Colombia PropTech | Global PropTech Spotlight

The Global PropTech Spotlight is an initiative that highlights the most influential PropTech Associations and thought leaders from around the world. Read about how some of the most recognized PropTech organizations were started, some of their biggest success stories, the most cutting edge technologies in their region, and more.

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WHY WAS COLOMBIA PROPTECH STARTED AND WHAT IS YOUR ULTIMATE MISSION?  

Colombia Proptech was a dream that came true in August 2018. With my partner, Alexis Rech, we identified the need to help PropTech and ConTech entrepreneurs who are revolutionizing the way things are done in Real Estate in Colombia. We found the way to create a dynamic, inclusive, and reliable innovation and technological ecosystem, by calling the most important stakeholders in the country. 

Colombia PropTech was present in more than 25 events around USA and Latinamerica during 2019. We already share our ideas, perspectives and trends within a community of more than 2 thousand followers around the world, thanks to our collaborative initiatives with other associations in the continent such as Mexico, Brazil and Venezuela, among others.

Our mission is to develop a PropTech Ecosystem of innovation in services, reliable real estate and construction products, in collaboration with the government and the industry in Colombia, that fosters economic growth through technology, and generates great value throughout the real estate cycle in a safe, transparent and easy experience. 

HOW DID YOU FIRST GET INVOLVED IN PROPTECH AND INNOVATION?

I used to work as an engineer in Construction. At the same time, I have been interested in technologies since my MA studies in Project Management in the construction industry. Four years ago I founded Triarii, a PropTech company based in Bogota that also allowed me to leverage the association with great CEOs and startups.

Triarii has been transformed during these years: at the very beginning we were aimed to create the most innovative and powerful technologies for the market, but then, after a lot of pain, we discovered that the industry was not ready at all for that. Nowadays, we are assuming new challenges according to the industry needs but also creating the appropriate environment to really create a transformation and innovation culture in our clients and team members.

WHAT ARE TWO PROPTECH STARTUPS IN YOUR REGION WITH CUTTING EDGE INNOVATIONS?

In Colombia PropTech we have already counted 50+ incredible startups. However, I would like to highlight Habi, an ibuyer that with technology tools simplifies and streamlines the process of buying and selling real estate; and Lo Que Necesito -What I Need, in English, a PropTech & Fintech that facilitates the real estate purchase with the best loan rates on the market. Both startups are changing the industry rules in the country, by offering more efficient possibilities to the buyers.

WHAT IS AN EXAMPLE OF A SUCCESS STORY THAT YOUR ASSOCIATION CREATED FROM ITS EFFORTS?

When Colombia PropTech started, we were focused on becoming the number one Latin-American PropTech Hub because of the great startups, the passionate teams and the best talent in the region. During the first 3 months, we had several conversations with real estate developers, contractors, architecture firms and different stakeholders that support our community. After visiting several cities around the country, we achieved more than three thousand professionals interested in our association. It did not stop in there. Last November we were awarded as a finalist of the best PropTech Association, competing to Holland, UK, the New York Board, and others. It was pretty exciting because we placed Colombia and Colombia PropTech in the top of mind of the global industry.

WHAT ARE TWO INTERESTING MARKET FACTS ABOUT YOUR REGION?

Two interesting facts in Latin America are:

1. The value of land has been increasing in capital cities such as Mexico, Bogota, Santiago de Chile, Panama, Sao Pablo, which has hindered access to the purchase of housing in these cities, with an enormous opportunity for real estate developments in smaller cities with access to the purchase of housing as an investment. 

2. The increase in housing rent above the purchase interest due to the increase of the square feet value of land and also because of the high level of income taxes.

 WHAT ARE SOME MAJOR TRENDS YOU EXPECT TO SEE IN YOUR REGION POST-COVID19

1. Crowdfunding platforms
2. Digital solutions for retail and commercial industry
3. IoT for housing sensors
4. 3D technologies to optimize spaces and resources
5. Data collecting in selling processes
6. Transformation, innovation and technology strategies
7. Smart Cities
8. Blockchain as a Service
9. Rent and purchase technologies (e-commerce, market places, on- boarding, RegTech, digital Smart contracts, etc)
10. Neo-Developers ( Digital Real Estate Developers)

WHAT TYPES OF CONTENT/EVENTS DOES YOUR ASSOCIATION PRODUCE?

Colombia PropTech is permanently generating several conversational spaces with the PropTech and ConTech Ecosystem around the world. Being part of more than 25 events during 2019 gave us huge visibility and relevance. Before this quarantine season, we carried out 20+ events with relevant stakeholders of the real estate industry and we made 10+ alliances with strategic partners.

HOW HAVE THE LAST COUPLE OF MONTHS AFFECTED YOUR DIGITAL STRATEGY?

Not at all, in Triarii we have seen this particular moment as an opportunity to co-create new developments and strategies for our partners and clients and currently we are having more work than ever. We are finding the opportunities where everyone else is complaining about the problems. For us, every problem is a challenge to resolve. 

Also, we are opening our knowledge to other technologies, such as FinTech, RegTech, LogiTech, to bring the best practices to the PropTech industry.

IN THE NEXT 10 YEARS, WHAT AREA OF THE REAL ESTATE INDUSTRY WILL CHANGE THE MOST DRAMATICALLY, WHY?

1. Customer experience: There is a huge opportunity in the improvement of the customer journey to guarantee the most effective selling cycle. 
2. Construction: Appropriation of new technologies such as BIM, drones, virtual reality, data, robots, etc
3. Asset Management: The funds that manage assets will have to be reinvented that their assets have been profitable in the long term. 
4. The creation of new smart real estate developments: the design, the structuring, the way in which housing is purchased, everything will chance radically.