Do You Really Understand PropTech?
It’s likely that you’ve read about, heard about, or encountered the word — PropTech. These days, PropTech is one of the biggest buzzwords in commercial real estate. But, how much do you actually know about PropTech? In this article, we’re going to dive into what PropTech really is, along with the relevant information about the term.
So, what is PropTech?
There is no single definition of PropTech, as the term is constantly growing to encompass a range of things. However, a widely accepted understanding of PropTech was defined by a leader in the field, James Dearsley:
“PropTech is one small part of a wider digital transformation in the property industry. It considers both the technological and mentality change of the real estate industry, and its consumers to our attitudes, movements, and transactions involving both buildings and cities.”
To sum it all up, PropTech is a collective term that encompasses technology in the real estate space. Companies that are investing in PropTech are creating innovative, new-age buildings in ways that haven’t been explored before.
4 Things to Know About PropTech
1. Is PropTech good or bad? PropTech aims to connect people with their surrounding properties and simplify processes. Typically, PropTech is seen as an advantageous feature for tenants and property managers alike. However, there is some speculation regarding how PropTech will disrupt the CRE industry.
2. Alexa is PropTech. That’s right. Your Amazon Alexa, Google Home, or other smart assistants are examples of PropTech as these devices work to better integrate people with their homes, offices, and buildings.
3. Property management just got easier. With advances in PropTech, your various buildings and assets can become streamlined. This will allow for simple management of your properties worldwide.
4. You must keep up. It’s ultra-important to stay up-to-date with PropTech and the surrounding trends. By remaining open to changes — and always keeping in mind that the new generation is tomorrow’s client base — you’re likely to stay ahead of the curve and ultimately benefit from PropTech.
Key players in PropTech
Bowery is a company that is redefining the commercial appraisal space through PropTech. This forward-thinking company uses cloud-based commercial appraisal writing software and mobile application to write appraisal reports. This allows them to create reports in less than half the time that it takes their competitors. By working efficiently, properties can be appraised and in the hands of CRE investors sooner.
Foyr is another company that is upgrading commercial real estate. Their system creates automated interior designs. Plus, everything is done online. With this new application, any space — including commercial real estate — can be enhanced with the click of a button.
Are you keen on learning more about PropTech and the CRE Industry? Our blog is full of CRE updates and news. Check it out to discover the latest industry trends and for answers to all your CRE questions.