This brings a lot of great solutions offered by several Proptech companies that make most processes, from Short Let Renting to Asset Portfolio Management much easier. Most of the processes in the real estate industry that have previously taken weeks or even months to complete are being carried out in a matter of hours, even minutes. These solutions save users an enormous amount of time and money, it helps them be up to date and never miss an opportunity regardless of whether you are an investor, agent or tenant.
However, what makes all these solutions so smart and effective is that they can spare us time, money and stress. How is it possible to get an accurate evaluation of a land’s value in minutes instead of going through the council websites and Land Registry and then repeat the process until you find the suitable site for a given project? How come we have platforms now that can carry out tenant referencing and book viewings, manage rent payments and carry out all asset management and property management processes in one place.
All the information that had previously gone through several authorities or private providers, can now be easily and safely shared and accessed via an application due to Blockchain technology. This technology allows digital information to be distributed but not copied, as the network does not have a central authority, it is a shared and immutable ledger. All the information held on a blockchain exists as a common, and constantly updated database which means there is no centralised version of this kind of database. In addition, all data is cryptographically stored, therefore no unauthorised third party can gain access to any of the details.
In practice this means that all the sensitive data that 20 years ago could not have been shared securely, because of the possibility of a hacker, is now just a tap away from, Blockchain eliminates the danger of any data corruption by not storing the data in one master document, eliminating targets for hackers.
So, if you happen to be worried about using a Proptech solution that handles sensitive data, there is no need, as all these products are in high demand and have the technology backing them, making them 100% secure.
Data Scientists are rapidly becoming critical resources within PropTech and use this technology to analyse data in real time, as information stored within Blockchain databases updates immediately. As mentioned before, blockchain is just one of the tools used by Data Scientists. Another is Machine Learning and Artificial Intelligence which make even faster predictions in the data set as it changes. Artificial Intelligence (AI) is intelligence or capability to learn by machines, an intelligent agent is the machine that takes steps to achieve the set goal in the shortest time possible. Machine learning is focusing on the development of computer programs that change when exposed to new data, as it uses patterns in data to adjust program actions automatically, it reduces the human resources (therefore the time needed and possibility of mistakes being made) needed for data analysis and forecast.
Machine Learning and Artificial Intelligence are the main reasons why we can have smart applications that are able to provide 24/7 services, such as customer service, scheduling or even automated property advertising without a human being present in the office or home at the time.
As Proptech companies come to the market with very diverse offerings and have different visions, there is no clear path regarding the background a Data Scientist should come from when looking for a career in this booming industry. However, they should be up for the challenge, as looking back on the trends of the last couple years or even months, we can see how big the transformation has become within the industry. Considering that we are in the middle of the second information revolution, there is still a lot more to come with many more smart solutions in the pipeline.
LMRE are specialist PropTech recruiters, if you need help growing your business or making any key hires please get in touch via the form below!