How this investor added value to his portfolio without buying a new property
Back by popular demand, property investor Jim Hall rejoins host Phil Tarrant for his third appearance on The Smart Prope...
Despite the benefits technology provides to the property market, a shift in mindset is needed to truly realise its importance.
Speaking to Smart Property Investment as part of the proptech special, Yabonza’s Mark Trowell and Heidi Guenther shared how those operating in the real estate space need to look to technology as a win, rather than a detriment to their business.
“The classic example is the taxi versus Uber solution. As soon as someone migrates to an Uber, how many go back to a taxi? Not many,” Mr Trowell said.
“Once you’ve made that transition, you rarely come back. [Rather than fearing it,] people need to utilise it; instead we’re still seeing some backlash.”
This is compounded by many of the more traditional agencies who appear to have a fear of digital disruption and offer not to take advantage of technology, despite some of the younger or new-to-industry agents realising its potential, according to Mr Trowell.
“You’ve got an issue of how do you push for it?” he said.
“If I’m a local agent at Century 21 and I’m sitting there, what do I do? My sphere of influence is my capital, I can’t get outside my geography, so I can’t make the change I want to make.”
Ultimately, Mr Trowell said: “Technology can’t solve things on its own”, with business models needing to adapt in order to truly feel the flow-on effects.
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