When Real Estate collided headfirst with Silicon Valley, we were left dizzy and confused, stumbling our way through a haze of tech-startups, buzzwords, and under informed decision making. All with lasting implications on billion-dollar portfolios. Over the ensuing five years, the “PropTech” flood didn’t stop, but the decision making became more informed, buzzwords less buzzy, and innovation became the clear objective for many developers.
The original concept for “PropTech” began with simple, single point solutions. Small pieces of technology that could target the major systems in a building. HVAC sensors, motion-based lighting, water distribution, etc… As we moved through the years, these single point solutions have grown into more cohesive environments. Shifting to a more human centric approach to innovation, big data, and AI. Throughout this article we will discuss the central themes to consider in designing a technology and innovation team as well as practical application for data outputs and analytics.
Today, there is a veritable gold rush of go-to-market cutting-edge technology available in real estate. With a near infinite number of choices in just about every type of technology you can imagine, how do you even begin?
Technology is no longer an afterthought for consideration. It is imperative to start with a defined outcome in order tomaximize your return and move forward with impactful solutions. As a starting point, consider these three primary pillars for entry for successful innovation:
1. Having the right people on the team
2. A clearly articulated vision
3. An agreed upon decision making process
Get the right people involved
The fascinating thing about this space is the sheer number of people it takes to implement a new technology or service and the impact it can have over time. No matter what your vision is and how you want to position yourself, it will have broad scale implications for all departments within an organization.
For technology and innovation to prosper, the right people, and the right departments need to be involved from the get-go. This team should be cross departmental, unifying the corporate vision for innovation.
Having a clearly defined strategic vision
There are a two absolutely critical points to discuss when defining a strategic vision.