The 15th Annual Africa Property Investment (API) Summit concluded last week Friday on a high note, offering deep insights into the transformative power of technology within the real estate sector. Among the standout sessions was the panel discussion titled “TECH IN REAL ESTATE: Top-Down Influence: How Technology is Influencing Listed and Private Real Estate,” which featured industry leaders exploring the intersection of technology and property services.
The panel, facilitated by Phil Barttram (Director of Pooled Data Services), included esteemed speakers such as Imogen Mantel (Head of Analysis, Liberty Two Degrees), Waldo Marcus (Industry Principal, MRI Software), Gary Goliath (Innovation Lead, Quoin Technologies), and Malcolm Horne (Group CEO, Broll Property Group). Together, they discussed how technology is reshaping decision-making from the executive level, cascading through organisations, and ultimately transforming the real estate landscape.
A Market-Driven Disruption
The panel emphasised that while technology often is credited for disruption, it is the market itself that drives these changes. For example, the challenges posed by COVID-19 and energy load shedding have accelerated the adoption of technologies like advanced communication tools and utility management solutions. Rather than being developed purely by property professionals, many of these innovations emerged in response to real-world needs, displaying the critical interplay between market demands and technological solutions.
Macro-Trends and Strategic Solutions
Malcolm Horne, Group CEO, of Broll Property Group, highlighted several macro-trends that are shaping the future of real estate in Africa. A key challenge is the volatility of USD-linked rentals, which remains a significant issue across the continent. Although PropTech alone cannot resolve this, Malcolm pointed out the potential of technology in tracking tenant payment trends to identify early signs of financial distress, helping landlords mitigate risks. In markets such as Nigeria, where smart infrastructure is still developing, real-time building management solutions can play a pivotal role in pre-empting operational challenges.
Evaluating PropTech Solutions
When discussing how the C-suite evaluates tech solutions, the panellists stressed the importance of addressing substantive issues rather than just adding superficial enhancements. Malcolm highlighted the limitations of existing apps that connect landlords and service providers, stating that the real need lies in solutions that provide deeper insights, such as property verification and regulatory compliance. The consensus was that effective PropTech should not just streamline operations but also offer crucial information that enhances decision-making and operational efficiency.
Leadership Driving Adoption
A recurring theme was the essential role of leadership in driving the adoption of next-generation technologies. While younger employees are generally more tech-savvy, the panel highlighted the need for senior executives to champion these changes. Malcolm noted that shifting mind sets within the leadership ranks is key to fostering an environment where technology is embraced as a strategic asset, rather than viewed as a threat.
Empowering the Workforce Through Technology
The panellists agreed that technology in real estate is not about replacing jobs but about enhancing efficiency and empowering the workforce. Malcolm pointed to smart facilities management systems as an example of a tech solution that has improved Broll’s operations. By allowing for better resource allocation and improved tenant experiences, these systems have streamlined processes and elevated service delivery across Broll’s portfolio.
A Collaborative Future for Real Estate
The discussions underscored that for PropTech to be successful; it requires a collaborative effort between property professionals and tech innovators. By aligning top-down leadership with ground-level adoption, the real estate industry can unlock the full potential of technological innovations, ensuring a future that is both efficient and resilient.
As the African real estate sector undergoes significant transformation, Broll Property Group continues to lead by embracing technological advancements that address current challenges and seize emerging opportunities. For more insights and updates, we invite stakeholders to engage with us as we promote smarter, more efficient real estate solutions across the continent.