In an increasingly connected world where buzzwords are constantly being created, it’s hard to keep up with them all but that’s why we’re here to help!
“PropTech” is a term used to describe the intersection of technology and the real estate market. This includes businesses with technologically innovative products and business models that have direct implications with the real estate market.
The global phenomenon aims to provide technological solutions to the traditionally slow-changing world of real estate. These solutions can take many different forms; from websites and apps for finding and evaluating properties like Agent Neo, an Amazon app that helps buyers and sellers book appointments or showings with local real estate agents in their area, to physical products and materials offering innovative solutions to existing problems like indoor modular homebuilding that reduces waste, to services that add dimension to real estate transactions like property drone photography or 3D home photography that allow you to tour homes from the comfort of your home.
Research indicates that PropTech is growing quickly. According to MetaProp’s Mid-Year 2018 Global PropTech Confidence Index, 96 percent of investors are planning to make either the same number or more PropTech investments in the next 12 months compared to the previous 12 months, up dramatically from 76 percent a year ago indicating that this is a blossoming market.