Proptech practices and possibilities. This expression is used for technology in the property market. We're on the theme of what's in store in 2020 and beyond, so this seemed like an excellent entry into the real estate industry. And the most popular word for what's ahead? Disruptor.
What are the real estate industry disruptors for 2020? They are: construction technology, artificial intelligence, big data analytics, cybersecurity and the Internet of things (IoT). This is the word from PwC in a study in 2019 - there is a substantial list of people on the editorial leadership team, so I expect it will be centre stage for a while.
Paging through the report, my eye happens upon some terms/expressions that are new to me - 'black-swan event', 'legislation by Twitter', and 'surban.'
I don't know how I have missed black-swan event for so long. A black-swan event is an unpredictable event that is beyond what is normally expected of a situation. It has severe consequences. The examples given include the rise of the Internet, the personal computer, World War I. The term came into use in 2001 by Nassim Nicholas Taleb in his book Fooled By Randomness. He regards almost all major scientific discoveries, historical events, and artistic accomplishments as 'black swans' - undirected and unpredicted.
Legislation by Twitter - there's no listed definition of this and its references are in the report by PwC. We can assume this is an allusion to Donald Trump and other heads of state making tweets that result in legislative or executive power decisions.
Surban - this is a suburban area that has the feel of urban, with walkability to great retail from a house or apartment, and with urban elements that have a live/work/play dynamic.
What are the new words for 2020? Merriam-Webster has them HERE. It is fun to find out the meaning of Coulrophobia - abnormal fear of clowns. What made it come into the dictionary? The premieres of both It Chapter Two and Joker gave it a boost.
Surban isn't in the Merriam-Webster dictionary yet. But here's a new word in the real estate realm, it is spite house - a house that has been built or altered to annoy its owner's neighbours, such as painting it a very bright colour or building an extension that blocks the neighbour's view. That word made the dictionary news yesterday.
So we've started back to work, and we can say goodbye to Twixmas - the days between Christmas Day and New Year's Day.
Not so fast. We say hello to Janxiety - feelings of unhappiness and worry that people often have at the begging of a new year.
