Category Archives: PropTech

Trust Truth Transparency Header

Trust, Transparency, Truth, Tech and Talent for a Great Future

“Trust, Transparency, Truth, Technology and Talent”, it has been more than a year ago when, listening to an interview with a Singaporean academician,  I have heard for the first time the “5Ts strategy” towards the development of a sustainable future. I was driving and, can remember clearly, I parked at the roadside to listen carefully as these “5Ts thingy” explanation really pushed a number of buttons in my mind!

I have been in the property industry for more than 3 decades and I’ve always tried, unconsciously, to advocate these 5 pillars. Hearing someone spelling out so clearly the importance of being truthful and transparent if you want to build trust and adding in that, leveraging on the “Tech-age” stage, we are all living in, talent and technology can definitely help in building a future-proof, fair and equitable world to come blowed up my mind. Sometimes it is true that important things are so clear in front of us and yet we cannot see or understand!

TRUST

Showing trust through parents holding baby's hand over KL skyline

Short and yet so powerful word! 

How often it is misused or, unfortunately, misplaced? When you trust something or someone, it means you are ready to follow and do accordingly, 100%. Kids with parents, wives and husbands, friends, leaders, politicians and head of states and the list could go on for long. There is no future without trust and, somehow, in these modern yet trying times, the technological advancement has and is helping in building mutual trust. Artificial Intelligence does not know how to lie and software, by definition, cannot cheat you.

When you apply the above to an important decision making process as the purchase of a property is, then you realise how trust is important as the decision to proceed is probably going to be the most important, from a financial point of view, of your life. ConsTech, PropTech and FinTech have enhanced the property purchasing journey making it trustable and seamless.

Comfortably seated on your sofa you check a project, do some compare contrast analysis and then you’re ready to go for a virtual walkthrough of the chosen unit. Selecting the unit, paying the booking fee and applying for a loan all happens on line and trust is again the fuel that moves the whole process forward. “TrusTech” is the backend pillar helping the property industry moving from good to great!

TRANSPARENCY

Transparency

Trust comes in when the “ecosystem” is transparent, no lies or hidden tricks! Millennials and GenZ are known as champions of transparency. Transparency means making available all information, good and bad, about something to enable people to make unbiased and totally free decisions. Transparency start from the top of a pyramid and moves down to its roots. Governments, from all around the world, are discussing and testing e-government procedures and few countries have already started enabling this ultra-modern way of governance.

Transparency means making all data (big data) available for people to analyse them and making, in the process, wiser decisions. Related to the property ecosystem, transparency comes into play under the form of reliable data being released for public use, developers giving complete information on their project, authorities publishing master-planning information on infrastructures, public transportation and public services. Again technology has been helping the transparency implementation process to take place at faster pace.

The trick here is to understand that to obtain the trust of the market you have to be transparent and, fortunately, most developers are walking the talk. PropTech solutions at this regard have became more popular allowing people to check on line status of a project, surfing through public service providers to confirm the future highways or MRT lines stations and so on.

An important aspect of this “building-trust-through-transparency” process comes in when property buyers are receiving the key of their dwellings. In the past initiating a defect claim for a purchaser was like entering in the hell’s lobby.

Nowadays, Proptech provides solutions allowing online communication and defect liability management in a transparent, trustable and seamless way!

TRUTH

Lies have short legs, devil makes woks without covers, Pinocchio growing nose and more!

How many times have we heard these popular mantras cursing lies? And, how often have we been witnessing how lies can get people to lose their face, status and wealth? Countless!

The wheel keeps on revolving as being truthful means being transparent and consequently trustworthy! As said above, artificial intelligence does not know how to lie, which is a great thing, and lies are crushing over technology. I’m sure you all realise how much these 5Ts are meaningful on individual basis and, when linked to each other, extremely powerful; a bit like the 5 stones in the latest Marvel movie, “Avengers’ End Game”!

Let’s embrace more the Proptech implementation journey making sure of not being left behind!

TECHNOLOGY & TALENT 

The last two Ts mentioned by the interviewed during the radio broadcast, can easily be incorporated as one. There cannot be technological advancement without talents who are developed only through the contribution of technology.

