Is proptech the new buzzword for real estate? There is a great chance you have seen the term “PropTech” floating around in the web as the next big thing in real estate. And as a matter of fact, “PropTech” is here to stay.
Responding to the demands of the challenging real estate market, “PropTech” might be the way forward as the industry evolves and adapts to engulf even more changes. But what is really “PropTech” and why should we care about it?
In a few words, “PropTech” is a new, disruptive concept that will affect how the industry works, introducing start-ups and digital technologies to shape real estate as we know it. This new trend encourages innovation and cutting-edge technology to transform the property market.
To put it in another way, PropTech is to real estate what Fintech is to banking. Both concepts share some of the same characteristics, for instance, the desire to disrupt and shake off the industry by breaking barriers and getting rid of outdated concepts.
PropTech startups are focusing on artificial intelligence, smart home services, VR, 3D printing, data visualisation, augmented reality and mobility technology. Their aim is to bring innovation to each step of the process via immersive technological products.
The opinions are divided about the role of PropTech in the future since the trend is emerging from a sector that has been traditionally robust to technological changes. Will it replace real estate agents? Currently, these startups are providing real estate agents and clients with tools that enhance certain property experiences. For example, 3D printing startups that focus on space design and modelling.
In the recent years, the lines have been blurring between the different property related businesses. By this, the real estate industry has become more open in accepting more technology-driven services. Development consulting through urban planning and placemaking or investment services using big data are only two examples of the hybrid real estate services we will see in the future.
Online property portals were the first big step towards the revolutionisation of the industry and have only added value to real estate transactions. Processes have become transparent and our work as real estate agents has become more interactive and digitised. During these times of great changes in the industry, we enjoy being creative and engaging with our clients. Especially, with UK’s underlying issue of the housing market, we anticipate to know what the future has in store and play our part to the industry reinvention.