Caroline Humble Mayer Brown

It is a dynamic time to be in real estate right now, with proptech starting to have an important impact on both the residential and commercial property sectors.

Yet whilst the UK certainly seems to have all the necessary components for proptech to flourish, if it is to reach its full potential the UK property industry needs to continue to build on this momentum by:

  1. seeking greater collaboration with technology experts, whether that’s as simple as engaging in conversation about what is happening or developing partnerships with specialists, the key is to work together, so that technology firms can develop solutions to problems that the property industry want solving;
  2. being willing to learn, which includes a willingness to fail and an ability to sustain the spirit to keep on trying out new initiatives;
  3. recruiting new skill sets, by hiring people who are innovators and have technical skills, including creating new roles at board level to ensure strategy is championed and implemented;
  4. being more agile, particularly in relation to the procurement processes of new partnerships and providers so as to be able to respond quickly in a fast-changing environment;
  5. continuing to engage with occupiers, as the issues and challenges they face will help shape and develop new ideas; and
  6. encouraging government and policy makers to create a supportive regulatory environment to facilitate greater innovation.

This is just the start of the proptech story in the UK. We are looking forward to seeing how it can usher in significant changes to the property industry in the years to come.

Caroline Humble, real estate partner, Mayer Brown International