In other words, there cannot be a sustainable future without technology which is, we like it or not, the bonding agent of the other 4 Ts. Technology, or Tech, is everywhere in our daily lives. From private to public side as smart homes, smart office, smart transportation, smart eating, smart studying and many more smart are regulating and helping our daily lives.

ProSales app

It becomes even more strategic and functional to think about tech when starting a journey to buy a property then! Isn’t it?

We would like to hear your comments on the above topic and open a discussion on the importance of the 5Ts for a sustainable future in property and more, leave a note below and we will follow up!   

About the author

DG 4 Blog

The opinions expressed in this article are solely of the author, Dr Daniele Gambero. 

Dr Gambero has been an expatriate to Malaysia from Italy, since 1998 and has more than 35 years of real estate experience. He is the co-founder and group CEO of REI Group of Companies, the Co-founder of Propenomy.com and the deputy president of the Malaysia Proptech Association. 

In the past 10 years Daniele, as international and TEDX speaker, has engaged several hundreds thousand people talking about Property, Economy, Propenomy, Digital Marketing and Motivation. He is also a bestselling author and columnist on several magazines and main stream media.

Property Development still brick and mortar business

Property Development in the 21st Century: still advocate the “brick and mortar” business model?

It was only a few years ago, three or four, when a property developer, at a conference, clearly stated that, no matter what, property development was and still is a brick and mortar business.

Since then, plenty of innovative solutions for property development have been introduced in the market and many developers have started reviewing their “brick and mortar” style towards a more suitable and definitely sustainable digitally transformed world, the Proptech world.

Nowadays, everybody is talking about affordable housing and, for sure, digital transformation in property development is bringing a highly disruptive but positive impact in the property industry. The great thing is, properties shall cost less and consequently become more affordable! The how is not too complicated.

Below, I’m just giving a few examples of positive impact on property development from a costing point of view.

Proptech Positive Impact on Property Development

1) Pre-construction

Using big data and Ai is nowadays possible to understand clearly what the public is demanding in a certain area, what purchasing power do they have and which type of property they are looking for.

Valuers and professionals are preparing quite accurate feasibility studies using all the information as above and everything is there to give a clear direction to future property development.

2) During construction

We all have heard about BIM (Building information Modelling) which, though a precise integration of architect drawings with C&S (Civil and Structural) and M&E (mechanical and electrical) data allows to find and resolve beforehand all possible construction issues.

In this way the construction period will be shorter, easier and definitely less expensive.

IBS (Industrialized Building Systems) has been also widely adopted in property development. Its impact has reduced construction times and allowed better quality. Again, we talk about cost reductions.

3) After construction

Property defect animated picture from property development

Delivery of Vacant Possession, resolving construction defects and building communities have been mostly digitalized, as an example have a look at what ProFix can offer to both property developers and purchasers, and the outcome is once more cost efficiency and better relationships between all players.

4) Sales and Marketing

The day in which we will no longer need to visit a sales gallery of property development to discuss with an agent and to visit the show units is almost here! Nowadays, above all with the impact of Covid-19 pandemic and the forced social distancing, many developers have already adopted digital tools such as:

  • AR (Augmented Reality) and VR (Virtual Reality) to allow the public to visit their sales gallery and “virtually walk through” the proposed property.
  • Once the decision is made, on-line booking kicks in and,
  • in a few minutes since when the transaction has been completed, bankers have already received the loan application (pending documents),
  • the appointed lawyer is already preparing the Sale and Purchase Agreement and the sales staff can already see the new booking appearing on their digital sale charts.

You can see good examples of all the above visiting the few links below: for the Virtual Reality, for the virtual booking / sales admin and finally for the legal part. Another good example of how fast digital transformation is changing the property industry can be found in the website of the Malaysia Proptech Association.

malaysia proptech vertical 2020
http://www.proptech.org.my

ProSales has been at the frontline of real estate disruption since several years and helped developers in serving their purchasers in a seamless way. Are you ready for a future which is already happening in ours present?

Leave your comment below as we, at ProSales, would love to hear from you!

Stay safe and see you soon!

About the author

Dr Daniele Gambero Propenomist

The opinions expressed in this article are solely of the author, Dr Daniele Gambero. 

