The proptech industry is expected to be valued at USD86.5 billion within the next 10 years
Property technology — or PropTech, as it is most commonly called — currently has a heavy presence in the property buying, selling, and renting market. Forbes noted how in efforts to make real estate transactions more efficient and transparent, the property industry is poised to invest more in it. In fact, the value of the PropTech industry is expected to grow from USD18.2 billion to USD 86.5 billion in the next decade.
But what exactly are the benefits of PropTech and how is it shaping the future of real estate?
PropTech, according to technology development site Imaginovation Insider, is all about improving collaboration, communication, productivity, and transparency in the commercial real estate sector.
For example, real estate mobile apps make it easier for landlords and tenants to raise concerns and exchange information. Online portals and CRM also streamline the way buyers and sellers communicate, contributing to well-informed decisions and seamless transactions. Moreover, property technology makes relevant data readily available, creating a more transparent real estate market.
Realty site Reloy discussed how PropTech also contributes to improved marketing and higher turnover and occupancy rates. For example, VR and 3D modelling tools provide an immersive viewing experience for virtual tours. In turn, this makes it easier for potential buyers and renters to filter their options and make a decision.
PropTech encompasses a wide range of technologies used in the property industry. It may refer to front-end technologies, like real estate apps and online portals, which consumers can directly access and interact with. These are powered by back-end technologies, like cloud-based systems and data analytics.
Needless to say, PropTech is shaping the future of real estate to become more accessible and manageable, one application at a time — augmented and virtual reality, blockchain technology, the Internet of Things, and 3D printing, to name a few.
The Property Report editors wrote this article. For more information, email: [email protected].
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