Real Estate’s Reluctance to Employ Automation Illustrates a Bigger Issue

As automation becomes more prevalent across businesses and industries, industry leaders are voicing their concerns about their own field’s reluctance to implement it.

A recent article by Forbes highlights Jeri Frank, the co-founder and CEO of Stratafolio, a real estate software solutions company.

“The commercial real estate industry has been notoriously slow to adopt technology. While most industries have recognized the need, I see many commercial real estate companies that still do business the old way. Some people believe there’s little reason to change. After all, if they’ve been successful for many years without digitizing their operations or trying the latest technologies. What these companies don’t realize is that their failure to embrace innovation can lead to inefficiencies that could prove harmful in the long run. Long standing companies might be unable to compete with the real estate startups that are embracing and pioneering new technologies.

Right now, there’s no time to waste. To stay competitive, real estate businesses must adopt new strategies and practices. While economists are debating whether the U.S. is officially in a recession, it’s apparent that many American companies are experiencing economic hard times. The real estate industry must prepare itself for a slowdown.

Proptech, short for property technology, is used to describe any technology in the real estate space. This can range from data and analytics software to AI and machine learning, cloud computing and even robotics. It includes technology and digital solutions that help automate and streamline the ongoing management and maintenance of buildings, the purchasing of real estate, the planning and construction phases and more.

I believe one of the most beneficial things you can do right now is stay up to date with recent innovations in your sector. If you run a construction company, you may be interested in robotics that help streamline and support the construction process. If you’re a real estate owner, you may be more interested in software solutions that can assist your company with data analytics and operations management.”

Read the rest of this article here. 

Frank is one of the few involved in real estate that sees the need for technology and understands the benefits of using tech to streamline operations.

Real estate is an industry unlike any other, dependent on human interaction and other processes that cannot be automated.

However, automation tools like Frank’s software still exist to help aid certain aspects of real estate and related functions.

Above all else, automation can help with data collection and operations management.

These functions are helpful to any industry, and real estate is not excluded from this.

The point here is that every single business and industry can benefit from automation tools.

Don’t remain stuck in the past and insist on going the “old fashioned” route.

You’ll get left in the dust.

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