Building relationships in business takes hard work and dedication. There needs to be a clear understanding of what each party’s vision is, and how that pertains to the goals set in place that determine business outcomes.

Property and technology companies are in an exciting and unique space at the moment. Both of their industries are converging to create a powerhouse space that’s taking the levels of innovation in the real estate to another level – and that is PropTech.

At a platform level, PropTech has proven its worth in terms of helping property and real estate companies realise their potential. But there is more that can be done to maximise efficiency in the way of collaboration and engagement.

For real estate professionals (and commercial property owners) looking for ways to elevate their competitive edge, they need to understand that the mere identification (and outward admission) of needing to innovate is the first step in the right direction.

In other words, if you don’t believe in the need for innovation then you’re falling behind. But if you do – gold star – because you’re on the right path. Your competitors will take notice. So will the market.

If there isn’t a top-down understanding of the importance of technology, its merits, and its ability to elevate a business’s competitive advantage, then that’s the first adjustment that needs to be made.

But if it is understood across the organisation that the investment in innovation is a necessity to go to the next level, then that’s a sign of a healthy, a liquid, and ultimately, a hungry business.

For landlords, investors, and commercial property managers, there are PropTech platforms that are available in the market for a number of use cases: for property management, property accounting, and site/building experiences, for example.

Take Re-Leased, Sine, and AIRE Software, for example – these are all platforms having a seismic impact on the way property is managed, experienced, and sold.

For PropTech providers who build upon their core product by providing advisory services, such as advice, training and support, are those that ultimately succeed.

A lot of thought leaders are talking about how noisy the property and technology space is becoming, so it’s important for these providers to go beyond the norm in their value add pieces.

And beyond the norm as we see it is for property and technology businesses to engage and collaborate in unity. This can be in the way of co-branded marketing initiatives or in the form of providing the framework for feedback on product, services, and business modelling.

If the collaboration goes both ways – so from platform provider to end user, and back the other way – then the future of real estate will be in a position to compete fiercely with the world's most innovative industries.

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