This is a guest article written by Niamh Keane and first appeared in our collaborative e-book “The Future of Property,” which features 17 thought leadership articles covering PropTech, property investment and housing. You can download your free copy here.
Niamh Keane is experienced in both international residential and commercial real estate markets. Moving from Ireland to the Middle East in 2008, Niamh held positions at Colliers International MENA and Knight Frank Middle East. In 2015, Niamh relocated to London to take a position as Head of Global Business Development for a Prime Central London buying agency and real estate fund with c. $1bn AUM. Niamh lead business development and capital raising trips across Europe, Asia and The Middle East. A trained executive coach, Niamh joined Built-ID in 2017 as Chief Commercial officer, overseeing the business development and human capital functions within this fast-paced high growth Proptech start-up.
“The need for cross-sector collaboration and data sharing is now more important than ever.”
Technology in property isn’t a new concept: the likes of CoStar Group, Datscha and Vicinity have been around for the past 15 years. What has changed, is the industry’s attitude to the new concepts and the speed at which innovation is changing the real estate landscape. ‘PropTech’ is a relatively new term, coined to acknowledge the new technology available and how it disrupts the original real estate practice. For example, it’s only recently that developers have been required to create connected buildings with high performing Wi-Fi and energy efficiency.
As such the property industry is seeing the growth of an exciting trend: the understanding and adoption of technology. During London Tech Week this summer, it was agreed that the industry is only standing at the precipice of a full PropTech revolution with future full scale change potentially still to come. The 2017 Tech Nation report found that in 2016 UK digital tech investment reached £6.8 billion, 50% higher than any other European country.
“The property industry is seeing an influx of different types of technology companies, with PropTech businesses taking a more collaborative approach to solve existing issues which is central to the long-term success of the wider property industry.”
In other industries such as hospitality and leisure, technology companies have been viewed as disrupters. Airbnb and Uber have aggressively forced through changes in these sectors and set a precedent for future technology companies in other industries. An assumption has been formed that all technology companies want to disrupt and takeover, however this is not always the case. The property industry is seeing an influx of different types of technology companies, with PropTech businesses taking a more collaborative approach to solve existing issues which is central to the long-term success of the wider property industry.
Built-ID is a new technology company which centres on collaboration and works as an enabler for the property industry. Traditionally the property industry has been all about “who you know” rather than “what you know”. Built-ID democratises the huge worldwide databases of property professionals to make the task of researching projects and their teams a much more simple process. The mobile platform enables members to connect with talented consultants, world leading architects and renowned developers with projects from around the world profiled to inspire members for their own work.
“Technology, and specifically the harnessing of data, has come to the forefront of real estate and is now a currency that companies trade in.”
The advancements in technology have led to an understanding of the need for a data-led and collaborative approach to business in real estate. Technology, and specifically the harnessing of data, has come to the forefront of real estate and is now a currency that companies trade in. As the number of valuable PropTech companies increase, there is a demand in cross-sector collaboration to make data readily available. Like Built-ID, there are a number of PropTech companies that firmly advocate collaboration, encouraging property companies to share their data for the greater good of the sector.
Built-ID was created in 2015 after founder Savannah de Savary, was working at a Venture Capital firm in New York, here she noticed that staff at all levels relied on word-of-mouth insight to identify the right teams for developments. There was no trusted shortcut despite the success of a project resting on working with the right people. From here, Savannah launched Built-ID, a platform which is an enabler for the property industry, designed to create a level playing field and encourage data-sharing. With the click of a button, members can discover who is working on a project they admire and connect with them, saving valuable time and resources.
Currently there are 20,800 projects across 146 different countries, totalling 110,000 project images listed on the platform and Built-ID is growing at a rate of 500+ projects per week. It has the potential to transform how people, including those outside of the industry, interact with the built environment. Built-ID supports property professionals to work faster and easier, helps companies attract investment and win new business and acts as a go-to platform for anyone interested in buildings and the people behind them.
“Google is doing just that with its Sidewalk Lab, planning to develop an area of land in Toronto into a new digital city – “building from the internet up.”
There are great opportunities for the property industry in partnering with technology companies; data is readily available to improve historic software systems, enhance work streams, and increase insight and efficiency. Where there is opportunity however, there is also risk. If the industry doesn’t welcome technology with open arms, disruptors can usurp power players, particularly those that weren’t quick to accept technology. On the horizon is the potential for global technology firms such as Apple or Facebook, to use their data and become part of the property conversation. Google is doing just that with its Sidewalk Lab, planning to develop an area of land in Toronto into a new digital city – “building from the internet up.” The need for cross-sector collaboration and data sharing is now more important than ever in order for property industry to ride the wave of a technology revolution, and outsmart disrupters.
– Written by Niamh Keane
Capital at risk
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