Proptech (Fun) Facts & insights

Published on
March 6, 2024
April 20, 2023

Our team at the PTC is sharing weekly "fun facts" about the Real Estate + Proptech + Investment industry. Our team at The Proptech Connection is constantly in the Proptech market, with all sides in solving their problems.

Our team is well-placed to help you with your RE technology and digital strategy.

Angry Birds

Prior to their smash hit Angry Birds, the development team, Rovio, launched 51 games (!) with limited success and was even close to bankruptcy.

Fun facts lined up:

  • It was the 1st mobile game to ever reach a billion downloads
  • Its 1st movie grossed >$320m (more than the recent Elvis movie)
  • One of the founder's Mums apparently burnt X-mas dinner as she was too busy playing the prototype!


Some key learnings from this regarding Proptech:

  • Multiple iterations or product development was a key part of their journey. Revio learned from their 51 products before landing on their market fit.
  • A major part of Angry B's success was the recently launched iPhone. Integrating or leveraging with a bigger tech-enabled trend is often easier than trying to be the market educator or champion.


We at The Proptech Connection are seeing this evolution in Proptech, with the quality of tech offerings now showing a demonstrable ROI that also marries up well with legacy systems.

With RE market under increasing pressure, the RE companies who are able to transform their assets via tech will have the capability to manage these testing times.


Penthouses

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The connotations of owning a "Penthouse" (the apartment- not the magazine) for many would be viewed very positively.

Indeed in many feasos, it is often the profit from these units that deliver the ROC / IRR needed.


Yet studies have shown that:

  • those living on the higher floors suffered from a greater degree of distress than those on the lower floors
  • those living in apartment buildings had a more negative view of their local area than those living in houses (in the same area)


Clearly this does not apply to all complexes and there are numerous wonderful apartment complexes across the world, which people love.

With hybrid work now encroaching on people's "home" space further however, we are seeing more and more tech that utilizes space in residential, in part to help reduce this home space encroachment.


The # of tech offerings is still behind the hot space of how to repurpose non-premium CRE, but nonetheless it is an area we have been tracking and see future growth.

For us at The Proptech Connection, it is further evidence of the further erosion of the demarcation of "sectors" within real estate, and in particular how BTR / BTS and hotels are becoming more and more intertwined.

From a Proptech adoption point of view this is excellent as it is opening up a range of technologies to help developers/asset owners differentiate their offerings.


Neighbours

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The recently ended tv show Neighbours was a sad day for many. For 40 years, the families of Ramsay St graced TV screens across the world.

Fear not, neighbourly bonhomie is alive and well in France. The 14th arrondissement is actively pursuing a super neighbours policy where all residents are encouraged to say "bonjour" to each other whenever they pass. Further to this, the 15k residents regularly host mass street parties of up to 650 people.

It has been in action for 5 years but highlights a # of concepts we are seeing in the mixed-use world: asset repurposing, a greater sense of CX + the need for design to incorporate a greater demand for human interaction.


We at The Proptech Connection have mapped many of the key tech trends to real estate use cases.


As one of the few independent bodies in the ecosystem, our independent advice can drive your strategy forward.  Please contact our team how we support the ecosystem:

Proptechs: strategic growth

Real Estate companies: digital strategy + tech advisory/sourcing

Investors: global deal sourcing

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