Real Estate Investor Magazine South Africa Real Estate Investor Magazine - September 2017 | Page 24

TECHNOLOGY
The Property Pool
Sink or Swim
BY MICHAEL WOLTER
T
hose involved with property technology will speak vol-
umes about the many benefits it can bring to a busi-
ness: from increased efficiency, to a more professional
work product, even a greater guarantee against safety risks.
With the advent of artificial intelligence (AI) in almost every
sector of business today, however, property technology offers
enhanced advantages – although we are only just beginning to
experience the fruits of its labor.
It’s all in the data
There’s one key ingredient that AI absolutely must have in or-
der to work: data. This is what AI systems are built on, and it is
with the recent influx of “big data” that AI can start to turn its
cogs and produce exponential gains.
AI’s application, machine learning, uses data to recognise
patterns and predict certain outcomes. We are currently stand-
ing on the tip of the iceberg when it comes to AI and machine
learning, with a vast expanse of knowledge and productivity
yet to be experienced.
Property technology’s ability to record and store data is
equipping the property industry with the tools it needs to
not only survive in today’s digital age, but to thrive. Software
systems are automating processes that once required hours to
take place.
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SEPTEMBER 2017 SA Real Estate Investor Magazine
Productivity gains
Take, for example, the legacy method of producing property
inspections: field notes were written with pen and paper, or
perhaps recorded on a Dictaphone; photographs were taken
with a digital camera; then notes were later transcribed by an
additional employee and digital photographs imported to a
computer; following this, all the inspection information would
have to be organised into a final report; this report would be
printed, copied, and distributed to all involved parties.
With the advances of proptech company, Imfuna, this sys-
tem is now reduced to a few taps on a mobile device to collect
information, a few clicks of a mouse to produce a report, and a
final product that is far more thorough and professional than
before – not to mention, this data is now stored in the cloud,
where it is accessible 24/7, and can be utilised for machine
learning purposes in a multitude of ways.
Though slow at first, the water around the iceberg will start
to sink away and reveal an endless number of enhancements
that technology will make to the property world. It’s up to the
decision-makers to take advantage of the opportunities as they
present themselves, to integrate technology into their business
practice, and to embrace the power of digital technology. It’s
sink or swim.