We’re running an exciting survey right now in partnership with Unissu looking at global innovators in real estate.
With the deadline to complete the survey looming on Friday April 8, I wanted you to have a chance to take part before it’s too late. Please click this link. It only takes around seven minutes to complete.
Working on this project set me thinking about innovation and technology in the global real estate sector and wondering about the other factors that will be the drivers for change and improvement in future.
Industries as diverse as finance, logistics and retail are implementing technology at an accelerating rate, driven by the epic impact of the pandemic on workplaces and buying habits.
Why then have the real estate and construction industries been slow in comparison to adopt new technologies? One reason is that the property sector has been buoyant, and there are traditionalists in many boardrooms who still think if it isn’t broken, don’t fix it.
But that is changing. The pandemic has literally transformed the way businesses work from Zoom meetings to hybrid offices and automation. Seeing the changes around them, senior people in real estate firms are increasingly interested in the potential of PropTech and other technologies to effect change.
For real estate, as with businesses everywhere, getting the right tech stack in place looks crucial to keeping up with competitors and gaining those vital per centages that may give you the edge.
And there is a huge variety of tech for the real estate market. It includes AI, CRM systems, property or project management systems, finance tools, search platforms, drone technology, virtual reality, asset utilisation, 24/7 insights, communication tools, data collection, digital contracting and automation of paperwork.
Choosing the right tech partners and driving adoption with the right people are both going to be game changers, which leads me to the other major factor for success in future – talent.
Without the right people in place, businesses will miss growth targets and fall behind competitors who are better able to hire and retain the best people.
We believe that technology and talent already go hand in hand and that will be increasingly true in the property and construction industries. Our survey is designed to uncover the extent to which businesses are buying into people who are driving innovation through technology.
Competition for those people is likely to become intense. Across job titles, it is already a candidates’ market with talented candidates having unprecedented choice of new roles and the biggest salary inflation I have seen since I began working in recruitment.
But money isn’t everything. Talented people are also looking for excellent benefits packages, and they put remote, hybrid or flexible working as one of their top three factors when choosing which role to accept.
The last two years have also seen a lot of change at Cherry Pick People as they have for our clients. We have adopted a hybrid working model in consultation with our staff. We have also embedded three new pieces of technology, and we are reviewing others with a view to implementing several of them in the coming months.
So, technology is a fundamental factor in the future of real estate. That is why the innovators who are driving digital transformation are going to be at the forefront of the best global real estate firms over the next decade.
Getting the right people in place to champion change will be vital. It’s about more than hiring people who are tech-savvy. Firms will need teams of people across the business who will utilise technology, learn it, train people in it and push it internally.
I would love to hear your views. What are you seeing out there?
If you are a leader or innovator driving digital transformation in your business, please input into our survey. Remember that the closing date is Friday April 8 so please take part today.