Have any larger firms owned up to their mistakes using PropTech?

James_Dearsley2James_Dearsley2 adminMember, Administrator admin
I am just considering an article looking at businesses who have tried and failed to work with PropTech. Been honest about it and then tried again and either failed again or succeeded?

Ultimately this is what is bound to happen as businesses look at new models and new ways of working. Would love anyone's input into this.


  • Laura_GoedeLaura_Goede Member
    We have a lot of conversations with multifamily and property management companies who have tried pilot projects with "smart apartment" companies and then decide not to move forward for a multitude of reasons. One common reason is that the smart apartment provider is dedicated to their own product vision and won't integrate with the technologies that the customer uses to operate their properties. Another common theme is an unsatisfactory installation process. Coordinating the installation and configuration of smart devices across an entire property is a big task and if it isn't done properly the property can lose out on all the savings and revenue that smart tech provides.
  • Eddie_HolmesEddie_Holmes admin Administrator admin
    @Laura_Goede we had some feedback from Lendlease particularly to say that they couldn't see a short term ROI on asking prices based on whether an apartment was "smart" or not. It seemed a little short termist to me but understandable. They did also say that a smart home will sell faster than a dumb home. Not to be sniffed at but perhaps the wrong mindset. Perhaps long term mindset is required here.

    Have you seen this dynamic?
  • Richard_DuddyRichard_Duddy Member
    Our consultants are often called in to save failing technology projects, so they might have a few tales of failures if it weren't for the NDAs. Even then, I'd say that *most* of those are failed projects rather than PropTech failures and, in fact, often result in valuable lessons for the business.

    While everything is OK (eg. real estate makes money) seeking incremental improvements through small testing & learning will be prevalent. That way those in the firing line can achieve positive results quickly without risking it all. If you've got deep pockets you can afford to fail more and fail longer without it being seen as a failure.

    It takes a brave person to throw up an unnecessary Hail Mary, but get it right and the rewards could be transformational. Get it wrong and it could be very painful indeed.

    See this: https://www.topupconsultants.com/content/epic-failure/
Sign In or Register to comment.