What is PropTech?

proptech startups

Real estate is one of the most vital aspects of an economy, thus reinstating the need to study its use and impact on society. The need for housing and investing in properties has skyrocketed, which has, in turn, created a requirement for professionals as well as new housing opportunities that can be widely accessed by the public. 

PropTech refers to the amalgamation of real estate business and technology so as to stay ahead of time. Similar to FinTech (Finance + Technology) and EdTech (Education + technology), PropTech is a growing movement in the field of real estate that looks to maintain and discover the digital landscape and look for innovative solutions. Here is some vital information that will help you get a better understanding of the emerging field of PropTech, and how it matters in the context of property management and technology.

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PropTech is a revolutionary take towards real estate where technology eases the whole process of searching, renting, selling, and managing a property. The collaboration of technology and real estate has proved to be highly beneficial, as it acts as a boon for every party involved- developers, real estate owners, renters, and buyers. Startups who specialise in the field of PropTech have allowed people to have a seamless experience at their fingertips, where they are able to address important concerns like safety, location, navigation, rent, and more in a convenient fashion. Moreover, PropTech has also helped transactions to be managed with efficiency, thus allowing both businesses and customers to have a smooth experience. 

PropTech has prompted the rise of many startups that have helped the real estate industry to grow manifolds. However, it is not a recent development and has existed since the early 1990s. Real estate companies have always been on the lookout for convenient and innovative solutions to handle investment, selling, and buying. The field of Proptech is highly diverse and caters to a vast consumer base. This is because it accommodates the needs of everyone, from students who want to find temporary accommodation to professionals who are looking to invest in properties. For instance, Picasso is a startup that allows you to gain ownership of second homes, while Stanza Living provides students and professionals with the opportunity to live in a co-living space. 

It goes without saying that Proptech is capable of addressing the needs of a technologically savvy consumer base by utilising technologies like artificial intelligence, virtual reality, automation, and more. AirBnb is a prime example of how far PropTech has come and the numerous benefits that it offers. It addresses some very grave problems in the real estate industry, like the tedious leasing process, lack of safety, and lack of accessibility. With the increased usage of the internet, customers are in a better position to have access to this revolutionary innovation in the housing market without hurting businesses and the economy.

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