Proptech is the range of tech tools used by real estate experts to optimize how people buy, sell, market, research, and manage a property. In general, proptech is a powerful alignment between real estate and technology.
The first proptech companies emerged in the 2000s and were online real estate marketplaces and portals, marrying real estate and tech to allow users to showcase their properties online. Today, examples of proptech include the real estate platforms Airbnb and Zoopla, as well as property management platforms like Appfoilio and Buildium which are used to manage residential, retail, and office properties.
The Main Technologies in Proptech
Experts in the real estate sector – such as Ryan Mahoney of Dubai, UAE – recognize that the top five proptech systems are AI services, VR technology, contract automation software, lead generation tools, and real estate listing platforms. While AI tools are being widely leveraged to automate tasks and free up estate agent time, VR technology enables estate agents to showcase properties that aren’t even currently built.
Contract automation software also saves time and streamlines processes by creating automated documents, enabling digital signatures, and performing automatic analytical tasks. This cuts out the need to print, scan, and sign documents physically or by hand.
Innovative digital marketing and sales solutions are making it easier than ever before for estate agents to find leads, while real estate listing platforms are helping agents generate new leads and maintain good relationships with their clients.
Proptech Overlap
Proptech overlaps with a number of other sectors including shared economy real estate (proptech platforms that offer shared or joint use of a property), smart real estate (smart homes), fintech, and contech. The latter refers to construction technology and the use of modern materials and sustainable approaches within the industry.
The Future
While real estate has something of a reputation for being slow to embrace digital change, recent years have seen proptech and associated technology causing significant disruption in the industry. As a result, many real estate businesses are now seeking to make the most of this advanced tech, recognizing the importance of adopting it.
The emergence of technologies such as automation, AI, and big data have created an environment in which proptech start-ups are cropping up in ever-increasing numbers, offering the type of software and platforms that will allow small and medium-sized real estate businesses to gain an advantage over their competitors.
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