During a PropTech conference held earlier this year, BNP Paribas’ Head of International Property Management, Csongor Csukás, shared how the real estate industry could look just five years from now.
For the real estate sector, being able to meet the demands from clients is also a matter of understanding where you are missing the mark.
Csukás explained: “Two years ago we realised we weren’t completely meeting our client’s expectations, which is why we decided to put together new initiatives, based on challenging ourselves to comprehend where our value proposition lies.”
“This was based on understanding the key values that we were offering our clients. I believe if you don’t react to new technology, you will ultimately be unable to truly serve your clients.”
Csukás said that he believes that 80 percent of what real estate agencies do will be automated, so carried out either by Artificial Intelligence (AI) or algorithms.
The remaining 20 percent that remains human is still extremely important, as human relationships continue to be crucial, added.
So, how does this changing way of working affect the business of real estate?
In Property Management Csukás predicted that data will be collected more thoughtfully.
Data that is captured when managing a building will be extremely important, as buildings are no longer isolated from their environment. They are connected to the wider community.
While Property Management on an initial level focuses on the management of a building, it is also about understanding and valuing human interactions, so a Property Manager will need to measure user’s well-being levels.
It is imperative to combine human interaction with data that reports on a building to be able to measure and understand if it is successful.
With technology being a key driving force in shaping user’s needs, real estate agencies will need to work hard to ensure they understand how they can best use new tools to better meet client expectations.
As Csukás explained: “For the 80 percent of work that will be automatic in the future, we really need to understand how it will work, and integrate into this new way of working by employing data scientists, data engineers and data analysts.”
The real estate sector in Thailand will need to embrace PropTech, and all the advantages it has to offer, or risk being left further behind in the global race for property best practice.