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Chief technology officer at Console Jason Turnbull lists three industry trends that are likely to extend their influence more significantly in the period ahead, and they may not be what most people expect.
1. The rise and rise of the gig economy
Mr Turnbull predicts that more unskilled and labour-intensive tasks will begin to be outsourced.
“This ecosystem will consist of more than just the virtual assistants that are in vogue at the moment,” he told REB.
“These are essentially offshore admin and secretarial workers that take the overflow from real estate offices. While property managers will probably continue to hire virtual assistants, we’re likely to see them outsourcing tasks that will allow agencies to geographically extend their reach.”
He adds that this means these gig workers are likely to also be geographically proximate to the agency, at least in the short term.
2. Machine learning
Machine learning will change how properties are managed, Mr Turnbull says.
“I’m talking about smart homes here,” the CTO adds.
“As applications of smart technology around the home become more widespread, they will be able to better report usage, appliance issues and so forth. When property managers have this kind of data at their fingertips, they will be in a better position to advise landlords, and for all parties to make better decisions about a property.”
3. Blockchain
Blockchain totally changes the way data is transferred and recorded, Mr Turnbull says.
“What we will see is negotiations and agreements being recorded using blockchain,” he said.
“We’ll use it for everything from maintenance quotes and entry notices to title deeds.”
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