.”
