In our latest spotlight interview, we spoke to Trustek Co- Founders; Freddie Pritchard-Smith and Michael Crawford. Freddie & Michael shed light on the Verified Marketplace, helping clients navigate the PropTech marketplace and their predictions for the coming years. “We believe that PropTech companies are often solutions looking for problems. Our role is to identify the problems and introduce the right solution. Saving both real estate and PropTech companies time in finding the right opportunity.”

Q1. Trustek launched the Verified Marketplace last year, can you tell us briefly what Verified is and how property companies can utilise it? 

Verified is an independent marketplace of PropTech companies that we have taken through our due diligence process and produced a detailed report on each product. It is a totally free tool to use by property companies and is a starting point for comparison between products that may be known to them or may be completely new concepts. It is not designed to be an end to end procurement solutions but a standardised report to enable comparison between to products, because no two companies offer the same solution for the same price.

Q2. Since its launch, the Verified Marketplace has experienced significant growth, with numerous PropTechs now verified. Could you please elaborate on the process that a PropTech company undergoes to achieve verification status?

The focus of the companies that we have Verified are aligned to the gaps we have identified from our audits of existing assets to ensure that our clients can access appropriate solutions. We share a standard RFI form for them to complete and provide supporting documentation.

If applicable, we will gain access to a demo account to use the product or complete detailed demonstrations of the product. The final validation is in the case study interview with a user of the product. This allows us to understand how the product was selected, what has been a success and what they could improve upon. This is invaluable context to others considering them and for the PropTech company themselves.

Q3. How does Trustek measure the success and impact of its procurement solutions on clients’ businesses, and what metrics are used to evaluate performance?

We measure success by ensuring that client has set a clear objective for the project before we begin any procurement work and define KPIs which they will measure the technology against over a medium and long-term period. This can range from an improvement to Net Promoter score on customer experience, or a reduction in energy or carbon consumption onsite.

Q4.  How is Trustek leveraging its team’s extensive experience across Property & Tech to simplify PropTech procurement processes and navigate the complexities of PropTech solutions for its clients?

The team have over 30+ years’ experience collectively and sit amongst all key areas every day, such as Landlords, Operators, Occupiers and technology companies.

We understand that technology is often not a core part of real estate’s knowledge and experience. Many do not have the time in their daily work to look up at innovations that could benefit their business or assets. Our role is to present what technologies are available in the marketplace and articulate the value that it can have to them.

Every building is different, and every technology company can offer a different solution at a different price point. This is why we recommend starting with an audit of a building / portfolio to understand what is already available and what may be required to be integrated to make the project a success.

We believe that PropTech companies are often solutions looking for problems. Our role is to identify the problems and introduce the right solution. Saving both real estate and PropTech companies time in finding the right opportunity.

Q5. Looking ahead, based on the team’s experience and knowledge what are your 3 predictions for the industry in the coming years? 

1. NetZero pathways will turn to technology solutions to delay Stranding dates, by optimising the buildings performance before committing to larger capital investments that may be required.
2. The continued consolidation of PropTech companies, solving more problems in one place.
3. The future of real estate operations will require technical managers and integration specialists to support the changing demands from owners and occupiers.