In recent times, various industries have witnessed significant transformations fueled by technological advancements, prompting questions about the future role of human resources in these sectors.
Acknowledging this shift, Richards, co-founder of the automated rental payment platform Managed, highlighted the evolving landscape, drawing parallels with sectors like banking, where automation has drastically altered the traditional customer experience.
However, Richards, with his extensive experience in the tech sector, believes that the property industry stands apart. Unlike money, which has become increasingly detached from physical objects, property retains its emotional and tangible essence, deeply intertwined with people’s lives. He emphasized the irreplaceable human element in property transactions, rooted in emotions, deals, and personal connections.
Despite this, Richards sees room for technology to complement human interactions and improve labor-intensive processes in the property domain. With Cohabit, an information tool designed to provide real-time insights into residential buildings, Richards aims to bridge the gap between analog processes and digital efficiency. By creating digital twins of buildings, Cohabit streamlines access to crucial data, benefiting residents, buyers, sellers, and agents alike.
While some agencies have embraced the idea of integrating technology to enhance client experiences, others have been more hesitant, fearing potential disruptions to their traditional sales approaches. Richards understands this reluctance, acknowledging the challenges that come with adopting new technologies and altering established business practices.
Nevertheless, he sees technology not as a threat to property professionals’ jobs but as a catalyst for transparency and efficiency in the industry. The key lies in educating stakeholders about the benefits of technology and dispelling apprehensions about its implementation. Through industry-wide education and awareness, Richards believes that technology can be embraced as a valuable tool to enhance property transactions, rather than viewed as a threat to traditional practices.
