INTERNATIONAL PROPERTY TECHNOLOGY STANDARDS

For companies in property technology, real estate, construction and finance sectors asking how to improve the quality of their products and services and consistently meet their customers’ and partners’ expectations, we have an answer.

The property technology sector is 10 years old now. Naturally, it all began with digitization and the internet early in 2000.

There are more than 8.000 companies in the real estate and construction sectors now, and more companies are coming year and year. Currently, standards and norms do not cover the new sector “PropTech” and also the new companies according to the business models, services and products.

The current regulation institutions do not have compatible regulation processes and standards for that new business area. There are a few international institutions that offer classical certification processes the companies in all sectors. But they do not have special criteria and evaluation method foe property technology companies.  In the real estate sector there are some other organizations that only individuals with general real estate market criteria.

The new market property technology “PropTech” needs new rules, new standards, and new norms for the market players. PropTech (property technology) contains the lifecycle of a building and consists of technology, innovation and sustainability. It is not part of the existing real estate, construction and finance sectors. It is a major that which connects three sectors. Property technology will change the identity of the existing and also established companies in these markets. After 10 years there will be more than 30.000 companies in these sectors worldwide.

The important question is; “How we can control the new market and regulate the new companies and new business areas? For thousands of years, human needed the regulation or rules to live together and work together. After the industrial revolution the governments and official institutions started to regulate the markets and set the standards on how we work and trade. The standards and norms had had important positions in the industries in the early 60’s. The crisis, inflations, devaluations and the other impacts brought strong regulations to the markets.

Because of these reasons, the future market “PropTech” should be regulated. We realized the needs and gaps at the beginning of 2017 and started to write the first standards for the property technology market. At first, the property technology itself and its categories are defined. In July 2020 the first edition of “International PropTech Standards” is released. In December 2020 the standards have been revised and the first certification process was for the companies developed.

The standards are written for the evaluation and regulation of property technology companies. They set out the requirements that a particular kind of product, service or process must fulfil, in order to establish that it is ‘fit for purpose’. However, the standards relate to methods of testing, terminology and definitions, information requirements, or the compatibility of connections.

A standard is a basic document that sets out requirements for a specific item, material, component, system or service, or describes in detail a particular method or procedure. Standards are established by consensus and approved by recognized standardization bodies. Standards provide individuals, businesses and all kinds of organizations with a common basis for mutual understanding. They are especially useful for communication, measurement, commerce and manufacturing. They make trade easier by ensuring compatibility and interoperability of components, products and services. They bring benefits to businesses and consumers in terms of reducing costs, enhancing performance and improving safety.

The primary objective of standardization is the definition of voluntary technology, innovation, sustainability or quality specifications with which current or future products, production processes or services may comply. Standardization can cover various issues, such as standardization of different grades of service and products or technological specifications in product or services markets where compatibility and interoperability with other products or services are essential.

The benefits of Standards

International Standards mean that consumers can have confidence that the products and services are reliable and of good quality. The PropTech certificate can be great for companies because an international recognition offers the possibility of operating beyond national borders, which means that companies can increase their sales and revenue. Companies with an PropTech label use this to improve their image and show the rest of the world that they work in conformity with international standards. For many buyers and customers, this is a sign that the companies offer excellent products and services. The PropTech standards attempt to ensure quality, consistency, and safety and show us how to check for quality. There are many benefits for businesses which embrace these standards.

Standards and norms provide clear guidelines and instructions that, when correctly applied, should ensure that a service or product will satisfy a series of specific quality, innovation, technology and sustainability criteria, corresponding with customers’ requirements. By implementing the relevant standards, you can achieve better levels of performance and reliability. This will help you to attract and retain customers for your products and services, thereby making your business more competitive and successful.

Standards are a useful tool for ensuring that different products and components are mutually compatible and will function properly when connected together. By paying close attention to standards, you can make sure that all the products and services you provide are compatible with each other, and that they will also work with products and services offered by other companies and organizations.

Standards provide precise and widely-accepted descriptions of components, products and services. They make it possible for every link in the supply chain to share common understanding of the exact requirements that need to be fulfilled. By including references to specific standards in product catalogues, calls for tender, supply contracts and purchase agreements, you can insist that suppliers respect these requirements, and you can also make sure that the products and/or services you provide will correspond to your customers’ expectations.

Gaining the confidence of your customers and keeping them satisfied is crucial for the success of your business. Standards can help you to achieve these goals because they enable you to maintain high levels of quality throughout the production process and development, or when you deliver a service. When your customers are confident in your ability to provide high-quality products or services in an efficient and consistent way, they will be more likely to continue buying your products, using your services, and supporting your business. 

Improved market access as a result of increased competitiveness and efficiency, reduced trading costs, simplified contractual agreements, and increased quality.

Easier introduction of innovative products provided by interoperability between new and existing products, services, and processes – for example in the field of the lifecycle of building, workflow management, energy efficiency, co2 reducing, smart cities, smart buildings.

Help to bridge the gap between research and marketable products or services.

Standardization can make an important contribution to the development of sustainable industrial policy, unlock the potential of innovative markets, and strengthen the position of property technology in real estate, construction and finance sectors. It brings a solid foundation to build and disseminate innovative and sustainable technologies and enhance business practices.

By using International Standards, your business can take full advantage of the single market and reach out to potential consumers all around the world.

Standards and norms provide clear guidelines and instructions that, when correctly applied, should ensure that a service or product will satisfy a series of specific quality, innovation, technology and sustainability criteria, corresponding with customers’ requirements. By implementing the relevant standards, you can achieve better levels of performance and reliability. This will help you to attract and retain customers for your products and services, thereby making your business more competitive and successful.

Alongside the direct benefits of using standards, there can also be indirect benefits that are just as important for the long-term success of your business. Standards are a way of showing to the world that you are committed to excellence – not just in the quality of your products and/or services – but also in terms of technology, innovation, sustainability etc. Companies and organizations that make correct use of standards experience real benefits in how they are perceived by their customers, their stakeholders, and the wider community (public authorities, media, civil society, business sectors etc.)

The property technology Standards benefit organizations that want to commercialize emerging technologies. These standards help businesses to establish the core characteristics of quality products or services. By implementing standards, you demonstrate your credentials to your customers, your employees, your investors and other stakeholders.