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Sunday PropTech Review; 22nd October, 2017

POSTED BY   james
October 22, 2017

Another week, another conference, this time MIPIM in the UK. A show that is an interesting gathering, completely different to MIPIM in Cannes and now New York – I should think there will be some strategic moves in 2018 given what we saw there and how energetic the week before was.

Listen to our Podcast with the Head Honcho’s of MIPIM here. An interesting insight, that is for sure. Remember, they pretty much have a hold of the entire property world therefore this should help you understand the movement going on around us.

We started the podcast by saying it was busy week of news and the selection below supports that!

On another point, and you will see this later, do take time to give your vote to the Top PropTech Influencer of 2017. I had the fortune of winning it last year and persuaded LendInvest to not let me enter this year and judge instead! Come on….who should win it?

On a side note, I love data, check out Zillow’s blog about the best US cities to go trick or treating using their data analysis. Come on Rightmove, Zoopla (or anyone else for that matter…….), do the same for the UK. PS. Please read article 9 in this review. So important. Do WeWork really need to plan, host, control and takeover every element of their clients lives…..I’ve become a bit of a sceptic here

You should subscribe to our Podcast on Soundcloud for all of them…….

Well, this was a great insight from Filippo and Sara. Intrigued by some of their insights about the industry; whether it is seeing PropTech as a threat or opportunity and also their feelings about their shows. Worth a listening to here MIPIM’s perspective on the whole movement.

1. This week’s most shared article: Spotahome raises €13.6M to let you view and book mid to long-term accommodation online By far the most shared article of the week, this story proves the huge interest in mid-term contracts. With the Digital Transformation comes an increasingly transient population and decreasing interest in home ownership. I’m interested to see how the traditional firms react to companies like Spotahome coming to market. With total fund raised now sitting at £20 million, there’s no doubting that change is afoot.

2. The keys to your house belong to startups

So far this year, venture investors have poured more than $200 million into an assortment of companies with businesses and technologies tied to keys, locks and building access.

So starts this cool overview of lock innovation, a field that has enormous potential for disruption.

Locks are anachronistic and inconvenient in today’s digital age”, says one particularly confident CEO. Why, now, are investors deciding to throw money behind locks? Because home security comes close to the top of everyone’s priority list, and until recently public trust of smart technology has been nowhere close to strong enough for wide adoption of smart locks. It seems investors are confident that-that is changing.

3. Who is the Top PropTech influencer for 2017?

I had the fortune of winning this last year for this award and it has been fascinating to see how PropTech has developed this year. As a consequence doors have opened up around me so this is obviously a very important award to be nominated for. Nominate your influencer now.

I will be judging but will be away in Indonesia on the 30th November when it is announced but do get involved…..

4. Featured Article: StudentTenant.com moves into mainstream lettings market with the launch of ClickTenant.com

National online student property experts StudentTenant.com have announced the launch of ClickTenant.com – a brand new online letting agency for the wider residential market. The new business is offering the first let for free for all new properties, and then a hugely competitive pricing model after that. The move makes complete sense due to having the technology already in place, experienced staff and a large database of landlords.

5. Purplebricks TV ads declared ‘misleading’ after complaint about fees

Purplebricks are again in hot water with the Advertising Standards Agency (ASA), this time over two TV ads running since March this year. The ads focused on the fact that customers don’t have to pay commission.

The ASA concluded that “it was not sufficiently clear in the ads that the fee payable to Purplebricks was not conditional on the sale of the property”. One has to wonder why Purplebricks keeps overstretching itself in its advertising. Maybe lack of confidence in the product? Lack of confidence in customer demand? Or maybe they’re not overstretching at all, but rather intentionally hiding the full truth of their product? Either way, consumer trust is the catalyst for PropTech’s success. This isn’t how you win it.

6. Why PropTech Doesn’t Matter Anymore – 6 Things You Must Know About Real Estate Innovation Along with loads of brilliant people, I recently contributed to an enormous Holtby Turner report on how real estate will change by 2027. It’s a really great report but takes a long time to get through. For the time-poor out there, here’s an officially approved abridgement, perfect for rapid, 21st Century-style consumption.

7. The Land Registry’s tapping tech startups to make property more digital with artificial intelligence and chatbots

The government department in charge of the country’s property and land records is turning to startups for technological innovation. Three PropTech startups have been chosen to enter the Land Registry and Ordnance Survey backed incubator; AskPorter, Orbital Witness, and GetRentr. The incubator, Geovation, takes companies on for a year in the hope that they can aid innovations that will help improve the way land and property transactions are done.

8. Purplebricks USA: One Month In

Since the launch last month, Purplebricks has not seen a lot of action in the USA. But Mike Delprete tells us, in this article, that we shouldn’t be surprised, and that all companies have to start off small when moving into new territory. So while Purplebricks USA may have only gathered 12 listings in a month, we shouldn’t write them off yet. It’ll be interesting to see if the US market is quite as…boisterous towards the PB business model as the UK has been. They’ve certainly got deep enough products to give America time to get on board.

9. WeWork, WeLive, WeFit……..really? Really?

In New York last week, as part of the UKPA trade delegation, we met up with WeWork and had a fascinating insight into their ethos. I pushed back and was quite sceptical of their model being a bit “The Circle” like (seriously, read the book and you will see my perspective – just don’t ever, ever, ever, ever watch what is a horrendous film). I am worried about WeWork and how they are looking to control every aspect of their customers lives. It doesn’t feel right to me. Am I the only one?

Right…….i’m off. Match of the Day beckons………

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