PropTech 2020: New Trends and Challenges
With technology evolving everyday, transformation has become a key factor in real estate. During our visit to Sima Pro this year, Matterport took part in a discussion on how the real estate industry needs to adapt to new tools and user requirements in the digital era.
How are new technologies like blockchain, Big Data and 3D scanning having an impact on our sector? What solutions and trends will we be talking about in the next decade? Those were the main questions that Pedro Arasa, Southern Europe Manager for Matterport, discussed with Álvaro Córdoba, Co-Founder of the rental app Badi, and Rosario de Castro, Independent Consultant on Digital Innovation.
Badi (leading room & roommate finder website) started with a social focus in mind. While looking into the market for young renters in Spain, they saw great potential for data analysis and a new approach to supply and demand. At the same time, machine learning and new solutions to satisfy users’ needs we’re rapidly evolving allowing their business to flourish. They have to be adaptive to new tools and technologies to effectively service their millennial target market.
As Pedro commented, simplicity is key for quick adoption. Matterport has always tried to achieve simplicity with its software. Whether it’s used for real estate, construction, engineering or tourism, its main objective is always efficiency and ease of use for the end user. By assuming that the user doesn’t have a technical background, we allow anybody to produce a real estate virtual tour of their home and share it.
Pedro confessed to the audience that, prior to arriving at Matterport, he had never used a 3D camera. He hardly considered himself a photographer. However, he was surprised to discover that Matterport’s tools, in particular the 3D scanning software, were simple enough for anyone to use. Rosario de Castro acknowledged this simplicity emphasis for clients needs, who should always be at the center. As she stated:
“sometimes we think that PropTech is the tool to invent the wheel, but the wheel has already been invented. What we need is innovation that actually redefines what we already have”
With the rise of chatbots, data-driven software and more automation, it becomes tempting to rely on tools with the intention of making processes faster. However, as Pedro commented, we should not lose sight of human connection. A recent Matterport study showed that house buyers visit a property on average three times during the purchase cycle and take friends and family with them for second opinions. That’s why Matterport offers not only a real estate walkthrough, but rather a digital experience of the real world that can be shared with others. This type of personal approach to a real experience is what Matterport relies on when envisioning every walkthrough.
Which tools will we have at our disposal in the near future? As always, that is an open question with no definite answer. 360 imagery, for example, is becoming more of a necessity for the real estate sector, and as Pedro commented …
“3D & VR technology has the potential to become even more immersive. Let’s imagine not only the rendering of a complete house, but of an entire city.”
It would clearly redefine the way we envision large scale projects. In that case, new tools will bring new challenges, but delivering to the user in a simple way will still be key.
If you wish to connect with any of the panel from Simatech, PropTech 2020: New Trends and Challenges, you can reach them via:
Pedro Arasa - Southern Europe Manager, Matterport
Álvaro Córdoba - Co-Founder, BADI
Rosario de Castro - Independent Consultant, IE University