A report has been published by the University of Oxford’s Saïd Business School that looks and considers a wide spectrum of technology within the property industry in order to discuss how the technology will shape the future of the property industry. The report that has been published is a 95-page exploration by Andrew Baum in to property technology and the industry.
Andrew Baum is the Visiting Professor of Management Practice at the Saïd Business School of Oxford University. Andrew has a great deal of experience of working in the real estate industry and has used the information from the property technology venture capital firm PiLabs as well as a number of interviews that have been conducted with more than 50 professionals of the real estate industry in order to create his report.
Property technology has evolved from similar system as financial technology which has brought us online banking, crowdfunding and other such opportunities. As these technologies have proved both useful and successful it is natural that other industries will be looking in to utilizing technology in the same way. However, the more conservative real estate industry can seemingly reject innovation and change. Now it seems there are groups of people working to change this. It is thought that in the near future the real estate sector will have a new way of trading, being used and operating. This seem a long way off as at the moment 93% of the technology startups that are working on these ideas fail within the first three years. That does however leave 7% that, if they continue to prosper, could have a significant impact on the real estate industry. It is thought that Property Technology could lead to crypto-currencies such as Bitcoin being used to buy and sell property. Andrew also feels that the future holds vertical living, with the majority of people living in skyscrapers and the development of shared working spaces.
