by Callum Board

How AI and Technology is Transforming the Property Market

Technology and digital solutions have grown to become an integral part of our everyday lives, impacting how we work, interact, socialise, and communicate with our loved ones. The business world is no different and with the continued advancement in technology, products, services, and day-to-day processes are constantly evolving.

Whilst the property industry has been slower than others to transition to digital, it is now beginning to realise the full benefits of digital transformation. In 2021, investment in the UK’s PropTech sector had reached record levels and, in fact, had more than quadrupled from the previous year. As a result, the PropTech sector has seen significant growth over the past few years with a variety of technologies being implemented, from AI and automation to digital systems that are streamlining processes and allowing organisations to increase efficiencies like never before.

REdirect Survey Reveals Increase in AI Adoption

At the beginning of this year, REdirect collaborated with the UK PropTech Association (UKPA) and the British Property Federation (BPF), to produce the Tech & Innovation Survey. The results of the report were based on over 250 responses from across the property and PropTech worlds. The report represented a milestone in REdirect’s collective journey toward greater understanding, collaboration, and transformation within the property industry.

It was a starting point to explore the complex interplay between technology, innovation, and the property industry. As well as identifying where industry leaders perceive the greatest potential gains and identifying the biggest barriers to adoption, which provide the key to understanding how to overcome them. The survey revealed that industry leaders in the property sector reflect on AI and automation as major gamechangers. More than 79 per cent of respondents in the survey say it is their goal to adopt this level of technology in the next three to five years. Further to this, 60 per cent anticipate AI will have a profound impact on the wider property sector, from advancements in data analysis to automating time consuming processes.

From an operational perspective, on top of AI, other technologies are set to play an important role in reshaping the property landscape. Building systems that collect data and analyse trends in user behaviour, implementation of big data and utilisation of business modelling tools are predicted to be rolled out by property organisations. The survey also indicates the growing adoption of technology as 57 per cent of respondents believe the property sector has matured in its outlook on PropTech in the past year.

AI and Automation in Action

There are numerous areas that AI and technology can positively influence the wider property sector. From improving building performance, strategic management and carbon emissions profile, to speeding up transactions and engagement with customers, there are a plethora of advantages that PropTech can bring. REdirect specialises in harnessing AI and automation to solve common client issues. Where manual, repetitive, and time-consuming tasks exist, AI can deliver huge value. Through the development of our AI tool we affectionately call Rosie the Robot, users can boost their efficiency by automating highly manual tasks and allow property organisations to dedicate more time to priority areas of the business.

Long-terms Gains with RPA

Commonly referred to as Robotic Process Automation (RPA), these solutions can be tailored and customised to specific client needs. They can be utilised in various aspects of real estate operations to deliver quick wins and return on investment for property businesses. Using Bank Reconciliation Automation, we can retrieve transaction records and compare them to a client’s financial records, and match transactions using a client-specific tailored algorithm. Not only does this speed up this fundamental process it also increases accuracy while meeting key compliancy requirements.

By automating daily bank to book tasks, our clients can attain a clearer understanding of their cash flow, enabling better financial management and decision-making. The RPA solution can also execute and consolidate reports based on predefined rule sets, and effortlessly distribute them according to the recipient directory. From reading PDFs and email attachments to processing various documents, RPA ensures accurate entry of data into a client’s system or attaching original documents as necessary. We also provide a customised RPA solution ultimately helping clients to streamline workflows and enhance overall productivity.

REdirect to a Brighter Future

By embracing AI and automation, we’ve helped empower many property businesses to optimise their operations, make more informed decisions, and stay competitive in an ever-changing industry landscape.

In considering the adoption of AI, it's important to recognise that while it may feel like a leap of faith, AI technologies have been in existence for several years and have undergone significant testing and refinement. Working closely with a specialist to guide you through any potential challenges and considerations is key to a successful implementation. Embracing AI offers numerous benefits, from increased efficiency, enabling resources to focus on higher-value tasks, and ultimately enhancing competitiveness in the market. By leveraging AI, businesses can streamline operations, drive innovation, and stay ahead in a rapidly changing landscape.

If you are interested in finding out more about AI and automation or exploring REdirect’s range of fully customisable real estate solutions, please get in touch today. 

To read the Tech & Innovation Survey and explore the results from property leaders, click here

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About the Author

Callum Board

Callum joins the REdirect team from Capital and Regional, a U.K. based Real Estate Invest Trust, where he was Head of Diversified Income. In his role he defined and led the diversified income strategy for Capital & Regionals portfolio of mixed-use assets, empowering a team of national Sales …