This is the digitization of the real estate industry, conceived by the terms property and technology, PropTech simply comprises all technological developments in the real estate industry.
These include the introduction or optimization of procedures, processes or complete business models with the help of the latest software and hardware solutions.
Classic business processes are being transferred to the digital world and new business models have been developed primarily from the customer's point of view.
PropTech companies bring together the offline and online markets and, in addition to cost savings, use digital technologies to improve the quality, flexibility and transparency of their customers' service offerings.
As a result, they also contribute to the long-term success of established real estate companies.
In general, PropTech solutions create an increasingly transparent real estate market and can be used in almost all sectors of the industry. While smart home apps are creating more energy-efficient design and use of real estate, special real estate crowd funding platforms are also enabling retail investors to invest in lucrative real estate projects.
In real estate brokerage, portfolio and lead management software’s simplify the work of brokers. In addition, there are PropTechs that provide valuation and exposé for private individuals and businesses, or help find a suitable real estate broker who sells the property at the best price.
PROPTECHS SHAPE THE FUTURE OF THE HOUSING INDUSTRY
As demonstrated by the latest ZIA digitization study, many housing companies are already exploring digitization. 85% of respondents are in the orientation phase or even further in the digitization process.
There are already some housing companies that have recognized the potential of digitization early and are actively investing in this forward-looking area.
They see the digitization of the housing industry as an opportunity, not as a threat, to make processes more efficient. Hand in hand with numerous PropTechs companies, they actively engage to shape the digital future of the industry together.
The photo and inspiration for the article was taken from onefourzero