Adhum Carter or Adhum Carter Wolde-Lule, is a British business-magnate, investor, strategist and financial guru. Born in 1995 in Brighton, United Kingdom, he pursued his secondary education from Lewis and has travelled extensively across multiple geographies─ lived in London and Dubai, conducted businesses in Switzerland, Hong Kong, Shanghai and other financial hubs all over the world. Adhum has a strong focus on Real estate financing and a natural flair for technology, specializing in international trade, investments, mezzanine finance, capital raises, and development. He’s dabbled with mixed asset classes professionally and his personal investments vary from the food industry to car trading companies.
Here he talks about Proptech and its implications on the real-estate world. Proptech refers to the integration of technology and real-estate. As technology has been making its presence felt in every sector imaginable today, real-estate is no exception. This includes 24/7 Wi-Fi connectivity, smart access systems, android receptionists and advanced software solutions.
Here are some ways that Proptech has shaken up the real-estate business worldwide:
1) Tenants now customers
Proptech will focus more on customer experience as a service than just providing lodgings. Previously, customer experience wasn’t important to the Landlord but now will be. Landlords will have to embrace this hospitality service based mentality, like providing secure access to buildings, other automated services to improve convenience, to stay relevant in the future.
2) Mindset needs fixing
There is an immediate need to change the attitude towards the tenant. Even today, Landlords world-over see themselves as the benefactors to tenants rather than service providers.
Still, many landlords are embracing this reality and working to provide spaces to tenants so that they can experience them, the best way possible with facilities and convenience to boot.
3) Building the landlord’s Brand
The simple fact is that a good customer experience brings more customers to the building. Landlords who focus on service, leverage technologies to provide the customer with convenience by providing pro-active assistance in case someone lost their VPN account or Wi-Fi connection. The positive experiences that are provided to the customer, build more brand recognition. To bolster their brand, Landlords are now packing old buildings with the latest amenities and features to support a better customer experience and creating a cutting edge system.
4) Patience with Hyper Growth
Proptech is bringing in things like AI, virtual reality which will change how we experience tenant space, residential or office. But it’s important to be patient with it to take full hold of the industry. Immediate profits might not happen, but eventually, it’s a long-term profit machine.
5) Flexibility is the name of the game
This includes using technologies like AI, robotics and data analytics for managing headcount and tailoring your space service to the customer demand and availability of resources.
So in conclusion, although Proptech and technological efficiencies will take up some time to completely dominate the real-estate market, in the meantime, it’s slowly creeping into the system and making Landlords more hospitable and fine-tuning their services, as a result.