Technology's Influence on Real Estate

Natasha Patel is the head of UK’s Innovation and Insight . Her responsibilities include formulating, executing, and managing a comprehensive long-term innovation strategy for the creation and upkeep of a real estate ecosystem that will support operational procedures and client growth. 

1. What according to you are some of the noteworthy challenges faced by prominent PropTech experts in the marketplace? 

• Technologies are abundant out there and it is quite a challenge to identify the right ones to fit your exact requirements. But once you do the change management of implementation and integration into your business can be somewhat challenging. Stakeholder engagement is key to the adoption of any new technology and the buy-in and communication on the strategy needs to come from the top. 

• A broad range of business services within our industry means multiple technologies and multiple data sets which rarely sit seamlessly side by side and so ensuring we can access a full, robust and rounded picture of the state of play is a challenge.

• Data security continues to be another challenge that the industry faces. Many of our clients have restrictions on how their data can be used and stored and this presents some challenges when working across multiple markets.

2. Is there a novel technology in the digital transformation of the real estate sector that you are optimistic about?

Digital twins, although not a new technology appears to be favoured at present, supporting all aspects of the real estate life cycle from planning and development to sales and marketing, right through property management and operations. 

Digital twins are impacting not only the design processes, improving supply chain collaboration, and changing how businesses operate but also AI and machine learning helping to reduce project risks and costs through the use of robotics and 3D printing in things like construction.

We have seen digital twins built to replicate cities to aid urban planning and the decision-making process. It also helps solve urban problems by simulating various environmental and development scenarios and aids the process of how culture and tourism may impact a city.

3. How does Avison Young benefit from your expertise in real-estate businesses?

The ability to combine technical expertise as well as an understanding of the impact of data and analytics alongside my real estate experience puts me in a unique position to be able to advise clients with their portfolio decision-making, whether it is strategic or operational. The need for modern technology and data-driven insights is far more than we have seen before and through the use of our data and technology platform AVANT, we are well-placed to support our clients with a deeper understanding of their portfolio and the trends that will impact them through both micro and macro analytics.

We continue to see the need for more robust, real team analysis by our clients, whether it is around due diligence regarding an investment decision or supporting occupiers in relocation or expansion decisions or supporting our clients in their strategic thinking. The platform we have built and the data and predictive analytics capabilities we have developed support every aspect of this process.

4. What is your advice for other senior leaders and CXOs working in the real estate sector?

• Disruptive technologies can create an array of benefits in the long run from a deeper understanding of places, locations, and processes to more efficiencies and ultimately cost savings. Embrace the change

• Change management and implementation of technologies cannot work without vocal support from the top

• Communication and socializing the positives from new technology is a must

• Implementation of a good training program is equally important.

• A clear strategy and roadmap are imperative for uptake and winning the hearts and minds of your audience.