As one of the hotest buzzwords in real estate takes hold, ‘PropTech’ is proving to be a challenge many are not ready to take on, or know what strategy to pursue when it comes to technology and the properties in their portfolios.
The vast majority of real estate executives know that digital innovation and PropTech are big opportunities for their business, writes Mark Phillips for biznow.com.
But most still have no clue what to do about it. That is the finding of a global survey of commercial real estate professionals undertaken by KPMG about the role of PropTech and digital change.
Its annual Global PropTech Survey found that 93 percent of the 270 people surveyed agreed that they need to engage with PropTech, and 90 percent thought that it would help their business.
But just a third have a strategy for how to engage with PropTech, and digital innovation more generally. That is up from a quarter last year, but still means a vast swath of the real estate industry has no real plan for how to engage with technological change.
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