Real estate always had its complex ecosystem and today, more than ever, this large spectrum of related professionals need unity to face new times, new perspectives, new needs. In times of VUCA, how to achieve such a union?
What does VUCA mean?
The term VUCA is an acronym for the English words Volatility, Uncertainty, Complexity and Ambiguity. It was used by the U.S. Army War College in the 1990s to explain the world in the post-Cold War scenario. Since then it has been used by companies, organizations, governments and educational institutions to describe in general different challenging and complex scenarios.
In the current scenario, making projects with traditional methodologies using long schedules has become unfeasible. After all, overnight priorities can change and what seemed important can become irrelevant.
Working with agile processes makes it possible to adapt the project to the needs of today's world and create methodologies to leave your client satisfied, since priorities are constantly questioned and so, if something changes, it is enough to realign the strategy and evolve.
In today's world it is not enough to follow a detailed plan. We are obliged to feel the changes in society, realign the project to meet the client's expectations and then continue to evolve.
The year 2020 will always be associated not only with the emergence and spread of the Coronavirus, but also with a change in mentalities, such priorities, of society in general. Health security is called into question in such a way that social distancing becomes the rule in a species whose main characteristic is society, “Ubi homo ibi societas” as Ulpiano (Roman jur of the third century) referred to.
In this context VUCA, taken to the extreme if we add political, economic and environmental issues, the whole society has a moral duty to unite for a sustainable, economic and ecological future in a short time.
What challenges does the market face?
In recent years, real estate combined with technology has been a combination of success. The creation of hundreds of companies specialized in the creation of specific technology has brought efficiency and flexibility to the real estate sector through innovation. Now, companies that have relied on these innovations find themselves in the perfect opportunity to use these competitive advantages that allow them to adapt quickly and effectively.
Currently, after analysis by several PropTechs worldwide, these are the main strands that are being developed in order to respond to the new challenges:
Following these priorities is guaranteed by a multitude of specializations that the real estate industry brings together: the real estate ecosystem. We have mediation, construction, PropTechs, building materials producers, real estate valuation, real estate marketing, real estate funds, and although indirectly, banking institutions and jurisprudence, as well as others equally fundamental to industry and its ecosystem.
What to do?
In this sense I have always been an apologist for the existence and fostering of a healthy union between all aspects of real estate so that it evolves positively and naturally. Union founded on ethical and moral values, but also on dedication, professionalism and entrepreneurship of its stakeholders.
This year, globally, there is the possibility of revitalizing investment in real estate by offering solutions that meet the priorities described above. And all specialties of this industry must be united and receptive to new business models, partnerships, mutual help. This way will ensure the satisfaction of those who ultimately support the industry: demand.
As creators of new technological solutions in order to satisfy clients in the real estate industry, we are attentive to all aspects. We find that even developing all the technological aspects that mitigate the effects of the challenging times we all go through, it quickly concludes that empathy and human mutual help, in this case of professionals, will be the crucial point to face the complex times in which we find ourselves and that are modifiers of behaviors, priorities and safety of clients in the real estate industry.
In short, we have the most developed technology, supported by Artificial Intelligence. However, without the unity and empathy of professionals towards strategic mutual help, success levels will be suppressed in the real estate industry.
We have to see the industry as an ecosystem where everyone depends, in one way or another on other specialties in the same field, and thus, supported by technology, the results can be surprising and revitalize real estate.
|Jorge Próspero dos Santos
International Real Estate Manager
|PropTech on the Luxury Market|