Dr Gambero has been an expatriate to Malaysia from Italy, since 1998 and has more than 35 years of real estate experience. He is the co-founder and group CEO of REI Group of Companies, the Co-founder of Propenomy.com and the deputy president of the Malaysia Proptech Association. 

In the past 10 years Daniele, as international and TEDX speaker, has engaged several hundreds thousand people talking about Property, Economy, Propenomy, Digital Marketing and Motivation. He is also a bestselling author and columnist on several magazines and main stream media.

ai

What is Artificial Intelligence (AI)?

What is Artificial Intelligence (AI)?

The Artificial Intelligence (Al) techniques have become broader application. Many ideas invented by AI researchers have been assimilated into computer science generally for applications in expert systems, natural language processing, human-machine interaction, information retrieval, graphics and image processing, data mining, and robotics . The agents theme serves to unify what might otherwise seem to be a collection of disparate topics.

Everything you need to know about Artificial Intelligence

At a very high level artificial intelligence can be split into two broad types: narrow AI and general AI.

Narrow AI is what we see all around us in computers today: intelligent systems that have been taught or learned how to carry out specific tasks without being explicitly programmed how to do so. This type of machine intelligence is evident in the speech and language recognition of the Siri virtual assistant on the Apple iPhone, in the vision-recognition systems on self-driving cars, in the recommendation engines that suggest products you might like based on what you bought in the past. Unlike humans, these systems can only learn or be taught how to do specific tasks, which is why they are called narrow AI.

Artificial general intelligence is very different, and is the type of adaptable intellect found in humans, a flexible form of intelligence capable of leaning how to carry out vastly different tasks, anything from haircutting to building spreadsheets, or to reason about a wide variety of topics based on its accumulated experience.

https://www.zdnet.com/article/what-is-ai-everything-you-need-to-know-about-artificial-intelligence/

Artificial Intelligence(AI) will transform these Industries:

  • Education industry

Now, AI-powered appointment scheduling software exists so that teachers and parents can make time to meet with best for both parties, so that never result rushed five-minute conversation with little information shared. Classroom can implement small tartile robots for student to interact when study. These AI-fueled bots help students with reading, language learning, and social interactions.

  • Healthcare

AI in healthcare is vast and the technology has been transforming the industry by providing better healthcare solutions. The combination of AI and the Internet of Medical Things (IoMT) are making healthcare professionals more efficient. The technology is useful in early detection, diagnosis, research, and training. Applications powered by AI technologies are helping people with proactive management of a healthy lifestyle.

  • Small business

Even though small businesses have fewer contacts than large companies, a small business might only have few data analysts who have to contend with over 500 or more than that customers’ information: account history, demographics, restrictions, and more. To streamline this process, machine learning software can be used to take pressure off of data analysts. 

  • Construction

Artificial Intelligence(AI) is the new helping hand for the construction industry. Advanced forms of technologies are being used in the industry and making our much simpler. AI is useful in gathering data and processing and predicting based on the information. The technology is useful in planning stages, construction underway and post completion of the project.

  • Real estate industry  

In particular, AI Chatbots as powerful tool for lead generation by automating the initial contact between buyers and sellers. The connection saves time and resources while enable answer to inquiry efficiently. It provides solutions and most importantly, it is a synonym for great customer experience in an instant and trendy manner.

Searching for PropTech solutions? ProSales, our highly performing mobile app digitize from the point of sales prospecting to handing over of Vacant Possession, then Defect Management, we strive to improve efficiency and increase company’s saving. Contact us today for a Free Demo

blog tech trends 2020 1

Top 5 Tech Trends not to be missed for Real Estate Industry in 2020.

1) Blockchain

Blockchain technology is an entirely new way of documenting data on the internet. It is like a public ledger, not owned by any single entity and is decentralized for all transactions conducted on the cryptocurrency (digital currency) network. 

In 2017, this technology paved its way into real estate when an apartment in Kyiv, Ukraine became the first property to be sold using cryptocurrency. It is about the “system of trust”. In Malaysia,   a Sabah businessman secured a land deal successfully using Bitcoin on Jan 9, 2018 — to be more precise, half a Bitcoin is equivalent to RM38,832.50 at the time of transaction.  

