Awareness and adoption of digital technologies in the real estate sector

Purpose Application of modern technology to the global real estate sector through Property Technology (Proptech) is expected to reach exponential proportions in the immediate future. However, there are still lingering questions around awareness and adoption, particularly the awareness and adoption gap. This study, which focuses on Northwestern England, analyses the extent of awareness and adoption of Proptech with the view to providing insights into determinants, benefits and challenges contributing to the debate in the literature and helping to ensure that Proptech enhances real estate practice and market operations. Design/methodology/approach The study focuses on Northwestern England. It uses the quantitative research methodology informed by the diffusion of innovation (DOI) theory and technology acceptance model (TAM) as the theoretical lens and relies on a survey of real estate sector stakeholders in Northwestern England for its implementation, including data collection. Statistical techniques such as the T-test and analysis of variance (ANOVA) are used to analyse the data. Findings The study establishes that overall awareness and adoption of Proptech in the real estate sector are high. Furthermore, statistically significant differences were found in awareness and adoption gaps for the different types of Proptech domains. Awareness exceeded adoption in the case of digital signatures (DS), property management software (PMS), customer relationship management (CRM), artificial intelligence (AI) and big data and analytics (BDA). Based on cost reduction, increase in productivity, convenience, operational speed (efficiency), volumes of data processing, promotion of sustainability practices and transparency, the stakeholders overall rated the benefits of Proptech as highly significant except for the last two attributes, which were rated averagely significant. Conversely, they rated the overall challenges as average or minor. Research limitations/implications The study focuses on Northwestern England, meaning its findings are limited to the said area, although useful lessons can be drawn from them for other areas. The findings suggest that awareness and adoption are uneven in the Proptech domains and current incentives for adoption of some of the Proptech domains across the real estate sector may not be enough. There is, therefore, a need for Proptech investors and the government to help provide the right and adequate incentives for all Proptech domains to ensure optimal uptake and to improve real estate practices and the smooth operations of real estate markets. Originality/value The originality of the article is steeped in its provision of new insights and additional data sets from Northwestern England.