IMAGINE THERE IS NO REAL ESTATE INDUSTRY, IT IS EASY IF YOU TRY.

 IMAGINE THERE IS NO REAL ESTATE INDUSTRY, IT IS EASY IF YOU TRY.



To paraphrase John Lennon who was singing about world peace ...Imagine, go on just imagine, that it is 2024 and real estate in all its different verticals and intersections did not exist, and it was your job to build it on a digital framework.


What would it look like?

Here's a question for Founders of PropTech companies who are re-imagining just that, and with lots of them being young with limited knowledge about the Real Estate industry, and how it ticks - and that is their big advantage, as it does not limit their imagination.


The point is, if you have a limited knowledge about something but see a flaw, an issue a 'scratch that needs scratching' you go at it in several ways. Alternatively, if you have 30 years of solid experience you adopt a legacy approach - we always do X and we get Z.


With new technology in the mix, the next generation of problem solvers are using tools that can interpret things in a profoundly different way. Many Properties are exchanged regularly (a lot of properties are being completed too and there are peaks and troughs).


Everyone is talking about bottlenecks in transaction; everyone is pointíng the finger of blame, but nothing changes. If we ask a young data scientist how would he digitally re-plumb the whole Real Estate ecosystem, do you think the young person would start with a paper led model?


Would they think option A: -

- Amazon an E-commerce platform, which digitally never sleeps, seems to read your mind, and delivers your every order in a cardboard box the next day. is a proto-type worth consideration?


Or would they imagine that the defining model is B -

-Have the conveyancing element done Monday to Friday, 9 to 5, with an hour for lunch and a couple of snacks while at it. Whilst you put a new roll of paper inside the Fax machine.


Well the fact that the young person would probably not even know what a Fax machine is, given it was cutting edge in 1843 when it was invented. So it would be option A - the Amazon 24/7 solution.


Maybe the old guard, the gatekeepers in the legal, financial, and real estate sectors, could all do with listening to more of John Lennon and Imagine a little more. They could even use a gramophone that would be a start as that was invented in 1887, so by their standards a piece of modern tech.


We cannot wait to see their faces when Artificial Intelligence enhances things like Data in Real Estate, they would be in for a treat, maybe they will break out and learn more of PropTech when that happens.


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