Organisation:
Mingtiandi, Yardi
Resource Link:
Innovation in Asian Real Estate – systems for a disrupted industry
Published in 2021, Link
My Key Takeaways
Let’s be more concrete about proptech and smart city opportunities for companies in Singapore and Asia.
We hear this buzz word all over the place, but where exactly are the pockets of untapped growth, and how should a proptech company pitch to a real estate player?
Some of my takeaways from this report by Mingtiandi and Yardi about innovation in Asian real estate:
The report took data from a survey of more than 100 senior estate estate specialists – 69% were director-level or above, 78% boasted more than a decade’s experience in real estate, and more than half had excess of $1B assets under management.
It’s just the beginning for the proptech market’s growth in Asia
In 2021, 74% of surveyed execs felt that real estate trails other industries in tech adoption.
42% think real estate in Asia is trailing the west (Pg 19).
If your tech company has been growing in other verticals but hasn’t entered the Asian real estate sector yet, this could be your next pillar of growth (Pg 18)
What technologies do Asian real estate companies want?
Look at page 20 for an overview of different software systems adopted by real estate companies, shedding light on the level of market saturation for each category.
For example, 73% of real estate companies in Asia already have accounting and finance software, and 61% have adopted CRM systems.
On the contrary, only 15% use ESG software, 22% for Procure to Pay System, 31% for portfolio financing management, and 35% for property management. (Pg 20, 21)
If you are a proptech company in the latter categories, you are looking at potential pent up demand for your business.
Top 3 obstacles you’ll need to reassure your real estate partner about during your pitch:
1) Changing existing behaviour (370 out of weighted score of 500)
2) Cost (350/500)
3) Development and Custom resources required (340/500)
How should you pitch your proptech solution?
Your pitch/sales presentation should not only address the above obstacles, but also explain tangible impact to Asian real estate companies’ top four info management priorities (in order of decreasing importance, Pg 23):
1) Streamline business processes
2) Increase revenue, rationalise sales process
3) Improve timeline and accuracy of data
4) Improve ESG reporting
Real-life proptech use cases and their decision makers in Asia
Short quotes from Asian decision makers from Frasers Property Limited, Pi Labs, GLP China and Taronga Ventures about their real use cases for UV Cleaning AV robots, connectivity solutions for logistics, click and collect services for mall customers. (Pg 13)
If I was from your proptech company’s co-innovation team, these would be the types of smart city stakeholders I’ll be trying to connect with on LinkedIn to accelerate market entry into Singapore and Asia. 🤔
Follow my LinkedIn post here.
About Zhilin SIM
Having worked and lived in Singapore, the Nordics, China, Spain, UK, I’m now based in Paris.
I’m fluent in English, French and Mandarin, and I’m learning Arabic because it’s a beautiful and fascinating language.
My team creates and supports one-many initiatives connecting corporate and startup ecosystems in Europe to business and innovation opportunities in Singapore and Southeast Asia.
I’m passionate about horticulture, watercolour, startups/tech as well as French cuisine, Peranakan kueh techniques and other global cuisines.
Feel free to connect with me if you think my network in Europe and Asia could be of benefit to your business and innovation activities.
