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Canadian real estate companies are still cautious when it comes to investing in PropTech

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Canadian real estate companies have been slow to embrace property technology, or “PropTech”, putting them at risk of losing market share or falling behind their global peers, finds a new KPMG in Canada report.

Canada’s PropTech Journey: How Canadian Real Estate Companies Are Faring in the Digital Age reports that only 36 per cent of companies surveyed have a digital strategy, compared to 58 per cent globally.

“All industries are experiencing some form of disruption; Canada’s real estate industry is no exception,” says Lorne Burns, Partner and National Industry Leader for KPMG’s Building, Construction and Real Estate group. “Historically, it’s been a conservative industry, but companies can no longer afford a wait-and-see approach. If you’re not already embracing digital technology and leveraging data, you run the risk of either losing market share or experiencing revenue income erosion or both.”

Technology – from blockchain, green tech, the Internet of Things, deep data, artificial intelligence and augmented reality applications – is disrupting and improving how real estate companies buy, rent, sell, design, construct, and manage residential and commercial property.

“There are several ways to try out PropTech solutions, whether on a large or a small scale,” says Burns. “You won’t be successful with everything you try, but that’s what innovation is all about. Like any significant change, it will feel uncomfortable.”

The report notes that all of the real estate companies surveyed in Canada have appointed a digital leader to oversee their technology efforts, which encouragingly demonstrates that they understand the importance of a digital approach. However, only 28 per cent come from a technology background, comparatively similar to 30 per cent globally.

In terms of cyber preparedness, while 70 per cent say they feel prepared for a potential cyberattack, only 39 per cent have formally tested how they’d handle one.

The report highlights a number of bold steps Canadian real estate companies can take to embrace the technological revolution, including:

  • Hiring leaders with digital/technology backgrounds to lead the transformation, rather than appointing real estate leaders from within
  • Embedding data and analytics into how they run their business
  • Building a company-wide digital strategy
  • Partnering with PropTech companies to co-create solutions
  • Looking beyond streamlining operations and cutting costs to find ways to use technology to improve engagement with tenants, customers, and customers’ tenants
  • Assessing their cyber security readiness to ensure their data is well protected

“Canadian real estate companies are awakening to the digital era, albeit a bit slowly. Now’s the time for them to really dive in,” says Saqib Jawed, Partner and the PropTech Lead for KPMG’s Building, Construction and Real Estate group. “This’ll look different for every company, of course; large companies with deeper pockets will explore technology in different ways than smaller companies will. But, the only way to find what works for your business is to get started.”

Wladimir P. is a Content Editor at European Gaming Media and at PICANTE Media and covers a large variety of industries.

Blockchain

Teletubbies Digital Companions to Launch on the Tezos Blockchain

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MetaPals, an AI digital companion platform, is partnering with WildBrain’s beloved Teletubbies to bring together cherished childhood memories and the innovative digital era with the launch of the Teletubbies AI digital companions on 20 April, 2024.
As Teletubbies commemorates its 27th anniversary on 31 March, the collaboration marks the beginning of an exciting array of renowned IPs joining the ‘MetaPals Multiverse’ in 2024. Through the use of AI and blockchain technology powered by Tezos, much loved Tinky Winky, Dipsy, Laa-Laa, Po, and even Noo-Noo have become personalized, evolving digital companions within the MetaPals browser extension game engine.

The Teletubbies characters integrate with users’ daily browsing experience that accompanies users across the web, offering both playful interactions and practical assistance. This technology not only brings these fun characters to life in new, interactive ways, but also helps to enhance the mental well-being of users by fostering a sense of companionship.

Each Teletubbies companion within the MetaPals Multiverse will exhibit unique personality traits, offering users a diverse and dynamic experience. With personalities distributed across 5000+ Teletubby companions along a spectrum, users are guaranteed a one-of-a-kind experience, ensuring enjoyment for all and opportunities to foster new connections with this nostalgic brand.

Max Giammario, CEO of MetaPals, said: “Through this collaboration we’re not just revisiting Teletubbyland, we’re reinventing it for the digital age. By weaving in AI and blockchain, we enable the Teletubbies characters to evolve, interact, and form unique bonds with users, embodying our vision of dynamic digital companionship. With a bit of ‘MetaPals magic’, the Teletubbies are exploring beyond the hills and far away, ready to play, in ways we’ve never imagined.”

Melissa Goodrich, Director, Franchise Strategy at WildBrain, said: “We’re excited to see our colorful quartet come to life in new ways through this unique digital experience for fans. As we celebrate 27 years of the perennially popular Teletubbies franchise, this latest collaboration encapsulates the essence of childhood nostalgia while embracing the limitless possibilities of the digital age.”
Jason Lim, TZ Apac Games Adoption Team for the Tezos Ecosystem, said: “MetaPals will be pioneering the convergence of iconic IPs such as Teletubbies with the limitless possibilities of the Tezos blockchain. I can’t wait to see the magic they are brewing up next.”

The post Teletubbies Digital Companions to Launch on the Tezos Blockchain appeared first on HIPTHER Alerts.

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Alarum Announces Exciting Events Lineup and Welcomes Esteemed Advisor to NetNut’s Advisory Board

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RevoluGROUP Canada Inc. Announces White Label Partnership with MONECO France

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