A portmanteau of ‘property’ and ‘technology’, proptech is technically an umbrella term that can be used to describe all types of technology being implemented within the property industry. However, it is most often used to refer to start-ups, businesses and products that are disrupting the industry by delivering new business models and technically innovative products to the real estate market.
Proptech companies address the challenges posed by changing consumer trends and the evolving digital landscape. Ryan Mahoney of Dubai, UAE follows all of the latest proptech trends and stays up to date with the start-ups that are disrupting the industry around the world.
The embedded infographic looks at three of the biggest proptech start-ups in 2021.
Contech, Fintech, Smart Real Estate and the Collaborative Economy
Closely linked to proptech are contech, fintech, smart real estate and the collaborative economy. These sectors can be classed as verticals of proptech, dealing with different aspects of the global real estate industry.
Contech refers to construction technology, used within the building industry. Fintech relates to the financial aspects of the property market, while smart real estate deals with smart technologies used in cities and buildings.
The collaborative economy refers to any marketplace where consumers rely on trading and sharing with each other rather than relying on big companies. A more detailed description of a collaborative economy can be found in the PDF attachment to this post.
The Post-COVID Proptech Landscape
Advances in proptech have been accelerated over the previous year and a half due to the changing landscape caused by the global COVID-19 pandemic.
With social distancing and lockdown measures in place across much of the world for many months, demand for technologies such as virtual viewing platforms and other tech-enabled platforms for real estate has increased significantly.
Consumers are now more willing to utilize online tools as part of the decision-making process when it comes to buying and selling property, avoiding physical journeys unless they are absolutely necessary.
Venture Capital Investment
Venture capital investment has also accelerated proptech development and implementation. With more venture capitalists seeking investment opportunities in this fast-growing sector, products and services are being brought to market faster than ever before.
Cash management is now one of the primary considerations for real estate businesses as part of the post-pandemic recovery phase. More information about this can be seen in the short video attachment.