PropertyClub is a another good example of real estate platform that uses blockchain to refine the way people market, search, buy, sell and invest in properties. It uses smart contracts and conducts real estate transaction digitally using cryptocurrencies like Bitcoin.

2) Big Data

Big data refers to a huge quantity of data that is used to provide predictive analysis about customer behavior based on their purchase history, financial status, trends and patterns. With such analysis, it helps to understand the customer better, thus, gain more profit and achieve new heights. It could also involve using CRM systems that digitalize the record of leads visiting property listings or websites and collects data based on what people are doing on that particular page. With that, follow up action can be done to receive a site / sales gallery visit and then, matching and tempting offer can be made accordingly to convert the sales.

3) Virtual Reality (VR) and Augmented Reality (AR)

AR alters your reality while VR replaces your reality entirely with a simulated environment.  With these technologies, property prospects can enjoy 3D virtual property tour from anywhere in the world, and at any time, without the need to be caught in a traffic jam, physically. They will eventually become a critical part of real estate marketing, expect to see more of these in the years to come.

4) Artificial Intelligence

Real estate companies are using AI – in particular, AI chatbots as powerful tool for lead generation by automating the initial contact between buyers and sellers. The connection saves time and resources while enable answer to inquiry efficiently. It provides solutions and most importantly, it is a synonym for great customer experience in an instant and trendy manner.

5) Smart Homes

The millennials (Aged 26-40) and Gen Z (below 25) will remain the most dominant buyers in the housing market. They are tech-savvy and keen to invest in smart homes.  Property developers will be drawn to this trend of providing “smart” homes instead of “dump” home to meet the emerging market demand.

Are these techs already on your radar?  

There is a saying where most companies choose to go for an 80/20 rule, where they spend 80% of their time on established activity that account for results and 20% of their time being the first to adopt new technologies. If those new technologies don’t pan out eventually, then, only 20% of the time is lost. But, if they do, then those companies will be the first to take advantage of such tech and thus the first to gain the profit/rewards. What is your view on this?

https://www.ibm.com/blogs/blockchain/2019/09/blockchain-in-real-estate-how-technology-is-changing-the-industry/

061119 sharing economy

The Sharing Economy & the impact on the Real Estate Sector.

The sharing economy (SE) is an umbrella term for a variety of goods and services exchanged between private individuals, usually facilitated through a company over a network. Driven by big data and the internet, the SE connects those who wish to utilize a service or a product, but not necessarily want to buy it.

https://www.landsterling.com/the-sharing-economy-the-real-estate-sector-whats-the-impact/

AirBnb

Example of company based on  SE – AirBnB, with the advantage of a low operating cost compared to traditional hotel chain offers its members more competitive accommodation rates, additional benefit like hosted tours of the local culture which are attractive to most modern tourist who are looking forward for real and learning experience and exposure.  To address this change in tastes of customers in the market, hospitality providers must counter it by providing more value instead of just banking on conventional star ranking marketing strategy.

The Shared Workplace

The shared workplace/Co-working provides many of the amenities of traditional serviced offices and places with greater emphasis on cost-effectiveness that is found to satisfy both management and employee needs. This model has proven to bring unique connectivity to the shared workplace that previously had not existed.  However, from the property valuation standpoint, “shorter-term leases and higher tenant improvement allowances could increase cash-flow concerns and create greater tenant turnover among traditional landlords impacted by this co-working trend. Nevertheless, others view the impact as longer term and often positive, because of the attraction of Millennials to shared work environments.

https://www.bankingexchange.com/commercial/item/7528-will-co-work-trend-impact-valuations https://www.reuters.com/brandfeatures/cbre/workplace

In an increasingly globalized and networked world, this real estate trend of SE holds a huge potential, but affects professions dealing with the construction or management of properties. Imagine that a decrease in demand for buildings may result in reduced demand for construction companies, architects or property owners. But, instead, the SE may bring many new technological opportunities that could encourage quicker communication between supply and demand in the real estate sector positively, ultimately.  And for sure, the future of the real estate sector remains an exciting one with -Sharing Economy.

Searching for PropTech solutions? ProSales, our highly performing mobile app digitize from the point of sales prospecting to handing over of Vacant Possession, then Defect Management, we strive to improve efficiency and increase company’s saving. Contact us today for a Free Demo