Technology is a hot topic in real estate, and the industry is just about due for an overhaul in this sector. At the ULI Philippines Conference 2019, technology and innovations for the real estate industry is a major topic. According to Business MIrror, there are industries that are out to disrupt this industry like never before.
This is not the first time anyone has thought of disrupting the antiquated methods of the industry, but that it's being talked about is a good sign pointing to the right direction. Technological disruption has been going on ever since it's been thought about. Buyers, sellers, and everyone else will benefit from what it brings about.
Disruption, according to the report, will offer more solutions and products than ever before and more tools to deal with clients. Everything--from buying, selling, investing to fixing structures or renting a home--will be affected by it. The global real estate industry will also gain 'incredible speed' with which transactions are completed.
All over the world, innovation and technological disruption is the name of the game. Tech Crunch reported that Compass, the real estate tech platform, made an acquisition, using some of its $4.4 billion--the amount that it's worth right now. It used that to acquire Contractually, a CRM platform which has been created to assist real estate agents.
The CRM has features which will make an agent's life easier, like linking up to lists maintained by a real estate brokerage. Aside from that, it can also pull up records of areas and sales indexes easier should the agent need it. This makes it easier for the agent to determine properties which are available and which can be great targets for listings.
The report did not disclose most of the terms of the deal. However, it is alleged that Contractually raised $18 million from venture capitals. This includes Point Nine Capital, Rally Ventures, and Grotech. Contractually was also valued in the neighborhood of $30 million during 2016.
This makes real estate interesting, on a global scale. On one hand, Asia holds the Urban Land Institute (ULI) Conference 2019, a gathering of individuals and institutes which are invested in moving real estate innovation along. On the other, the global market is constantly forging ahead. It will be interesting to see the face of real estate in the coming years as disruption happens consistently.
