AS the Covid-19 pandemic continues, more real estate companies were encouraged to integrate sustainable, smart, resilient and innovative technologies into their operations to accelerate their growth amid a challenging environment.

Speaking at The Manila Times’ Online Business Forum titled “State of the Art in Real Estate,” Ana “AJ” Rocero, executive director of PropTech Consortium of the Philippines Inc., discussed how the pandemic has completely changed the way services are delivered and consumed as physical constraints advanced a shift online. For the last several years, Rocero said the new business and market environment in real estate pushed companies to innovate and digitally transform their businesses to cater to an increasingly virtual market.

This strategy of integrating technology in property is known as proptech, which is a portmanteau of the words “property” and “technology.”

“It is a tech tool that real estate experts use to optimize the way people buy, sell, research, market and manage a property,” said Rocero, noting that proptech is today’s key to creating new opportunities in real estate.

Like any other industries, property companies have to catch up on the latest market trends and are subjected to new standards of success. Proptech solution promises efficiency in different stages of the buying process, Rocero said, noting

that for property buyers, it allows “faster and easier” buying experience.

“It’s about easier data collection and artificial intelligence-driven marketing that evaluate the development, investment in buying, and selling process of properties and real estates,” she added.

With the changing business environment in the real estate sector, more industry players turn to technology to boost operations, particularly those that involve construction and maintenance activities that were limited due to quarantine restrictions.

Proptech, while regarded as innovative, is regarded as a “new disruption power” in the sense that it disrupts or is a change from the traditional way of doing things, and the real estate industry is no exception.

One example Rocero cited on how proptech is a disruptor is Airbnb. Properties are listed online by their owners with all the necessary details to allow prospective customers to make educated choices without the hassle of having to physically go out to check the place. Because of the convenience it provides, Airbnb is considered one of the pioneers in proptech when they combined real estate and technology.

Proptech also allows matching real estate investors and real estate assets for managing residential, office and retail properties. Landlords and tenants were able to upgrade their maintenance system by enabling networks of smart devices and sensors.

“Property owners need not go and check their properties personally as all the data about building security and maintenance are available on the go from a mobile. So this technology is already available. Quality communication is done in our retail workers, maintenance teams and any other parties involved with information catching and data storage,” she explained.

Rocero however stressed that technology is not meant to replace human force. “I think that’s a misconception. I think we have to continue to educate people that [technology] is meant to improve your efficiency and your productivity.”

Sheila Lobien, chief executive officer of Lobien Realty Group, echoed the crucial role of technology in the real estate industry. “Companies are looking at digitalization, adding technology in their operations to be more efficient and agile,” she said.

For the coming years, Lobien believes that the use of technology will continue to make the real estate industry more productive, efficient and competitive. “Real estate developers and brokerage firms are expected to integrate technology in all aspects of their operations. No matter what happens, technology will aid us and will help us to be more and more efficient. And, of course, your talent as a person will always be used somewhere,” she added.