Exclusive minutes from Propteq Europe 2018 session: Get Connected: Integration, Collaboration & API’s
What is the need for connectivity services such as Property API in real estate?
Attendee: It’s about giving clients what they want, the PropTech community can work together and bring together technology to make clients’ life easy. Rather than the customer searching in 10 different places for different products, put everything to one system. The major driver is improving customer experience.
Attendee: If you can connect two systems through technology, it is simply more efficient. You don’t have to look in multiple different sets of data.
Attendee: We have B2B customers and B2C solutions, through connectivity we can go back to our customers with a better understanding of the products that they use the most and improvements that can be made.
Attendee: It is important to help tech people on how to use information specifically for real estate, in this case we can impact user experience. By training them, sharing ideas and collaborating with clients, we improve efficiency.
Is API connectivity necessary?
Attendee: API is necessary for transferring data from system A to system B, instead of manual output and manual input.
Do you believe there is one system that can solve anything?
Attendee: There is benefit in having one system but you will never find one place to run a whole business. There are many different types of adapters, you buy one adapter, go to a different area and you will need another adapter. These are all different Property API’s and there is a great capital requirement to purchase. If one is lost, the other will not work, that is the real challenge when we talk about connectivity.
When we use API’s, who owns the data? And who is responsible for that data?
Attendee: There are defined roles under GDPR that will tell you the person ultimately responsible for the data, usually the person who gave it to you. It can be enforced that you need to share data with the person responsible and must use it for the specific purpose it was collected for.
Data hacking and API standards in Real Estate
Attendee: There is a need to make API’s more secure and there are still no standard requirements for real estate. In Germany there are a few different software products where they have 20-30 different API’s where you can connect on various platforms. You can integrate many products, which is good news, but on one hand you have connectivity and on the other hand you have many more functions overlapping.
Real Estate Fund: We have property managers who collect and receive different types of data every month. There is difficulty when collecting this, you can use an API, but the issue is they never allow you to collect data on retail basis, they only send information once a month and do not provide live visibility.
Attendee: There is no customer value in working like this, there is strong demand for real time exchange of data especially with corporates. If you have data from a product that is 4 weeks old, there are many things that could happen during that time which affects results.
Software Startup Founder: We sell software for life cycle management and without Property API, we would never be able to walk into real estate companies. Business systems need to talk to each other and have the ability to talk to other systems.
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