BPF Spotlight Series: The UK PropTech Association
This week, our BPF Spotlight delves into the fascinating world of PropTech. We speak with UK PropTech Association (UKPA) Director Sammy Pahal to find out more about the sector and how it could transform our industry. Here's what she had to say:
❓ How do you define the PropTech sector?
🗣️ There're many definitions of PropTech, but, to me, PropTech describes technology products and solutions that aim to improve or transform any part of the property lifecycle. PropTech can also enable companies working within the property industry to become more efficient, informed and provide more value to stakeholders or customers.
❓ The possibilities sound limitless, where are we seeing PropTech have the biggest impact?
🗣️ The results of our recent Tech & Innovation survey revealed the areas the industry see PropTech having the biggest impact are improved decision making, improved building operations, and reduced carbon emissions.
That said, there’s a huge amount of progress being made in other areas of the property lifecycle including digitising property transactions, tenant enquires and repairs, and tackling embodied carbon.
We’re also seeing the need to de-risk existing portfolios and new investment decisions as a huge driver for PropTech adoption.
❓ What should we look out for in the future?
🗣️ AI is rapidly improving and is set to completely transform our lives at home and work - the impact on the property industry is no different. Although, our recent debate event highlighted that we have a lot to do to be able to realise the full potential of AI.
I’d like to say that we might see solutions to tackle access to data which has been an ongoing issue and barrier to technology adoption and is key to decarbonising our properties as well.
❓ How can property companies explore how technology can help them?
🗣️ There are lots of industry conferences and events where you can really get to grips with the role that PropTech can play so I would encourage attending those.
In our joint programme for UKPA and BPF members, we aim to educate and demonstrate how PropTech's being used and the value that’s being achieved through case studies. We’ve also set up an Innovation Leaders Forum to give those responsible for procuring PropTech a space to learn and knowledge-share.
❓ As the voice of the UK's PropTech sector, what are the UKPA's key activities?
🗣️ We typically host roundtables, debates, talks and networking events to connect members from across UKPA and the BPF, with an aim to break down barriers to adopting technology, ensure we’re tackling the most critical problems and building the right solutions to achieve real outcomes.
Additionally, we work with Government to represent our members and ensure we have the right environment for the PropTech sector to thrive.
Each year we also host the UK PropTech Awards to celebrate the progress that’s been made and recognise those across the ecosystem, including property professions who are championing change.
➕ About Sammy: I’m Managing Director of UKPA, and now also a Director of the BPF, and have been working in PropTech for 7 years (since PropTech became a term!). As a psychology graduate I’m passionate about the human element in tech!
