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If you work in property, chances are you’ll have heard the term “proptech” floating around, even if you’re not entirely sure what it means. That’s because proptech (also known as “property technology”) is ushering in a new age in property buying, selling, and management, and becoming ever more popular as a result. 

It has been a force for positive change in the industry for several years now. However, it is only recently that proptech has begun to be adopted more widely by real estate agencies around the world. If you aren’t up to speed with what it actually is, now’s the time to learn. 

What is proptech? 

Proptech is the most important thing to happen to the property sector in a long time. But, it’s not just the one tangible thing. In basic terms, proptech refers to the technological innovations that are advancing the industry at a great pace. Proptech is an area that utilizes the latest technologies such as digital token pricing and blockchain to help with date tracking and reach immutable data in pricing and ownership rights. It is not just about data but virtual reality tours, photos of grounds taken by drones, and smart devices that can alert property managers to maintenance needs. 

Probably one of the commonest forms of proptech out there right now is property management apps. While perhaps slightly less futuristic-sounding than many of the others, good property management apps serve to make the whole process of buying and managing property far more straightforward for everyone involved. As such, they’re currently solidifying their position as a mainstay in the industry. 

The likelihood is that plenty more modernization is on its way. Particularly as technologies such as VR, the Internet of Things, and others become increasingly advanced and more widespread, there’s no telling what improvements could be just around the corner for real estate. 

The rise of proptech and other technology 

It’s not just the property sector that’s getting a digital upgrade. In fact, the recent introduction of proptech to the property world is part of a much wider digital transformation that’s happening in industries the world over. As such, businesses that can’t keep pace with the global digital upgrade won’t stand much chance moving forwards.   

But, that’s not to say that the proptech juggernaut is a force unto itself. In fact, there’s a whole community of people behind it helping to shape it, improve it, and define its role. The hope is that proptech can play a wholly positive part in the real estate sector, helping it to thrive far into the future. 

Adjusting to innovation 

What all this adds up to is one simple fact: the real estate sector is innovating, fast. And, as the pace of change continues to accelerate in this and other areas, it will only become more necessary to adjust the way we think. All industries have best practices at their core. Now, though, those practices are having to shift to keep up with new technological advancements. 

As a consequence, the way property is bought and sold is having to be reimagined – and that’s not necessarily a bad thing. There is, for example, a reason why so many consumers these days gravitate towards digital processes when looking to access goods and services. It’s because they tend to be more time-efficient and straightforward than traditional means of doing business. 

Proptech isn’t there just to help the sector keep up with digitization. It also exists to meet the changing demands of consumers. 

How proptech can enhance the property sector 

People want more from modern-day services, particularly from those that are expensive and time-consuming like property buying and selling. Thankfully, the opportunities that proptech presents to investors and agents alike are extraordinary. 

For one thing, it will allow those working in real estate to help more tenants. As a result, more people will be connected with the homes they want to live in and pointless property vacancies will, in turn, be reduced. 

An additional bonus lies in the fact that proptech has the potential to improve things like city-building and commercial real estate. By ensuring the continued success of the real estate sector, money can continue to be funneled into the improvement of residential and commercial buildings across the world.