The Property Technology Revolution

Digitalization has become a facet of almost every aspect of our lives, and it has become apparent that no industry is immune to technological advances. Until recent years, Commercial Real estate is one niche that has been traditionally slower to adopt new trends. Not anymore! There are several companies innovating in the commercial real estate space — hundreds of growing start-ups across dozens of subcategories, with billions of dollars in revenue in aggregate. 

PropTech is booming and changing the way we interact with our properties within all verticals of the space. Whether it be in Property Sales & Leasing, Finance & Transaction Management, or Tenant Engagement, property technology startups are now popping up and being adopted all over the globe. Proudly, Canada has been one of the top global innovators in this space; growing the ecosystem via venture capital, affiliated incubators, and accelerators, with Toronto being a massive hub of traditional real estate and construction companies. To put the Canadian Prop Tech ecosystem into perspective, TechStars (One of the world’s most renowned incubators) chose to run their only Proptech specific program in Toronto. The annual program, in partnership with Colliers International (A top 3 Commercial Real Estate Brokerage with Head Offices in Canada), garners 1200 applicants globally and has hosted companies from Spain, Finland, Australia, and Singapore. Finneo – a Canadian company that automates the full cycle of commercial real estate debt placement and management is widely used by property owners across North America was vetted and accepted to the Colliers and Techstars program in late 2019 and continues to emerge as a leader in Commercial Real Estate Technology. The platform leverages Automation on Financing Packages to get instant insights on CAP rates, Rents, Market Demographics, Walk Scores, and Absorption Data to reduce client deal cycles by 50% and Artificial Intelligence as part of a proprietary lender matching algorithm which accurately predicts the most relevant lenders for each deal. In turn, providing efficient go-to-market strategies and cost savings to the industry. Finneo has digitized the ‘A to Z’ of workflows necessary to tackle the large $740 billion North American Commercial Mortgage Industry.

Property Technology
Property Technology
The pandemic has sped up the technological shift that was already underway. It is true that technology adoption comes with a cost, but so do processes that prevent organizations from achieving profitability and growth. The industry has quickly realized how tasks could be done better and more efficiently with technology. Commercial Real Estate companies are working to do more with existing systems and strategically adopting the right tech solutions. Real estate owners and developers will need to go even further as the pandemic ultimately reimagines their operations. It is how companies adapt to the change that will really mark the difference between industry leaders and laggards in the months and years to come. Big or small, future-looking organizations recognize that surviving today’s pandemic isn’t just about cutting budgets. It’s about making smart business decisions, creating opportunities, and being open to adapting fast. Investing in the right technology now is a smart decision that will not only help to survive over the short term of the pandemic’s impact, but is also an investment that will drive accelerated, long-term growth. The reality is that technology is here to stay and what we are seeing is just the beginning of the wave of improvements and changes to come.

Written by:

Sofiya Veselova


Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe To Our Magazine

Download Our Magazine