Today, technology is integrated into our daily lives more than ever. PropTech or Property Tech refers to the use of software, tools, websites, apps, and other digital solutions to optimize and manage real estate projects. Similar to “FinTech” (‘finance + technology”), PropTech emerges as an innovative approach among the real estate market aiming for efficient systems through a digital landscape.
Although the real estate industry shows a slow adaptation of technologies, the introduction of PropTech has already started transforming the sector.
PropTech, or property technology, is primarily designed to facilitate the purchase, maintenance, management, and investment in real estate. Major property tech tools include CRM (Customer Relationship Management) and ERP (Enterprise Resource Planning). One can use these technologies to execute several functions, including property listing and rental services, mortgage applications, marketplaces, customer management, and much more.
Now, there are two domains of PropTech in the real estate sector:
1. Residential Property Tech
As the name implies, residential property tech includes software and tools developed by PropTech companies to facilitate buying and renting apartments and houses.
The residential property tech is shaped by:
CRETech or commercial real estate (CRE) technology covers all the innovative tools used to search, manage, rent, or sell office, industrial, and other commercial property assets.
The landscape of CRETech space is defined by:
What changes did it bring in the field of property management?
Like every business, it is essential to maintain a good relationship between the company and its customers. Incorporating CRM and ERP tools have been a boon to the property management sector with several benefits to both parties.
For the real estate business owners and entrepreneurs, the adoption of these PropTech solutions brought the following changes:
For buyers and investors, property technology has brought the following positive impacts:
Real estate is one of the world’s largest asset categories, so the market opportunity for PropTech is immense. PropTech is booming and continues to curb various pain points in the coming years. The PropTech companies are working on several important aspects such as:
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